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Avoid Financial Crunches Till You Seek Fair Compensation With Lawsuit Loans

Posted by : Premraj | Posted on : Sunday, March 9, 2014

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Financial crunches often lead to litigants to seek a loan from different sources. Unlike other loans, these do not require a check of credit history or verification of employment or a regular source of interest. If you have filed a lawsuit under the ambit of the personal injury law then, there is a provision of loans also known as pre-settlement loan, that offers ready cash based on the settlement amount that are about to receive. Instead of keeping any of your assets as collateral, you can avail this loan. However, the company that provides this loan has a share of the settlement amount. Thus, you need not wait for the compensation, to meet all your expenses.

Advantages of this loan

Though it is termed as a loan, but in reality a cash advance is provided by companies to litigants on the basis of their application. Traditional loan schemes, financial institutes like banks, and insurance companies do not provide loan or any other financial assistance to litigants. A number of advantages are attached to these loans

They get ready cash, and they can meet different expenses.

— They get ready cash, and they can meet different expenses.
— As a cash advance, they receive to 10 to 15 percent of the compensation amount.
— If you lose the case, you need not pay to the company.

Categories of cases

This loan is provided as a non-recourse one. If there is any pending lawsuit, and you are badly need of ready cash, then just dial up a loan company or fill their online application form, fill the details.  The procedure is easy, only details about the case, details of the plaintiff and attorney needs to be mentioned there. The representatives of the company will get back to you immediately. Your application will be granted if your case falls under the category of

— Auto accident
— Seaman’s Claim
— Accident at workplace
— Wrongful death due to negligence or medical malpractices.
— Fraud
— Violation of your civil rights

Avoid financial constraints

Owing to the financial difficulty litigants often apply for settlement prior to the term. However, this loan can prevent plaintiffs from doing so. These loans can avoid litigants from facing bankruptcy, eviction and foreclosure. As a result of the accidents and slips, litigants tend to lose their job and incur high medical expenses, this money received through this loan, can help them to pursue a normal life without any stress regarding financial constraints. Thus, they can continue, their case with ease. This unique feature of the loan makes it popular among plaintiffs as they can meet their immediate needs.

Qualification for loan

Each of the companies that are involved in lawsuit loans has different parameters. After receiving the application, they conduct a thorough research of the case. The merit of the case is analyzed, and they scrutinize different documentation that is involved in this process. No hidden charges or up-front charges are levied in this process. The nature of the injury or damage, the status of the dependent that is whether the latter can pay the compensation or not, all are taken into account, prior to the approval of the loan. It is important for the litigant to be free of any guilt, and there are fair chances of getting compensation.

Unlike other traditional loans, this is one is approved as early as one day. The only time taken is for the assessment regarding the strength of the case and also the analysis of the documents. Litigants need to submit few documents pertaining to the case, prior to receiving the loan. On approval, they need to sign a contract with the company. Only, if you win the case, you need to pay the company the total amount. There is no provision of any monthly installment as part of this loan.

Author Bio: Benjamin Carter had applied for lawsuit loans while he had a pending lawsuit. It was easy to avail the loan, and he paid them, after receiving the compensation from defendants. It took only two days to get his loan approved.

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