Sometimes there comes a situation when you find yourself a plaintiff in a personal injury case. This may because you might have faced discrimination at the workplace, or fired from a job for an unjust reason. Other reasons can include your having to face the consequences of a medical malpractice or even injuries because of an automobile accident.
To compound this problem, you do not have the necessary finances to take your case to court and even if you do manage to find the services of a lawyer, you may not have sufficient funds to enable him to prepare a watertight case. With no solution in sight, you agree to an out-of-court settlement, which would mean accepting for compensation a lesser amount than what you would have got had you taken the case to its natural conclusion in a court of law. To solve this problem, you can seek Lawsuit Loan Services to bail you out of the difficult situation.
There are a handful of Lawsuit Loan Service companies who advance you the cash to fight your legal battles. Simply stated, they purchase a part of the settlement that you would get as a result of a court verdict. You can approach these companies with your case. They in turn will consider the facts, consult a lawyer to seek legal opinions to judge the merit of the case and the amount of compensation that can be expected. Based on this they extend their services, which include advancing you the amount to take legal action, and the amount to meet personal expenses while awaiting settlement. This can also include funds required for medical treatment, in case of an accident. Also, the funds can help the attorney to prepare a strong case in terms of finding witnesses and collecting depositions.”
Lawsuit Loans “A Lawsuit Loan, or pre-settlement funding, is the ideal option for people involved in personal injury suits who do not have the necessary finances to take their cases to court. It is not a loan in the traditional sense of the word, because the injured person has to pay back the amount only if he or she wins the case and gets a settlement verdict.
Typically, personal injury cases may involve any of the following: discrimination, malpractice (either medical or legal), injury due to accidents, etc. A person under these conditions may not have the necessary funds to fight the case for compensation. Lawsuit Loans come to the rescue of all such people. Also, the Lawsuit Loan does not require credit checks, monthly payments, notes, or any other security.
The injured person can contact any of the lawsuit funding companies for loans. The loans offered by these companies are non-recourse loans. . This means that the person does not have to pay back anything if he loses the case. Given the high risk involved, the financing companies charge a significantly high fee for the services provided. Usually, they charge about 10 to 15% of the settlement amount. Before issuing a loan, they would contact a lawyer to ensure the merit of the case and the amount of settlement expected. Based on the feedback, the companies offer the loans.
The fee for the loans can be a flat fee or a recurring fee. You can obtain loans from banks also. But it has generally been observed that banks do not prefer to sanction such loans, as they do not have the necessary skills to judge the merit of the case.
Also, you must keep in mind that the rules of ethics of the Bar Association prohibit a person from taking a loan from his attorney or lawyer. This is because a conflict of interest may result, and the injured person might be pressed into accepting a settlement that is less than what he could otherwise accept.