You understand your injured client’s devastating circumstances more than anyone. Personal injury attorneys see individuals and families every day who have been harmed due to someone else’s negligence, and those injuries lead to dire financial constraints. Mounting medical expenses and everyday bills quickly grow beyond family budgets. Considering many people in America are just one or two paychecks away from missing their mortgage or rent, a lawsuit loan may be necessary for your plaintiffs.
It’s crucial for your injured clients to know you have their best interests in mind and that includes helping them connect with the right pre-settlement funding company. Some predatory lenders may charge high application fees, interest rates, and offer loans worth far more than your client’s personal injury case. Offering insight can help your plaintiff stay on top of their finances without losing a substantial amount (or all) of their settlement when the lawsuit is determined.
1. Warn Your Clients About Monthly Compound Interest Loans
Steering clear of companies that charge monthly compounding interest will prevent the total sum from devouring your client’s recovery. Exponentially rising interest can turn a great case into a mess, creating a terrible financial blow to your client and a real headache for you. At Legal Capital Corp, we have transparent flat fees and never charge monthly compound interest.
2. Avoid Companies Who Charge Application Fees
Your client is already struggling with their finances, but many cash advance companies still charge an application fee—sometimes as high as $400. It’s a clever, innocent-looking deception that can significantly increase the cost of funding over the life of a case, particularly if your plaintiff seeks out several lawsuit lending businesses. Legal Capital Corp offers a free application with fast approval or denial.
3. Stay Away from Brokers
Flash a red stop light if your client is considering using a referral from a broker. The broker’s fees are often large and will be an additional cost to your client. We do not deal with brokers at Legal Capital Corp and put a focus on modest loans that will help your plaintiff stay afloat during this trying time.
4. Go Over the Lawsuit Loan Contract with Your Client
Don’t let your client sign a contract that doesn’t list the details of the loan and spell out how much he or she will be responsible for paying back regardless of how long the case takes to settle. Your clients shouldn’t have to gamble on how long the lawsuit process will take. We understand claims such as auto accidents, medical malpractice, and workers comp require time. Legal Capital Corp caps our fees so our contract clearly spells out the maximum amount your client will ever repay.
5. Look for a Funding Company That’s Been Around for 10+ Years
Pre-settlement funding companies who offer cash advances for personal injury lawsuits can come and go quickly in the business. By choosing a company that has been around for ten years or longer, you can trust that they have the experience and compassion required to help your injured clients.
We have been in business for nearly 20 years, and attorney relationships are important to us. We aren’t folding our tent in the middle of the night and selling out to another company.
6. Encourage them to Find a Comprehensive Lending Website
Referrals are good, but it’s important for the website to show their interest and fee structure. Don’t let your plaintiff fall victim to a telephone artist minimizing what it will cost your client at the end of the case. This is one of the most vulnerable times in their life, and there are businesses who will capitalize on that.
The Legal Capital Corp website is comprehensive, and our pricing is clearly published on the site. Our telephone staff is actually in our office and employed by us. They are unfailingly honest, efficient, cheerful, and empathetic to your plaintiff’s needs.
Contact Legal Capital Corp in Chicago Today
If one or more of your clients require a cash advance on their personal injury settlement, we can help and are happy to partner with you and your legal team. Call us in Chicago, Illinois today at (912) 204-7939.