Content Provided by LawLeaf a personal injury lawsuit funding company:
When someone is a victim of an injury due to the negligence of another person on entity they maybe entitled to compensation for their injuries. The number of personal injury cases throughout the United States is on a steady increase and while many of these less catastrophic injuries are settled out of court, many aren’t. When a personal injury has caused a financial burden on a person or a family personal injury lawsuit funding may help.
Personal injury lawsuit funding is a way to get a cash advance prior to a case settling. This means you can borrow money against future compensation for your case. When a person applies for personal injury lawsuit funding they typically need help with increasing credit card debt, supplementing a loss of income, paying for mortgage and car payments and help with medical expenses.
There are many different lenders that advance money against a settlement. It is always recommended that you apply with those companies that provide non-recourse funding. Non-recourse means an advance that gets paid back only if the victim of the personal injury win compensation for their case. Non recourse funding for a personal injury case also applies when an individual gets compensation for the fraction of the lawsuit loan.
There are variety of different types of personal injuries that get funded however not all lenders fund all personal injury cases. Prior to applying for lawsuit funding most people will search for those lenders whom provide cash advances for their particular injury. While searching for a company there are other things to consider prior to applying for a cash advance. People may be searching for flexible payment schedules or lower rates. They may also be looking for companies that can provide cash advances on the same day.
Once you apply for personal injury lawsuit funding the lender will typically be in touch with your attorney. Those lenders that are proactive they will immediately contact your attorney requesting a full report of your injury and expected compensation. This information is used to get a fair assessment of your case. Since the lender takes the burden of providing non-recourse funding its important to them that they invest in those cases they believe will get compensated.
Once a case is approved and a contract is signed for the amount of money you have requested a company can wire you the money or send a check. The contract typically outlines a payment schedule along with future payments against your lawsuit loan. The interest rates are typically higher than your standard bank loan because lenders take on the burden that the loan won’t get paid back.
The benefit for those people with bad credit is that personal injury lawsuit funding doesn’t require your standard credit checks or co-signer. While some people elect to different types of funding when they are financially strained, those people whom don’t have other options, personal injury lawsuit funding may help.
LawLeaf is an online legal funding service that matches people looking to secure pre-settlement non-recourse cash advances to lenders whom compete for their business. If you are looking for more information regarding personal injury lawsuit funding visit LawLeaf.com today.