How Do Plaintiffs And Clients In Need Of Help Actually Get Their Lawsuit Loans?
Although pre-settlement funding is something that has existed in the United States for decades at this point, it’s only recently started becoming well-known to the average plaintiff. Even though they have many different names in the legal finance world – including lawsuit cash advances, pre-settlement loans, litigation financing, lawsuit funding, accident loans, and, settlement funding to name a few – they’re all pretty much the exact same thing, Lawsuit Loans. This type of legal financing is quickly becoming the preferred method for plaintiffs to fund their lawsuits. And it’s easy to see why – they are a no-risk solution to one of the largest problems plaintiffs have when facing legal trouble. However, many clients new to the process often find themselves asking, “how do plaintiffs needing help get their lawsuit loans with deltasettlementfunding.com after they’ve completed the hassle-free online application process? The answer is simple, but in order to understand it more clearly you’ll have to learn more on how Lawsuit Loans function in the financial and legal industries.
What Are The Financial Mechanics Behind A Lawsuit Loan?
The most basic way to explain the mechanics behind Lawsuit Loans is that a settlement loan company purchases a portion of the monetary settlement that you expect to reach in the future. During that time, Plaintiffs are able to use the money they’ve received from the settlement loan company on any aspect of their lives that they see fit. Lawsuits can be unpredictable, and there are few ways to tell exactly how long any case might take to reach judgment. However, once a successful judgement is reached – and only if a successful judgement is reached – the loan will be paid back to the settlement loan company with the agreed up interest rate included. Essentially, the settlement loan company is looking at your future legal settlement as a financial asset for which they can invest.
How Are Lawsuit Loans Considered An Investment?
Lawsuit Loans are considered an investment because they treat a plaintiffs future settlement as if it is an financial asset and purchase a portion of it from them. You may be asking yourself, “how can my future settlement be treated like a financial asset if a judgement hasn’t be reached yet?” This is actually easier than you think. The legal system has centuries worth of history in which similar cases have been tried in a court of law, and so once a company like Delta Settlement Funding – (considered one of the best lawsuit loan companies to enter the market) discusses a plaintiffs case with their lawyer, they are able to properly asses the risk of a successful settlement being reached or not.
Lawsuit Loan companies aren’t the first type of financial industry to treat speculative income as an investment-worthy asset. This type of financial investment can also be seen in companies which deal in lottery payouts (in which investors ‘buy’ winnings from lottery winners who would only be given their winnings incrementally otherwise), as well as pay-day loan companies (companies which give clients immediate ‘loans’ against their future paychecks).
Are Lawsuit Loans Actually “Loans” In The Traditional Sense?
In the traditional sense, Lawsuit Loans are not actually “Loans“. As we’ve stated earlier, they’re more like investments. The main way in which they differ from a traditional loan, is that a plaintiffs obligation to replay the loan is only contingent upon a judgement being reached in the plaintiffs favor. What that means is if the Plaintiff doesn’t win their lawsuit, they are not required to pay back the loan that was received from the Legal Funding Company.
As well, unlike a more traditional loan that would be received from a bank or credit union, there are no upfront fees to apply for a Lawsuit Loan. Not only that, but Plaintiffs are not given a credit check if they apply for pre-settlement funding. Unlike other lending options, the strength of a plaintiffs ability to receive a lawsuit loan rests entirely on the strength of their case – not their bank account.
Why Do Settlement Loan Companies Need To Talk With My Lawyer?
If you are a plaintiff interested in applying for a Lawsuit Loan with Delta Settlement Funding, it is imperative that we have the contact information of your solicitor in order to provide you with pre-settlement funding. The simple reason for this necessity is that your lawyer will be the person most familiar with your case in a legal sense, and have all of the information we require in order to process your loan request. Loan applications can be processed in less than 24 hours, meaning plaintiffs can expect to find financial relief from their lawsuits sooner than a traditional loan.
Your Choice Of Lawyer Will Affect Your Case
As well, by contacting your legal representation, not only will Delta Settlement Funding have a better understanding of the risks and advantages of your specific case, but we will have a better impression of your lawyer as well. For instance, if you are involved in an automobile injury lawsuit, but your legal representation has only previously dealt with Product Liability cases, it will have an affect on your application
Your Legal Representation Will Handle Your Settlement And Loan Payback
Your solicitor will also be the point of contact in how and when you receive your settlement after a judgement has been found in your favor, as well as the point of contact for your lawsuit loan company to receive repayment for your loan. After a judgment has been reached, any monetary settlement to be awarded to a plaintiff must be done through their legal representation; with that in mind, they will also handle the repayment of your lawsuit loan. Before you receive your settlement directly, any outstanding debts which occur from lawsuit (including lawsuit loans) will be subtracted from the balance. That said, when you finally do receive your settlement you can be happy in the knowledge that all of the outstanding financial obligations associated with your lawsuit are already taken care of!
When Will I Be Expected To Pay Back My Lawsuit Loan?
You will be expected to repay your lawsuit loan as soon as your solicitor is given the financial settlement awarded in the judgement of your case. The standard length of time for a settlement to be processed (and the money to be transferred to a plaintiffs solicitor) is six weeks – although every case is unique and this wait time will vary between lawsuits. It is at this point that lawyers will speak with any legal funding companies associated with your settlement and arrange repayment. Plaintiffs should be made aware that any lawsuit loan companies invested in their case must be paid back before any settlement money is transferred to them.
Find Comfort When You Receive Cash Fast With A Lawsuit Loan
Now that you know a little more about how the lawsuit loan industry works, you can rest easy in knowing they are one of the simplest and quickest ways for Plaintiffs to find funding for their lawsuit. By treating your future settlement as an asset, lawsuit loan companies are able to make an investment in your case and purchase a portion of your winnings in advance of your being awarded them – sometimes putting cash in your hand in as quick as 24 hours!. And since your lawyer will handle all of the responsibilities of loan repayment once your settlement is received, the process will be worry-free! With this kind of no-risk situation, it’s no wonder plaintiffs from all across the country Apply For Lawsuit Loans With Delta Settlement Funding! If you need monetary aid during your lawsuit, we’re the best lending option for quick and easy financial assistance.