Anyone who has filed a legal claim or a lawsuit already knows that the process can be slow and frustrating. This presents some potential problems for plaintiffs: You may have bills that are due now, but your settlement could still be months away.
Legal funding provides a solution.
That being said, before you accept a cash advance, you need to know that you are working with the right company and that you are getting the right terms.
At Ally Lawsuit Loans, we are proud to offer the lowest cost lawsuit cash advance — guaranteed. We want all current and prospective clients to have the information that they need to protect their financial interests.
Here, we highlight the questions you should ask before taking out a lawsuit loan.
Lawsuit Cash Advance Loans: Five Questions that You Need to Ask
1. Will I Be Required to Repay the Loan if I Lose My Case?
Legal claims always come with some level of risk. There is simply no guarantee that you will win your case or get a settlement until you actually have that check in your hands.
One of the first questions that you should ask a legal financing company is whether you will be required to repay the lawsuit cash advance if you lose your case. Plaintiffs can and should find a legal lending company that will offer you a truly risk-free cash advance.
At Ally Lawsuit Loans, our clients only pay us back if they win their case. Otherwise, they keep their money and owe nothing. Period.
2. What Rates and Fees Do You Charge?
Not all lawsuit lending companies charge the same rates. Before you accept a lawsuit cash advance, please make sure that you understand the fees and interest rates.
As the National Endowment for Financial Education (NEFE) explains, higher interest rates are better for the lender — not for the borrower. Be sure that you find the lawsuit loan company that offers you affordable financing. Low rates are available.
We will get you the lowest interest rate lawsuit cash advance for your case.
3. Do You Require Monthly Payments?
To better understand the arrangement, it is a good idea to ask the lawsuit loan company if monthly payments will be required. The answer should be ‘no’. If monthly payments are required, then you are not actually getting a no risk loan. As a general rule, you should look for a legal lending company that offers the following terms:
- No application fees;
- No monthly payments;
- No hidden fees;
- No hidden terms or conditions;
- No repayment until your claim is settled; and
- No repayment if you lose your case.
The entire point of a lawsuit cash advance is to help plaintiffs get more financial breathing room while their legal claim is still pending. The last thing you need is another monthly payment to worry about.
4. How Will You Determine My Eligibility?
Of course, lawsuit loans are not available to everyone. In order to get approved for funding, you must have a viable legal case. When seeking a loan, you should inquire about the company’s specific eligibility standards.
As an example, imagine that you suffered a serious injury in a slip and fall accident. You brought a personal injury claim against the negligent business and you are now awaiting settlement.
You need to know exactly how the legal financing company will determine your pre-settlement personal injury loan eligibility.
5. What Steps Do I Need to Take to Get Funding?
Finally, you should ask about the specific steps in the application process. With some lawsuit financing companies, there are many hoops to jump through.
Fortunately, it does not always have to be that way. Transparency is important. It is best to look for a lawsuit loan company that will clearly explain the steps to you and that will work directly with you and your attorney.
In general, your attorney will be required to provide some basic documentation before your cash advance will be approved.
Apply for Cash Advance Lawsuit Funding Today
At Ally Lawsuit Loans, we provide funding to plaintiffs pursuing the full range of legal cases — from personal injury claims and car accident lawsuits to work injury cases and wrongful termination lawsuits. If you are considering seeking a cash advance on lawsuit, we are here to help.
You can apply for funding now through our website. Our top-rated customer support team is always standing by, ready to help you navigate the application process.