Is A Consumer Loan Better Than Lawsuit Funding?

Choose Your Best Lending Option

All lending options for money are different and demand certain qualifications to be met before receiving. The key things you must understand are the qualifications for the lending option you’re looking at and what current situation you’re in. It is important to understand the qualifications for a lending option because you need meet those requirements before receiving funds from a lending company. Additionally, you need to understand the situation you’re in because your situation may show that there is a better option than seeking a consumer loan.

Understanding What A Consumer Loan Is

If you’re seeking a consumer loan, it is important to understand how it works. To begin, a consumer loan can be acquired by anyone as long as you have a good financial history. This can include your credit score, sources of income, even more things surrounding your background. Once you have the funds you can use the funds for anything. Additionally, you will have to pay back this cash advance and along with interest.

Would A Consumer Loan Be A Good Lending Option For A Lawsuit?

As stated previously, a consumer loan can be used for anything you wish to spend the cash advance on. Which even means you can use the funds to help you while you’re going through a lawsuit. This does not necessarily mean that this lending option is best for this situation. With that being said, we will now go into further detail as to why this lending option is not the best one for a lawsuit.

Reasons A Consumer Loan Is Not A Good Lending Option For A Lawsuit

1. You May Not Have The Funds To Pay Back Your Cash Advance

Lawsuits can take a toll on you financially, especially if you have medical bills due to injuries. These injuries can leave you out of work and without a source of income for a while. Additionally, this could make it to where you wouldn’t be able to pay back your cash advance from a consumer loan. Unfortunately, you will still have to pay back the funds.

2. Your Case Decision Does Not Effect Funding

To follow up with the last point, the final decision of your case will go under consideration. The issue with this comes up when you lose you lawsuit. Although this is an unfortunate event, you still have to pay back your consumer loan. Which will be difficult at this point because you haven’t won any money from your case.

3. Bad Financial History Will Effect Funding

As mentioned before, you can only a consumer loan if your financial history is in order. Additionally, when you go with this lending option it can impact you negatively if you have issues with making your payments. Eventually, missing these payments will cause you to have bad financial history. Ultimately, this will limit how many consumer loans you will be able to get.

What Would Be The Best Lending Option For A Lawsuit?

Being that we explained why consumer loans are not ideal for a lawsuit, you may be wondering what is the best lending option for this situation. The best lending option for a lawsuit is lawsuit funding. This is because a cash advance from this lending option is “non-recourse“, this type of funding does not effect your financial history, and there’s even more benefits. To get this type you will need to reach out to a lawsuit funding company that can assist with this. Thrivest Link is a lawsuit funding company that can help you get this lawsuit advance once you’re qualified. If you, or anyone you know needs help with funding while a lawsuit is awaiting settlement, feel free to contact us.

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