Sources Of Legal Aid You Can Combine With A Lawsuit Loan
There are other sources of financial aid you can get for your lawsuit, some of them you can even pair up with a lawsuit loan if you need further assistance in paying your bills while you wait for your settlement payment. There are various types of recourses you can contact to get the help you need. These resources can be free or have a repayment cost, so you need to carefully examine them to make sure that you choose the one you can handle easily when the time comes to pay it all back.
Legal aid is available to people who can’t afford legal representation by enabling them to receive financial aid and get assistance by legal professionals either for free or at a lower cost.
Individuals who receive legal aid may or may not be required to pay it back, depending on the case. However, legal aid is only reserved to those with very low income and covers a limited number of legal needs. It is estimated that about half of all the people who apply for legal aid are turned down.
If you are thinking of applying for legal aid, you may have to provide some financial records to show that you indeed require it. Your financial resources and situation can help the legal aid people decide whether you’re eligible to receive help from them and whether or not you will have to pay it back. Regulations may vary from state to state so check it with your attorney before you make a decision.
Pro Bono Lawyers
Some lawyers offer to work pro bono on certain cases. Pro bono is work that is done without charges and is usually offered to people with lower income. Not many lawyers offer this option on a regular basis though and they’re usually booked early on. However, you can always ask to see if this option is available as you never know. The worst that could happen is to be told it’s not possible. If it’s not, you can continue exploring your other options.
Payment Plans For Lawyer’s Fees
A lot of lawyer can offer payment plans for longer cases, particularly for those where they strongly believe they will win and thus know that their clients will come into some money once the settlement comes through. Some lawyers offer all kinds of payment plans to help make their services more affordable. These payment plans are not loans and should not be treated as such. These plans can be done over a few months or even longer but they need to be discussed in detail before you decide to go with one of them. You should be aware that these payment plans usually have annual interest rates that can range from 6% to 24% depending on the amount put on the payment plan and the time period over which this plan takes place. Some lawyers automatically go the higher route and some will offer the lower rates to help their clients get through the lawsuit. It all depends on how each law firm and lawyer works. Some will even lower their rates if they feel it is in their best interest.
Other Types Of Loans
Of course, there are other types of loans you can take to help pay for legal bills and these can be done completely outside of the lawsuit loan world, through banks or loan agencies. However, these loans require a lot more collateral and a much deeper look into your finances and credit history. Here, a bad credit score can get you denied very fast.
Once approved, these loans can come with very hefty fees including application fees and interest rates. Some of the loans available can be less than ideal, so it is important to be extremely careful regarding which one you pick as well as which company or bank you choose. It’s in your interest to get a loan with the best interest rate that will do the least damage to your credit if something happens. Carefully selecting a loan company can be difficult, so make sure you read all the paperwork and get a lawyer to assist you in understanding any clauses that sound confusing before you sign anything.
Another way to get assistance in your legal battle is to get a loan from a family member. THis option may be a bit less usual and not available to everyone though. If you have the possibility to receive a loan from a family member, this could be the cheapest and quickest way to get money for your lawsuit.
However, borrowing money from family members can lead to disputes later on so make sure you consider this option carefully before you risk your family relationships.
No matter which option your chose to get a loan (along with a lawsuit loan) you need to be very careful and read all the details in the contract before you sign. This is necessary so as to avoid high-interest rates and other problematic conditions written in fine print.
Not all loans are good for your situation. Anyway, starting small is always is a good idea so try not to borrow a lot of money.
Where Should You Apply For Financial Aid
When looking into lawsuit loans, you should start with Rapid Lawsuit Funding right here!