How long do pre-settlement loans take to process?
If you work with a reputable pre-settlement loan company, once you have signed the advanced paperwork, you may receive your funds in under 24 hours. This is primarily due to pre-settlement loan approvals not being based on your income or our previous credit history, unlike mortgages, credit cards, and bank loans. The facts of your case will be used to evaluate your eligibility and the strength of your application.
As with any financial agreement, before you sign a pre-settlement loan application, it’s essential to review the underlying terms and conditions. It’s crucial never to sign anything unless you fully appreciate and understand the ramifications of your decision.
Is it safe to take a pre-settlement loan?
Many plaintiffs are left wondering if your lawyer can deny you from getting a pre-settlement loan? And whether these agreements are safe? The answer to the first question is no, this decision is yours, your attorney while entitled to their opinion cannot prevent you from taking a lawsuit loan, and once you adhere
to the terms and conditions of the deal, they’re perfectly safe. One of the critical advantages of choosing a pre-settlement loan is that you will no longer have to worry about bills and other living expenses mounting up as you wait for a potential lawsuit settlement.
This is not to say that pre-settlement loans are perfect. You will likely be charged interest on any loan advances. If it takes longer than expected to settle the case, this interest will grow over time.
Also, these loan agreements are a new type of financial product, and as yet, they’re not as strictly regulated as they should be. This is why you need to spend some time making sure you choose the most reputable pre-settlement loan company possible to work with.
How much will a pre-settlement loan cost me?
Taking out any loan is a serious decision; lawsuit loans are no different. The cost of your pre-settlement funding agreement will depend on a variety of factors, such as the amount of damages you might receive, where your lawsuit was filed, and the strength of your underlying cause. You will be advised to provide as much detailed information about your lawsuit and consult with your attorneys in advance of applying for any pre-settlement loans.
Always choose a pre-settlement loan company that charges the lowest interest rates possible and considers the facts of your case. If the settlement you finally receive is favorable, you will be asked to repay the interest and the principal of the loan. It is also essential to find a company that doesn’t charge any additional fees.
It’s difficult to give a definitive answer as to how much a lawsuit loan low cost you. It largely depends on how long it takes to settle your case. This is why a lawsuit funding company will ask to speak to your attorney first. This consultation will allow them to get as many facts surrounding your case as possible, allowing them to provide you with the most precise terms and conditions possible for your settlement loan. It is advisable to sign any paperwork in your attorney’s presence so they can review it first, and they can ask some questions on your behalf.