What exactly is a lawsuit cash advance? Throughout the United States there are millions of accidents that occur each year. Many of these accidents can prove to be a financial burden on both parties. When someone is injured due to another person or entity, they have the right to seek compensation for such injuries. This type of law is considered personal injury law which states if “you” the victim has been injured to to the negligence of another you may have the right to seek fair compensation for damages.
On the flip side, “me” the defendant also has the right to defend myself of the alleged negligence. At this point a personal injury suit may be filed by either the victim or by legal representation hired by the victim. At this point a lawsuit cash advance may help.
A lawsuit cash advance is a loan made by a lawsuit funding company to the victim with the understanding once the case has settled the loan will be repaid. For some people that have financial obligations that can’t be met, a lawsuit cash advance could make sense. Consider the following: a person was injured in an accident and they are unable to work and pay their bills. Unfortunately that person has horrible credit, lives paycheck to paycheck and does not have the luxury of financial support from friends or relatives. This same person’s credit card bills are maxed, they have car payments and a mortgage and in some cases have financial obligations of a family. This is when a lawsuit cash advance can be beneficial.
When a person applies for a lawsuit cash advance they should understand there are several different funding options. For instance, if a person is in current litigation or a settlement has been reached but not yet paid, they will apply for pre settlement lawsuit funding. If a person is receiving monthly or yearly checks for an accident in the past, they will apply for a structured settlement. There are other funding options such as commercial litigation funding in which the plaintiff is suing for discrimination or breach of contract. Lastly, there are always cases in which a lawyer will apply for a lawsuit cash advance to help fight a case. This often occurs when a lawyer is going up against a large defense teams with an unlimited budget.
A lawsuit cash advance may be a last option but its certainly a viable option for many. If you are searching for a lawsuit cash advance consider the following:
- Does the company offer non-recourse funding meaning you don’t have to pay back the loan if you don’t win compensation for your case
- How much of a lawsuit cash advance will I need- Many companies will not take on a case that has been previously funded so make sure the dollar amount you request is sufficient.
- How quickly do I need money- When applying for a lawsuit cash advance make sure you follow up with your application if you don’t here back from the lender within a business day. There are many companies that receive dozens of applicants a day and without proper follow-up your case may get lost.
- Reviewing a contract- Make sure you review the contract prior to accepting a lawsuit cash advance. Look over the terms and agreement to be sure you fully understand the loan. While most companies are ethical there are always chances in which a contract says one thing and the lender is saying another.
A lawsuit cash advance is certainly something that should be considered if all other financial options have been exhausted.
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