Hello friends how are you all? Today we are going to talk about Prepare for Emergencies With the Best Low-Cost Pre-settlement Funding. A report shows that about 34% of Americans have less than $1000 in their savings account, this shows how people barely make plans for emergencies.
No one can predict when an accident can occur. So, preparing for an emergency is the best plan for anyone. Therefore, it is not shocking that most people begin to make such plans when facing one.
Therefore, if such a person gets involved in an accident, they will be in serious need of cash. Moreover, the bills may pile up almost after an accident as insurance firms may take longer to settle a claim.
In addition, waiting for a lawsuit settlement check can be very hard for a victim of an injury and their family. But with the help of lawsuit loans from legal funding companies, you can pay for any emergencies you’ll have.
In this article, you learn about emergencies that need lawsuit loans and lots more. Read on.
What Is Pre-settlement Funding?
Pre-settlement funding is a financial tool for injury victims with pending lawsuits. In addition, pre-settlement funding is a non-recourse loan.
Victims of injury lawsuits expect a payout after their case gets settled but have no funds to continue the case for as long as they need to. It is at this point that pre-settlement funding plays its role.
When describing lawsuit loans as non-recourse, it means the victim is not liable to repay the loan if they don’t get their payout. Also, it is called lowest cost pre-settlement funding because the funder gets a lesser amount after the settlement.
Emergencies To Prepare For With Low-cost Pre-settlement Funding
There are specific emergencies one should prepare for while handling a pending lawsuit. As such, while the case is going on, the victim needs funds for other emergencies.
For example:
- Medical bills.
- House rents.
- Rehab bills.
- Legal fees.
- Car payments.
- Utility bills and many more.
Benefits of Using Pre-settlement Funding
If you ever find yourself in an injury lawsuit with no funds, you certainly need something more than the standard lawsuit loan. What you need is an express legal funding to get you through your settlement case.
That is because you will require finance to go about your life. However, personal injury lawsuit can keep you waiting for up to 18 months before any significant progress.
Regardless, here are some major benefits of lawsuit loans.
The Funding Process Is Faster
One major benefit of pre-settlement funding is that you get your funds fast.
The reason is that unlike a bank loan which usually takes a long process you don’t get the cash as fast as you want.
On the other hand, lawsuit loans will send your money to you within 24 to 48 hours after approval.
Finally, due to the quick response from the legal funding firm, these loans will help you have peace of mind during your case.
You Get A Better Settlement
Insurance firms always take longer to settle your claim and they even give out the least amount attainable.
So, even if you know you can get a bigger sum if you wait for your trial to end, it may be enticing to take their low offer.
For this reason, it is better to go for the lowest-cost pre-settlement funding while you pursue your case. It will help you not to fall for the low-enticing amount the insurance adjuster offers while in a tight financial corner.
As a result, you get a larger reward by taking a risk-free pre-settlement fund.
No Need For Credit Checks
Another benefit is that there is no need for a credit check. As a result, you won’t have to submit a credit check to get approval from a legal funding firm.
In addition, since there are no ongoing payments made after you receive the money, you are not required to have a job.
The primary thing needed for your lawsuit approval is the review of your case’s merits.
Therefore, with a solid lawsuit, no legal funding firm will reject your request for a lawsuit loan.
But to be safer, ensure you have no pending bankruptcy case added to your injury lawsuit.
In addition, with your case merits, a top legal funding firm can get you the lowest-cost pre-settlement funding perfect for your case.
Qualifications Needed For Pre-settlement Funding
Anyone can need funds for emergencies and don’t know if they can get lawsuit loans.
So, the next question that comes to your mind is, what are the requirements for lawsuit loans? The answer is none!
Everyone that gets injured and is waiting for the outcome of a case can benefit from pre-settlement funds. Note that these funds need no credit check as long as you confirm that you have a good case.
In addition, you don’t need any collateral since it depends on the final agreed payout. An injury lawyer can assist in estimating your payout.
Many people inquire about if they need to first succeed in court to qualify for lawsuit loans, and that’s a very good question.
Therefore, one thing to remember is that when you are suing someone, there is no such thing as assurance.
So, be sure to have a very strong case in court, before getting pre-settlement funding approval.
Factors To Lookout For When Choosing A Legal Funding Firm
You don’t want to make a mistake when choosing a legal funding firm. Listed below are a few things to look into when choosing among pre-settlement funding companies:
- Ensure to know how fast you can get funding. It is vital if you intend to use the cash to pay urgent bills. For example, medical or rent bills.
- Verify that the cash is non-recourse, which means you won’t have to repay it if you lose your case.
- Ensure to ask about their interest rate.
- Ensure to verify if they are active in your state. Check for their license.
- Compare offers. Different firms may offer to give you a good percentage of your predicted settlement.
These things are crucial, and you have to confirm them.
What Influences The Interest Rate Of Low-cost Pre-settlement Funding?
The interest rate is one thing to always look out for before taking any loan.
Your credit history or personal income does not decide rates for low-cost pre-settlement funding. The funding firm also doesn’t need to look hard at the details of your bank accounts or even run a credit check on you.
However, low-cost pre-settlement funding interest rates depend on facts surrounding your lawsuit. For example:
- The period your lawsuit will last in court.
- The prospects of your case.
- The projected settlement for your case.
Bottom Line
There are many difficulties involved with going through a lawsuit. First, the lawsuit can take months and years, preventing you from getting the payouts.
As a result, the delayed lawsuit builds up bills that need urgent attention.
Therefore, it is best to use low-cost pre-settlement funding to prepare for these urgent needs.
From everything discussed above, you now know everything to know while preparing for your emergencies. Always be prepared, so you don’t get caught unawares.