Pre Settlement Loan Companies
To someone who’s never found themselves in need of a company such as ours, figuring out what exactly pre settlement loan companies do can be pretty confusing. Here’s what you should know.
What Are Pre Settlement Loan Companies, Anyways?
Pre settlement loan companies are firms that offer cash to the plaintiff of a lawsuit before their case is resolved, in either a settlement or by the court’s decision. Basically, they help you get your money when you need it. Pre settlement loan companies get funding for plaintiffs who need to cover their medical bills, lawyer fees, general living expenses, and any other costs that may have arisen over the duration of a case, allowing them to meet their needs as they wait for things to finally get resolved.
What Types of Cases Can Pre Settlement Loan Companies Help With?
Pre settlement loan companies can help with a myriad of different cases: personal injury , wrongful death, premises liability, general liability, product liability, motor vehicle accidents, and medical malpractice — just to name a few. In order to find out whether pre settlement loan companies can help provide funding for your case, as each one is so unique, it’s absolutely imperative to call and speak with a representative, though.
Is It A Wise Decision to Go to A Pre Settlement Loan Company?
Not everyone needs the help of pre settlement loan companies, to be perfectly honest. As previously mentioned, each case is unique. Some may require more time than others due to their complexity, while others can be settled quite quickly. That being said, pre settlement loan companies can offer a variety of different options. There are smaller funding options that can usually be obtained easily, and quickly, allowing plaintiffs to cover the costs of things they need in the present. There are also larger funding options that can help plaintiffs cover the cost of any medical care they may need before the case is resolved.
What Questions Should Be Asked of Pre Settlement Loan Companies?
No matter what need you may have, you always need to ask the prospective company a few questions before doing business with them. It’s no different than with pre settlement loan companies. Before you officially commit to whatever funding they may be able to offer you, be sure to find out if there are any hidden fees available with your funding, if the firm’s monthly compounding fee is competitive with other pre settlement loan companies, if the monthly fee will change at any point in time over the term of the funding, how long the company has been in business, and if there are any third-party ratings and reviews available for you to check out. Asking these questions will be able to not only help you find the funding you need, but a company you can trust, depend on, rely upon as well.
What Happens If You Lose the Case?
This is one of the most important things that you have to ask, and it’s so vital that it deserves extra attention. Logically, if you lose the case, you’d have to pay back all the money you borrowed out of pocket, since you would have used the money from the winning settlement to pay it back. Some companies are willing to forgive any debts in the event that a client loses, which means they owe the pre settlement loan company nothing. Other pre settlement loan companies are not quite as forgiving, though, which is why it’s absolutely necessary to find out what might happen in a worst case scenario.
Red tape can bar a person from getting the money they not only need, but are entitled to, preventing them from being able to pay for vital services, such as medical treatment and legal fees. Luckily, pre settlement loan companies are there to help provide funding as its needed.
If you have any questions about your particular case, please do not hesitate to get in touch with us today. The sooner you reach out to us, the sooner we’ll be able to help.