If you are in the middle of a personal injury lawsuit, you may be struggling to pay for medical bills, rent, and other necessities.
And to make things worse, you might be unable to work as you recover from your injuries. But you are not alone.
There are companies that can get you the cash you need quickly while you wait for your lawsuit to settle.
At Ally Lawsuit Loans, we pride ourselves in providing some of the best low-interest lawsuit loans on the market.
We have a lowest interest rate guarantee so that you can be sure that you’re getting the best financing possible.
This article will discuss lawsuit loans and the things to consider before applying for pre-settlement funding. This way, you can be more informed before proceeding with your lawsuit loan application.
What Is Pre-Settlement Funding?
Pre-settlement funding, otherwise known as lawsuit loans, can help people who are struggling financially while they are waiting for their lawsuit to settle.
Lawsuit loans are like an advance on your future settlement but with little to no risk to you.
Why is there little to no risk in taking out a lawsuit loan? It’s because lawsuit loans are a type of non-recourse financing.
This means that you are not personally liable for the loan, and the only asset that the lending company can collect is a portion of your future settlement.
If you end up losing your case, you don’t have to pay back the principal that you borrowed. Therefore, these types of loans are relatively low-risk compared to other types of financing, like personal loans.
Things to Consider Before Applying for Pre-Settlement Funding
Before you apply for your lawsuit loan, there are some things that you should consider. Below, we go over some of the most important considerations.
Does Your State Regulate Lawsuit Loans?
Before you apply for pre-settlement funding, you should look up your state’s laws regarding lawsuit loans.
Some states have laws that regulate pre-settlement funding, so you should ask the lending company in advance if they service your state.
Does Your Attorney Consent?
In most cases, a lending company will need to work with your attorney to get your lawsuit loan approved.
Therefore, you should have an honest discussion with your attorney about pre-settlement funding before you apply.
Do You Understand the Terms and Conditions?
Reputable lending companies readily disclose the terms and conditions of a lawsuit loan. Steer clear of a company that is hesitant about doing so.
To avoid surprises and hidden fees, you should ask your lending company about what they charge ahead of time.
How Many Pre-Settlement Loans Can I Get?
Technically, there is no limit on the number of lawsuit loans you can take out. Sometimes, it can be years before a settlement is paid out.
This means that multiple advances on your settlement may be necessary. The only factor that limits the number of loans you can take out is the estimated value of your settlement.
Ally Lawsuit Loans Is Here for You
You shouldn’t have to go without life’s necessities while you wait for your legal matter to settle. At Ally Lawsuit Loans, we can get you the cash you need.
If you qualify for pre-settlement funding with Ally Lawsuit Loans, we will deliver your cash within 24 hours of funding approval.