You were minding your own business walking through the park when someone’s dog bit you! Now, you have to sue for medical compensation and file one of the 40 million lawsuits filed in the United States each year.
Suing someone isn’t often a quick and cheap process. For many people, the cost of filing a lawsuit isn’t in their budget.
You can look for lawsuit funding to get you through the hearing. Keep reading to learn everything you need to know before signing loan documents.
Considerations before Choosing Lawsuit Funding
Sometimes, you may think you need a loan to cover your legal fees. But, you might find other options that won’t cost you any fees.
If you’re waiting for a lawsuit settlement, creditors call often and the bills are falling past due. If you call them and explain the situation, they may offer a solution or put the account on hold until you get paid out.
Also, take a good look at your personal finances, is there any money tucked away somewhere you could use for now? If you can’t find the money anywhere, a loan is often the best option. Check out this page to learn more about why you need lawsuit funding.
Qualifying for a Loan
If you decide you need a settlement loan, you’ll want to make sure you qualify to get one. Here are some criteria to look for.
- Your lawyer works on a contingency fee basis
- The defendant has enough resources to pay the settlement
- high chances that you’ll win your case and collect a large lawsuit settlement
Talk to your lawyer about funding as well because they might know a good company to refer you to.
Looking for a Loan Company
Loan companies are a dime a dozen, but a great company isn’t always easy to find. Reach out to a few potential companies so you can compare them.
Another great way to find a loan company for your legal action is through reviews from former clients and word of mouth. Ask your friends, family, and lawyers if they know any reputable loan companies.
Mind the Fees
The biggest drawback of getting a loan for your lawsuit is that the company charges fees for lending you money. Make sure you talk to any potential loan company about their fees and/or interest accrual in advance so you’re prepared for the bill afterward.
Stop Adding Insult to Injury
Despite the jokes, there aren’t as many frivolous lawsuits as you’d think. If you have a real reason to file a lawsuit, don’t feel guilty about doing so!
If you don’t have the money to float yourself until the end of the hearing and you get your settlement, there are options. Keep this guide in mind if you’re considering taking out a loan.
We hope you enjoyed reading this article and that you learned all about lawsuit funding. If you’re looking for more helpful articles about business, finance, technology, and much more, check out the rest of our blog today!