How Do I Know If a Pre-Settlement Loan is Right for Me?
No matter where you’re at in your lawsuit, there is always an option that can help you overcome the difficulties. The great thing about pre-settlement loans is that you will be able to stay afloat with any money you might need ahead of settlement and not have to worry about any repercussions if you end up losing your case.
Of course, this is more useful for some people than others. Not everyone should take advantage of this option just because it’s available. These loans are essentially made for plaintiffs that are unable to wait for their cases to settle, particularly those that have been injured and are otherwise unable to work and earn money in the meantime. This might not always be the case, so be sure to consider your situation when making the final decision. Although it is available, this is still a lesser-known option.
The good thing is that it comes with less pressure than taking a traditional loan, so you won’t have to worry about paying the money back at high-interest rates. Here are the best ways to tell if this option is right for you.
You Are Not Financially Stable
The most important part of any lawsuit is wanting financial compensation for your pain and suffering, no matter what you went through. What you’ve been through can lead to financial instability, or you may have already been experiencing it before your accident. Either way, this lack of financial stability is the first clue in determining whether this type of loan is right for you.
If you’re financially stable and able to continue work or have savings to cover you for long periods of time, we do not recommend that you pursue this option.
Of course, life can change in an instant but it is generally easy to tell whether or not you are financially stable. Consider how you might fare without the loan if you have to wait over a year for your case to be settled. If you can see how that might create a heavy financial burden for you, then consider a pre-settlement loan as an option that is worth exploring.
You Have a Case You Will Likely Win
The whole purpose of the loan is to repay it once you win, so having a case you are most certain will end in victory is important. Things may not always go as planned, but you will more than likely have an idea of just how plausible it is to win your case.
Another great thing is that when you apply for a said loan, you will go on to discuss the case’s details with our attorneys. From there, they will be able to advise you on whether or not your case is likely to be won, and make the decision to fund your loan based on that probability. If you don’t win your case, you won’t have to pay back the loan, as simple as that.
This is why loan companies take extra steps to ensure that they will be able to recoup the money they lent you.
In turn, this will ensure that your case is handled with the utmost care to make sure you are given the justice you deserve. For many, it’s not only about the money in these situations, but also the satisfaction of knowing the company or entity who wronged them was ordered to compensate them for their inconvenience or injury.
You Have All the Details of Your Case
Having the details of your case ready is crucial for determining if a pre-settlement loan is right for you. You might have had a bad experience, but you will always get much farther by having all of the exact details of this experience for the lawsuit.
Defendants will attempt to capitalize on a lack of evidence or shaky details in their bid to avoid making any payouts, which is why it’s imperative that you have as many details as you can to assist in having an airtight case.
More than anything else, having this kind of information can make or break your case, so it’s important to think about that. Consider making notes the moment you decide you’re going to pursue legal action. Take any information you were able to gather from photos, videos, or audio recordings that you may have made on the day of the incident, and compile them in a safe place for later viewing and reviewing. It will make all the difference in your case and help you win it.
You Have Expenses That Just Can’t Wait
As mentioned above, you might be in a space of financial instability in your life. Because of this, you might have a handful of expenses that you are unable to cover or possibly put off for extended periods of time.
Quite often, an injury can leave you incapable of going to work on a regular basis. This can result in stockpiled bills that only gets worse and worse as time goes by. Depending on what your income is like, you might be able to hold them off for a few weeks, or maybe even months. If you can’t anticipate being able to do so for 6 months, a year, or more, it might be in your best interest to simply go for the accident loan option.
From medical expenses to everyday things like rent and other bills, getting a loan against your pending lawsuit might be the best possible way to ensure those bills are paid in full and on time. Many Americans are only a few paycheques away from their lives being a disaster, so try to be realistic about how long you are able to support yourself and your family without it.
You’re in the Right State
While this might seem like an option that should and is available all over the country, there are states in which this service is not be possible. Rapid Lawsuit Funding works in most of the states in the country, but it will be up to you to check our website to ensure that your state is listed among them.
For those outside these states, you may be able to find alternative options to ensure that you don’t have to wait months or years for legal compensation, but you will not be able to use Rapid Lawsuit Funding.
You Are Confident You Will Be Able To Repay With Interest
While you won’t have to pay anything back if you lose your case, you will be expected to pay back the amount that you borrowed plus interest if you win. Of course, the goal is for you to win your case and see justice, but also to be able to pay back the loan that has made it possible. Ideally, you receive an amount that is more than able to cover the loan you borrowed plus interest but if you don’t, it’s important to consider other options. Think about the interest rate, which will thankfully be fairly low, and consider if you will be able to cover it outside of your settlement.
Want to Get Started?
Like any kind of loan, you will have to check whether you qualify first. Applying online is easy, and you will receive a decision in a matter of minutes. Afterward, you will discuss your particular case with a selection of attorneys who will help you figure out just how probable it is for you to win.
To make things easier, apply online so that you can get things started.