5 Fast Facts About Settlement Loans
Settlement loans are a relatively new form of financial lending—it’s complexity can lead to questions, misconceptions, and misunderstandings.
Our job is to empower you to make the correct financial decisions based on your current needs—which is why we founded Money First Lending in the first place.
Read on to get some quick facts about settlement loans—and don’t hesitate to contact a loan officer with Money First Lending with any of your questions on settlement loans.
Five Things You (Probably) Didn’t Know About Settlement Loans
- Settlement Loans Are Not Actually Loans – In reality, they’re more like advances of the cash you’re expected to earn on your active pending litigation. They also pose little risk to the borrower, given the only collateral on your lawsuit loan is the outcome of your pending litigation. In that sense, they function less like loans, and more like cash advances.
- Settlement Loans Can Be Much Less Risky Than Other Loans – For example, a traditional lender might force you to secure your loan with collateral, including such assets as your home. On the other hand, settlement loans’ only collateral is the outcome of your pending lawsuit—meaning if you lose, you owe nothing.
- A Lawyer Is Required to Apply – At Money First Lending, we’re all about transparency, which is why we require a lawyer working on your case to apply with you. Any other lender that would give you money without speaking to a lawyer first shouldn’t be trusted. Our terms are always transparent; requiring the inclusion of a lawyer also ensures all parties are on the same page.
- We Don’t Review Your Credit History – Unlike other lenders, you don’t need to have an unblemished credit score or consumer report to qualify for a loan. The only thing that matters to us is the strength of your pending litigation.
- You Can Get Access to Your Money Within Hours of Applying – Apply for your loan. Let us talk things through with your lawyer and our team. Get your money wired to your bank account within hours. It’s that simple.
The Bottom Line
Settlement loans are a revolutionary new form of lending that takes the guesswork out of paying your bills after an accident. After all, someone else was responsible for your injuries—why should you have to suffer until your litigation can be finalized?
Contact Money First Lending today to set up a free consultation. Call us at 702-623-3333 or fill out the form below to learn more about your lending options with Money First Lending.