Settlement Loan

With so many personal injury lawsuits pending across America, many insurance companies have increased the amount of time in which they resolve the cases. This means personal injury victims who are unable to work must struggle to survive. A settlement loan is one way to live comfortably while waiting for your settlement to clear. A settlement loan gives the injured party cash up front, which they can pay back after they collect money from their pending settlement. After you receive this advance, the lender will usually charge you a monthly fee until the money is repaid. For example, some lenders charge 3.99 percent a month, which does not need to be paid until the case is won and you collect the settlement money. If you loose the case, you should not be required to repay the loan.

To receive a settlement loan, you will need to apply with a lender who will evaluate your case. If you meet that lender’s criteria and agree to repay the loan once you collect money from your case, you will be awarded a cash advance. These loans are typically awarded to people waiting for settlements for auto accidents, malpractice suits and wrongful-death cases, just to name a few. Settlement loans can also be used to assist plaintiffs who need money for personal expenses as they wait for the settlement to clear and funding to attorneys to help cover litigation costs.

Most companies will allow you to apply online and can evaluate your case quickly. Once your attorney sends the appropriate paperwork, you will be given your first payment quickly. To find out if you are eligible, contact a lender near you. By Erin Rigik