- February 13, 2020
- Jeffrey A. Rubin
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What People Ask about lawsuit loans or presettlement loans:
What is a lawsuit loan?
A lawsuit loan or presettlement loan is a cash advance to the victim of an accident against their litigation. Obviously, accident victims have trouble paying bills. Therefore, money is advanced to the victim which they don’t pay it back until the lawsuit is settled or won at trial.
If you need money before your claim settles to cover bills, pre-settlement funding or a lawsuit loan funding is one way to get cash quickly. Cash from pre-settlement funding is not a loan. Hence, you only pay it back if you win or settle your lawsuit.
Do lawyers let you borrow money from them?
No. In most states, an attorney is not supposed to loan money to a client except for litigation costs. Therefore, there are companies out there which loan money to personal injury plaintiffs.
Can anyone get a lawsuit loan?
After applying, the lawsuit loan company will briefly review the case and make a decision whether to fund the accident victim or not.
What People Ask these questions:
What are the criteria for getting a lawsuit loan?
There are many factors a lawsuit loan company will consider to make a cash advance. Some include the seriousness of the injury and whose fault the accident was. In addition,, other factors include the amount of available insurance covering the accident. Finally, the cooperation of the lawyer representing the accident victim.
It depends on the lawsuit loan company. Some presettlement loan companies charge a fee to process your application. Similarly, other companies compound their interest rate. On the other hand, some companies have a fixed interest rate. Lastly, some companies charge for incidentals like wire transfers, overnight deliveries and other forms. In conclusion, you have to ask the presettlement company these questions.
People also ask these questions, too:
What is compound interest?
Compound interest is interest on top of the previous period of interest. For example, if the interest rate is 3% that would sound great. However, 3% interest compounded monthly is a lot of money. About 75% a year.
Almost always the presettlement loan company will allow you to pay back the loan when the case settles or you win at trial. However, some presettlement loan companies allow you to pay it back early with or without a penalty.
What people ask about lawsuit loans and presettlement loans should be used to determine if a loan of this type is for you. People should review with their lawyers when considering these types of loans or accident loans.
Apply with Redwood Funding Group today by filling out an Application online. It’s that simple. https://goo.gl/maps/eDytSznJhsgaM7sRA.