Pursuing a personal injury lawsuit takes time, and many individuals and families don't have the luxury of financial security during this period. Medical bills start rolling in shortly after treatment for injuries from an auto accident, slip and fall accident, or another incident. Lawsuit loans—also called pre-settlement funding or a lawsuit cash advance—can mitigate those money worries. However, not all lawsuit loans are created equal. There are several factors to keep in mind while you look into your pre-settlement funding options because the lawsuit loan should involve minimal costs and fees.
Watch Out for Application Fees
Some companies will charge up to $500 for a lawsuit loan application, even if you're interested in a modest loan to cover everyday bills and expenses. At Legal Capital Corp, our application is free and involves an easy, online form to get the process moving quickly. We understand that you need cash in hand as soon as possible to help you through this challenging time financially, psychologically, and physically.
Have Your Attorney Look Over Your Lawsuit Loan Contract
Before you sign a contract, and perhaps before you fill out an application, speak to your attorney about your options. He or she should be aware that you are looking for a lawsuit loan or cash advance on your settlement. They may have worked with a company in the past that they recommend and will be able to catch clauses in the contract from the lender such as interest rates that kick in six months or a year after the initial loan. Personal injury settlements and verdicts can take several years, which means a thousand-dollar loan could cost you nine thousand if the case takes up to five years.
Legal Capital Corp offers modest pre-settlement funding with low, capped fees, which is $600 if your case is settled within nine months and a maximum of $1,500 after that period.
Understand What You Owe if You Lose Your Case
Another issue to watch for while you look for a lawsuit loan is what will happen if you lose your personal injury lawsuit. Re-payment of your lawsuit loan with Legal Capital Corp is contingent on winning your case, meaning you don't pay back your cash advance if you fail to recover compensation for your claim. This is another reason to research your options and speak with your attorney, so you're not left paying your loan off at a high-interest rate after losing your case.
The total cost of your lawsuit loan will vary and depends entirely on the business who issues your cash advance. Legal Capital Corp has helped countless plaintiffs make ends meet with pre-settlement funding for more than 20 years.
Contact Legal Capital Corp About Your Lawsuit Loan
If you're interested in a cash advance on your personal injury settlement, fill out our online application or call us today at (312) 204-7939 for questions. Legal Capital Corp helps plaintiffs in Chicago, Illinois and nationwide.