How Low Can Post-Settlement Loans Interest Rates Be?
One of the best things about lawsuit loans is the fact that you can enjoy slightly lower interest rates than you would with more traditional loans. This is always good news because it makes it easier to pay back the loan if you win. Rates vary from company to company, which is why it’s important to let Rapid Lawsuits be your first choice in this matter.
When it comes to post-settlement loans, there are still plenty of risks associated with the whole thing, so some companies want a high-interest rate applied to the loan if the case is lost. Some companies expect to see losses around 10%, which is why they may make their rates a bit higher. Here, we broke down a few reasons why our interest rates are lower than industry standards, and how you can ensure the success of your case from start to finish.
Unlike other lawsuit loan options on the market, Rapid Lawsuits’s interest rates are anywhere from 1% – 3%. This is an advantage for everyone looking for lawsuit funding.
As you might imagine, waiting on settlement money from a lawsuit can be a long and annoying process, but being given access to funds in the meantime makes that process less daunting. The amount that you can get approved for may vary depending on whether you’re applying for pre-settlement or post-settlement funding. Usually, post-settlement funding is easier to acquire and includes larger amounts too because the case has already been concluded and you have been guaranteed a certain amount of money.
Often a defendant is obligated to pay the plaintiff a certain percentage of the settlement soon after the decision, but the rest generally hangs in the balance, so to speak. Once you are approved for a post-settlement loan, you won’t have a hard time paying it back while waiting on the settlement money thanks to its low-interest rate.
By the time your settlement arrives, you can use the lump sum to simply pay off whatever might be left from the loan or you can keep making regular payments that will see it paid off in the prescribed time frame.
For pre-settlement loans, things are a bit different. With these, the risk is much higher because the case is still ongoing. You can expect slightly lower loan amounts and slightly higher interest rates as well. Fortunately, if you lose your case entirely, you won’t have to pay the loan back.
While you might expect a large settlement from your case, the amount that you can borrow will typically be up to 20%. For many, this is a very helpful sum that can help them survive this difficult period without income and cover the extra medical bills. In the end, it’s one of the safest options for you to use as opposed to brokers and other lending options.
It’s also important to keep your legal team in the loop about the loans you may be applying for, as lawsuit loan companies, such as Rapid Lawsuits, will call your lawyer to verify the information you provided about your case. It will be in your best interest to give them a heads up that you applied for lawsuit funding so they know that they will be expected to verify the information.
While Rapid Lawsuits can give you a response within minutes and funding within 24 hours, making sure that your legal office is in sync will help avoid any bumps on the road that you might encounter during the process.
It’s important to be diligent about the amount of money that you’re applying for and making contingency plans for paying it all back if getting your settlement money takes longer than you anticipated.
For some lenders, it can be expensive and interest can certainly add up over time. The best thing to do after taking advantage of a lender like Rapid Lawsuits with some of the lowest rates on the market is to only borrow exactly the amount that you need. It can be tricky since you can’t predict how long the case will take to settle. You should, however, try to keep only immediate living expenses in mind when deciding to borrow money.
Always remember that you do not have to accept the highest amount that they offer you. If you think that you only need half of what was offered to you, feel free to stick to that. In the long run, it will make the repayment of the debt much easier!
The best thing you can do for your case is to apply for a lawsuit loan as soon as possible. In a perfect world, you might be able to borrow the entire amount that you expect to win, but that might not always be a possibility.
Think about whether or not you need to apply for a certain amount right away, and go from there. There is a lot that you will need to consider before taking a loan including whether or not you need the full amount you’re asking for, and how likely it is that you will win the case.
With Rapid Lawsuits, there is no credit check. Being able to get a loan based only on the probability of your case being successful gives a lot of people access to the much-needed funds. But it also is a high-risk situation for all parties involved.
Fortunately, if you don’t win, you don’t have to repay the loan. Anyway, applying as soon as possible will make it much easier to discuss all of your options with an attorney to make things run as smoothly as possible.
Apply For Your Lawsuit Loan Today
The best thing about our application process is its simplicity. You only have to head to our website in order to find out if you are able to receive a loan. Simply enter your contact information and details of the case and settlement that you are looking to take.
In just a few minutes, you will be able to find out whether or not you will be able to get a loan with Rapid Lawsuits, and how much you can get. For pre-settlement cases, the amounts will take into consideration that the case has not yet concluded. For post-settlement loans, you might be able to get a lot based on the settlement of the money that is more or less guaranteed.
Be sure to keep a record of all the relevant information for your case so that you are able to quickly apply for a lawsuit loan with us. If you are struggling with your bills and legal fees, apply today!
To check if you qualify for a lawsuit loan, apply online.