If you filed for a lawsuit and need cash to pay your bills and expenses as you wait for the settlement, a lawsuit loan can be the solution you need. Lawsuit loan lenders provide cash advances to plaintiffs, especially those who have filed a personal injury lawsuit.
With several lawsuit funding companies to choose from, it would be best to know how to shop for one with the best terms possible and one that suits your specific needs. Here are some qualities that you should look out for.
Table of Contents
Transparency
When looking for a lender, you should ensure that you know all the loan terms before you can sign an agreement. A suitable lender will clearly state their terms with no hidden charges. Ask the lender all the questions you have and make sure that they address all your concerns.
The right lender should have clear and straightforward terms. Avoid borrowing from lenders who are not forthcoming with their terms or who have wordy agreements. If possible, have your lawyer look at the agreement before you sign it.
They Work Well with You and Your Attorney
A good lawsuit loan company will personally reach out to you and work well with your attorney to ensure you have the funding you need. This will allow you to focus on healing or other aspects of your life without dealing with all the details of your case.
With proper communication channels and systems, Money First Lending is always ready to partner with their clients and attorneys to get them the help they need.
Low-Interest Rates and Application Fees
Though lawsuit settlement loans are not regulated, a good lender should not take advantage of this to charge high-interest rates. A lender’s primary goal should be to help you and not to take advantage of your situation.
However, lawsuit loans are expensive because you will have to pay the principal amount with money from your settlement. Therefore, find a company that charges low compound and interest rates so that you are not at risk of losing your settlement money.
Offers Non-Recourse Lending
The right lending company will not require you to pay back the cash if you lose your case. This is a risk that reputable companies take to help their clients. You should also get to know if the lender will require more than your award or settlement’s worth. Ensure that all these terms are included in the agreement.
Has Zero Application Fees
Avoid working with lenders who charge you to look over your case to determine if you qualify for a loan. It would help if you did not have to pay for this because it is in their best interest to do so. Make sure that the company is not charging you before you are their client.
Is Responsive and Easy to Reach
With a pending case at hand, you already are dealing with enough. The last thing you need is to be put on hold or wait for several days before a lender can get back to you. You should be able to talk to a real person and get a quick response.
The lender should also be ready to contact your attorney as soon as possible, gather information about your case, and evaluate it in the least time possible.
Consider Working with a Good Lawsuit Loan Lender
Finding a good lender can be challenging. Ensure that you lookout for these signs when choosing a lender. You can also ask for referrals from your attorney, friends, or family. You can also check out a lending company’s reviews online. It is in your best interest to shop around for the right lender with the best rates.
