Our lawsuit loan company differs from many others, Addison offers fast funding of loans and excellent customer support to help meet your needs as quickly as possible. A lawsuit loan is different than most loans because typical loans require some physical form of collateral as a guarantee it will be repaid. (Request a no hassle case review) Instead of requiring a standard collateral type, lawsuit loans use the money one expects to receive from a lawsuit settlement to guarantee the loan. This allows one to receive the money necessary for bills and other expenses immediately, rather than waiting for the settlement to be reached and the money gained from it to be paid. Once the settlement money begins to be dispersed, the loan can be easily repaid.
Also, most lenders who offer lawsuit loans feature guarantees that the loan will only have to be repaid if the case is won. This is a reassuring and useful incentive for one who requires expense money immediately and cannot afford to wait for a settlement to be reached and payment to be dispersed. Since the debt will only be repaid if the case is won, the borrower will not be burdened with the added expense of the lawsuit loan repayment if for some reason the case is lost. Individuals who qualify for lawsuit loans are very likely to win the settlement, but those who don’t win are spared the expense of repaying the money borrowed from a lawsuit loan.Lawsuit loans are also useful for those who have received injuries in the workplace or elsewhere. In such cases the plaintiff generally has a number of medical bills that must be paid, but the individual may be unable to work as a result of their injuries. Consequently, many of these injured individuals are forced to sue an employer or insurance company in order to receive the money owed them from their injuries. The money that is borrowed through the loan will help to cover not only the medical expenses resultant of the injury, but also the bills and other day-to-day expenses that can’t wait for the lawsuit to be settled. Settlements can take time to be reached and processed, and lawsuit loans can help to keep the injured party in the black while that time passes.
There are a number of lenders who offer lawsuit loans, and some are willing to work with virtually any client while others prefer to serve the clients of specific attorneys and legal groups. Your attorney may be able to recommend a specific lender that specializes in these types of loans if you are interested in borrowing against the eventual settlement you receive. Your attorney will most likely recommend a lender that they have worked with in the past or whom they know to be reputable, helping you save money by ensuring that the lender you choose isn’t going to charge you an extravagant amount of interest for their services.