It is almost inevitable that every once in a while, an individual will be involved in some sort incident that results in some type of injury or the other. From simple falls in the house or while playing, to major incidents like an automobile accident, a medical procedure gone wrong, an injury caused in one way or another by the negligence or carelessness of another individual or party.
When these incidents occur, especially when it is the major ones, it often leaves the individual unable to work and consequently unable to earn an income to live on. Which might necessitate them dipping into their savings to sustain themselves until they are able to get back on their feet. Prolonged injuries means prolonged periods of downtime, and slowly by surely, this individual will run low on funds.
One option available to such an individual, which they are strongly advised to consider looking into is to file a personal injury lawsuit. However, we all know that lawyers don’t come cheap, and for someone who is not earning an income as a result of being unable to work, can scarcely afford to pay those hefty fees lawyers are known to charge.
Which is where lawsuit loans come in. Also called “lawsuit financing” or lawsuit cash advance, this money is essentially a loan that is given to a victim of a personal injury incident who is or intends to file a lawsuit against the party responsible for the accident. Such a loan can be used for a number of things, including paying the legal fees that is needed to successfully prosecute the personal injury lawsuit, paying any bills that needs to be paid and to generally live on, as the individual might be running low on funds, as a result of being unable to work, and any other thing.
The essential thing to note about a lawsuit loan is that it is usually given as a cash advance against any proceeds or insurance payout the victim of a personal injury is likely to receive from the lawsuit they have filed against the party responsible for the personal injury.
One important thing to note is the fact that this “loan” might never get to be paid back. This is because in the event that the victim does not win the case and receive an insurance payout, then the victim does not get to repay that loan to the lending company. So this is a big risk that such companies take, which is why they will likely scrutinize your case in extreme detail to determine your chances of success. So in that sense, it is safe to say that the word “loan” might not be the best description of this money that is given, as there is risk of a no payback.
Lawsuit loans can be given out irrespective of the type of injury claim in question. So it can involve anything ranging from medical malpractice claims, vehicular accidents, product liability claims, slip and fall accidents, animal bite claims ,worker’s compensation injuries and much more.
A few companies that provide lawsuit loans for victims of personal injuries who have a current or upcoming lawsuit against a third party are Case Advance, Cash Cash 4 Cases and Global Financial. Anyone applying for this lawsuit financing will be expected to provide as much relevant information related to their case so as to allow the financing company evaluate your case and make a determination as to the potential of your case to be successfully prosecuted, which is the basis on which they offer or deny you the loan.
Applicants will usually need to fill out and submit an online questionnaire, providing as much information as the lending company requires, and oftentimes, additional information and clarification will be sought to the original information provided, such as any police or incident reports, medical records in the case of a medical malpractice case, and any and other relevant legal documents.
Once all the necessary paperwork has been provided by the victim, the lawsuit funding company will then evaluate all the information the the accident victim has provided and a decision will be made whether approve or deny the application. A response will usually be given within 24 hours of the application being made, except in situations where additional information is required, which will necessitate additional time being used.
In the event that the application is approved, the specific terms and conditions will made known to the applicant and if he agrees to the terms and signs the contract, funds will be made available soon after.