Lawsuits are complicated and are already stressful enough. Without a doubt, often times a large source of stress, is the financial implications of the lawsuit. People can’t wait to receive their final settlement. Expenses pile up and don’t go away. Furthermore, it’s possible you are out of work for some time because of your accident and injury. Above all, it’s important that you are comfortable while your case and settlement are ongoing. But, that isn’t always easy to do as difficulties arise. While your case and settlement are pending, pre-settlement funding options are an important thing to consider such as pending lawsuit loans.
They can potentially provide much needed financial relief in times of great discomfort. There are plenty of legal funding options available and Thrivest Link is here to help walk you through them all. The purpose of this article is help educate you on the options available for you during your settlement. We will walk through a few different options and when is the best time to utilize them to help with your unique needs.
Pending Lawsuit Loans: What are They?
The main reason people need a pending lawsuit loan or any other form of pre-settlement funding is pretty obvious: they need funding. Pending lawsuit loans, cash advances and other sources of pre-settlement funding provide people with a much needed source of income while their case progresses.
Specifically, it provides you with support for things such as everyday expenses, medical bills, etc. while your case reaches a settlement. It can also be a huge help in covering costs if you are out of work. Financial burdens like these become worse without your usual source of income. That’s why it’s important to know about pending lawsuit loans and other options. Legal funding companies like Thrivest Link offer tremendous support and make it easy. The goal is to make the lawsuit funding simple, easy and transparent so that you get the money you need quickly. Half the battle is finding a good funding company that wants to take care of you. With that in mind, let’s walk through some of your funding options.
What Kinds of Pending Lawsuit Loans are there?
Settlements can take a long time. But, you need financial support now. There are plenty of lawsuit funding options like pending lawsuit loans, that apply to a number of different cases. These cases include, but aren’t limited to: auto accidents, personal injuries, malpractice, slip and fall injuries, construction injuries or accidents and many more.
Be sure to talk over the details of your case with your lawyer. They will know whether or not you will ultimately qualify for a pending lawsuit loan or any other sort of legal funding. Your lawyer will also be the primary point of contact and representative for you when legal funding companies are deciding whether or not to lend you money. You apply for funding with the help of your lawyer and once approved, you will get your money quickly. Plaintiffs must be represented by an attorney to receive funding, that cannot be emphasized enough.
The most common kinds of lawsuit funding are: legal financing for a pending settlement, a cash advance, a pending lawsuit loan or a settlement loan. These are distinctly different from a ‘lawsuit loan‘, because a lawsuit loan is something you have to pay back no matter the outcome of your case or settlement. Conversely, a pending settlement loan often doesn’t work that way.
How do they Work?
Pending lawsuit loans give you a sense of relief and financial stability. While you don’t have to pay back on the loan and high interest rates like you would with a normal lawsuit loan, there are other things to know. There are flat fees or low-interest rates that are to the advantage of the plaintiff if the settlement takes several months or longer. These loans are very reasonable and allow you to focus on your well-being while your settlement comes to a close.
Some other factors to consider though are the fees. No matter what kind of loan you are looking for or how much money you need, when applying for a loan there can be high fees involved. In some cases it will be worth it, but be diligent in your approach. Also be diligent when choosing a lender to go to, some aren’t always on your team. Your attorney can be a great help to you in making that decision. Also be sure to check out Thrivest Link’s Top Lawsuit Loan and Settlement Funding Companies of 2020.
Lastly, be careful about the loan amount. Lending companies will often loans for more or less than you may need. Be sure you know the potential worth of your settlement and what factors will determine that. Again, talk with your lawyer about this. Include your lawyer in the decision-making process and they will help tremendously. You will be happy you went the extra mile in your research when seeking a pending settlement loan.
What are My Next Steps?
Companies like Thrivest Link make the loan process easy and accessible. Get the money you need as soon as possible with our quick application process here!