Lawsuit Settlement Loans – Understand What They Are
When it comes to fighting legal battles, almost everybody realises that the affair is going to be costly. And it isn’t just because of the sky high fees that your attorney will be charging you. There are court fees and filing charges and application expenses and stamp duties and so many other expenses that will be coming your way. It doesn’t matter if your case is one of those high profile ones or a simple personal injury litigation, these charges will be present at some or the other scale. A legal battle isn’t easy. Not everyone is cut out for it and the financial strain can actually get you to withdraw your case and let justice remain undelivered.
This is the reason why some companies came up with the idea of providing assistance to people with managing their legal fees. They offer products known as lawsuit settlement loans – tailor made financial assistance to help you sail through the rigors of legal battles. The way these loans work is simple. You make an application to these companies for financial assistance. They study your case, the attorney you have hired, your financial viability and your prospects of winning and if they find the application worthy, they disburse the funds you need to keep going. It is the process of providing cash advances to clients and attorneys based solely on the merits of a pending case or settlement.
These products are available with various names in the market – lawsuit settlement loans, legal funding loans, lawsuit advances, pre settlement funding, post settlement funding, cash advance and the like. Companies obviously charge interest on these loans and there may be processing fees and other charges involved. Loans may be processed in as little as three days and as much as about a month. The amount of money involved in these transactions is generally low – falling anywhere between $1000 to $10000. They would be a good way to finance your legal fees without actually straining your already overloaded pocket.
But you need to understand that lawsuit settlement loans are not meant to be construed as settlement money. This is why they are lesser in amount. When you actually sit down to plan your loan, you should however take into account the amount of money you expect to receive at the end of your legal battle as damages and compensation. This will be one of the major sources from which you will be paying off this debt. Also consider the tenure of the loan as there is an interest burden attached to it. You do not want to blow up your entire settlement money on paying off a debt that went on for too long. Discuss these aspects with your attorney. He will be able to better advise you about the right decisions to make.
There are many companies out there that offer lawsuit settlement loans in various combinations. You can easily find out all about them from the internet. Or you can visit NLFunding.com for the best legal loan products.
About The Author
Sydney Banks is a litigation funding expert who openly advocates the many advantages that this option brings for plaintiffs in need of intermittent financial support during the course of cases. She recommends NLFunding.com as the best and most trusted provider of such products in the US.
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