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What are your thoughts on lawsuit loans?

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  • What are your thoughts on lawsuit loans?

    Lawsuit loans, settlement advances and so on!
    Generally, many of us prefer to not take out loans due to the debt that comes with it. The reality of the situation is that if you have a house a car or have studied in an educational institution, you most likely have a loan and are in debt.

    There are also other type of loans that exist and that most people are not aware of, loans that can help you get through a lawsuit.

    The million dollar question is, are Lawsuit Loans a good idea?
    Lawsuit loans, or as the finance industry calls it, legal funding, are advances against your upcoming settled case. The bottom line is those who are involved in lawsuits and want to keep their suits going would take out a settlement advance in order to do so. Generally, people involved in personal injury lawsuits would use it more than other people involved in other types of lawsuits as those injuries can really make an impact in their lives and manifest in a financial chaos.

    How Does Legal Funding Work?
    Once the complaint of your lawsuit has been filed, it’s easier to proceed with a lawsuit advance as we evaluate your case through our underwriters in order to give it a fair value when your case settles in the future. Once approved, the plaintiff and attorney receive a contract, if signed by both parties, the approval amount will be either wired the same day or sent via a certified check the next day.

    The payment (or bill) is not paid while the lawsuit is pending; instead, the payment is paid when the settlement award is given. They say “but the rates can be higher than average loans”. If your case loses, the plaintiff is in no debt with the company.

    Hope you enjoyed this explanation of what lawsuit loans are!

    Patricia from Baker Street Funding LLC

  • #2
    Re: What are your thoughts on lawsuit loans?

    If you're in the middle of a personal injury lawsuit and need money, you might be able to get a lawsuit loan—an advance against any future lawsuit settlement or award amount. These advances are known by many different names, including:

    lawsuit loans
    lawsuit cash advances
    litigation financing
    lawsuit funding, and
    settlement funding

    But tread carefully before you jump at lawsuit funding. Borrowing against a future settlement or judgment can help you deal with short-term financial hurdles but might cost you a lot of money in the long run. Make sure you do your homework and understand the cost of getting a lawsuit loan.

    Comment


    • #3
      Re: What are your thoughts on lawsuit loans?

      Pros:
      A Lawsuit Loan Can Tide You Over
      Litigation Funding May Provide More Time to Negotiate a Good Settlement

      Cons:
      Lawsuit Loans are Expensive
      Not All Cases Qualify for a Lawsuit Loan
      Lawsuit Loans Are Usually Not Regulated Like Other Loans

      Comment


      • #4
        Re: What are your thoughts on lawsuit loans?

        Good for the rich or "Big lawsuit guys" but not others.
        That's how I see it.

        Comment


        • #5
          Re: What are your thoughts on lawsuit loans?

          I have no objection to the service but it is rarely used in the family law cases where it seems to me resource issues are a huge problem in the court system.

          California has made some progress by making standard family law forms available for people to use--and that is very helpful--but all states need to make progress.

          Comment

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