16 Nov Lawsuit Loans: Are the Pros Worth the Cons?
Do you need money to pay for your lawsuit? Are you looking for a way to finance your lawsuit without having to take out a loan or get an advance on your paycheck? If so, then there is something called litigation funding that may be worth considering. With this type of funding, you can access cash upfront in order to help with legal fees and other expenses related to the suit. If you need money for medical bills, lawyer fees, or even just daily living expenses like groceries, then these types of loans may be perfect for you.
Here at Certified Legal Funding, we take great pride in helping our clients regain their financial freedom in times of difficulty. Today, we are sharing everything you need to know about funding for lawsuits
What are legal finance loans?
Lawsuit funding is an alternative form of financing for some plaintiffs who are waiting to receive their settlement funds. They don’t have to wait until they win the case, which can take years in some cases. This cash advance will allow them to pay bills and other expenses while they’re still awaiting their award.
The plaintiff receives a lump sum payment after their case is won instead of monthly installments for the rest of their life. This money can be used to start over financially after they’ve lost everything or it can help them pay off some medical bills and other debts.
Benefits of lawsuit funding
One benefit is that the plaintiff’s credit score will remain intact because there are no installment payments on any debt, allowing them to re-establish their credit. This can be especially helpful for those who have a poor credit history because of some past financial issues they may have had to deal with.
There is no need to pay back the lawsuit funding company unless the plaintiff loses their case or does not win it within a certain amount of time, which will never happen if you hire an experienced attorney. The plaintiff will not be required to pay for any legal fees or other expenses that are needed to win the case either, which is another benefit of lawsuit funding.
One more good thing about this type of financing is it doesn’t affect your taxes because you’re never considered receiving income when you get a cash advance on your settlement funds. It’s always a good idea to check with a tax advisor though before you receive this type of money.
No credit check is required for applying for the lawsuit loans. These loans can be used as an asset or to pay attorney fees, expenses, and costs associated with your case. It can also help preserve your credit rating. While lawsuit loans are not for everyone, they do provide really good options to those who need them most.
Call us today!
You can get more information on how lawsuit funding works and what some other benefits are at Certified Legal Funding today! Give us a call at 800 922-7439 toll-free and our friendly personnel will answer all your questions and even walk you through the application process over the phone.