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by Mike
- August 19, 2022
Finding the Best Resources for Lawsuit Funding
A personal injury case can take months or years before being resolved. The biggest challenge for the plaintiff is to make ends meet as they cannot work due to the injuries sustained. Lawsuit funding is a great option as it offers financial relief in these circumstances. Here are some tips to find the best resources for lawsuit funding:
How to Choose the Right Lawsuit Funding Company?
Lawsuit funding, known as legal settlement funding, pre-settlement funding, or a lawsuit loan, is popular among personal injury plaintiffs. If you file a personal injury lawsuit, you may incur large medical bills or lose income due to the injuries.
As a plaintiff, you can get pre-settlement funding to cover medical bills, car loans, mortgage payments, or living expenses. Follow these tips to find the best legal settlement funding company:
Research
Get information on multiple pre-settlement funding companies online. Look for testimonials, the company’s physical address and contact information, and the rates charged. A reputable pre-settlement funding company will disclose its fees.
Look for a company registered in your state. Avoid companies that pressure you into transactions. Asking for information or applying for a loan does not mean you should make any commitments or sign any paperwork. Find a different lender if the settlement funding company doesn’t want to reveal the loan terms.
Interest Rates
When you get your settlement money, you may have to pay interest apart from the borrowed original amount. Compare interest rates from various companies. Rates generally differ and can be high depending on the severity of your case.
Finding accurate information on websites can be difficult. Most companies prefer to evaluate your case before quoting a rate.
Request potential companies to provide rough estimates of the interest rates charged on similar cases. You will know how much interest you will pay on top of the borrowed amount. Choose a funding company with simple, non-compounding rates.
Experience
Settlement funding is a relatively new industry. Look for a lawsuit loan lending company that has been there for several years to make sure they have adequate experience.
A company with years of experience has knowledge and skills in structured settlement sales. They are more equipped to guide you through the entire process.
A Clear and Concise Contract
A contract guarantees you will not pay the lawsuit lending company more than your settlement amount. A confusing or vague contract shows that the company may not be reputable. As soon as you look at your contract, you need to know the fees, the rate, and the amount to pay back.
Don’t sign the contract if you cannot calculate the payoff numbers. The contract should have a few pages and be straight to the point. Consult with your attorney to confirm that the terms of the contract are clear and concise.
Transparency
A reputable pre-settlement funding company will be transparent. When approached by a company by email, text, or mail, confirm that they are a credible business before signing anything. A trustworthy company will want to establish long-term relationships and will want to contact your lawyer to set up your lawsuit loan.
Legal settlement funding companies are easy to reach. They understand that missing a call can cause them to lose business. A recognized company will have a person ready to answer phone calls. The best company will address your concerns and answer your questions well.
Turnaround Time
Different states have different statutes of limitation, limiting plenty of personal injury cases to file in court. Most states require the injured patient to file a lawsuit within two years from their injury. Those injured have little time to get the money they deserve.
Identify a legal settlement funding company that can quickly offer you the cash you need. Find out how long the company takes to process applications and if they charge any upfront fees.
Look for the Best Lawsuit Funding Company
Finding a lawsuit funding company should not be done in a rush. Do your research to identify a company that can meet your individual needs.
Compare several companies and choose one that can offer enough funds to meet your needs. A company that offers the funds you need at a reasonable interest rate is a great option.
