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Also referred to as a ?settlement loan,? ?lawsuit cash advance,? ?lawsuit funding,? or ?lawsuit settlement loan,? a lawsuit loan is an advanced fee plaintiffs borrow from lenders during civil suits. Although plaintiffs can borrow lawsuit loans after a settlement, many borrow a loan prior to the settlement of a case due to the financial struggles that can build up while waiting for a settlement to be reached.
As time drags on for a settlement to be reached, plaintiffs have financial obligations they must attend to such as providing food and shelter to their family as well as making necessary payments such as mortgage and car payments. Also, waiting for a settlement can affect an individual?s ability to work, or plaintiffs may earn a small income or have medical expenses to pay. Despite if a plaintiff has a good shot at winning their case, they have responsibilities in caring for themselves as well as their family. The emotional burdens in dealing with the settlement and case at large can also build up and place heavy stress on individuals.
In addition, many choose a lawsuit loan because even if they lose the case, they don?t have to pay anything back. Rather, the lawsuit is used as collateral. In the instance that you do take out a loan, you should be aware of how long your case will last, only take what you need, avoid spending on unnecessary items or for personal use, and ask the lender about fees. Of course, find a reputable lawyer who will represent you and fight your case.
Although there are many instances in which individuals decide to take out a lawsuit loan, common reasons include having to pay heavy medical expenses and avoiding home foreclosure. Injured plaintiffs take out lawsuit loans due to the high costs of medical bills they must pay such as hospital bills, physical therapy and in-home care. Common reasons for needing medical care include car accidents and slip and falls. The high price of bills can lower a plaintiff?s chance of pursing a lawsuit, but with a lawsuit loan, they can fight their case and pay their medical bills. In regards to home foreclosures, individuals waiting for a settlement may find trouble in paying their home mortgage, in which they may run into debt. Debt can be costly financially speaking and can also cost you your home. To avoid foreclosure, you can take out a lawsuit loan and gain access to money fast.
Additionally, keep in mind that a lawsuit loan should be your absolute last option. You should pay the money that you can and only take out a lawsuit loan if you run out of options.
Jillian Johnson is a professional content writer with an interest in law and finance. Follow her @JillianLJ87.
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