Interest Rates on Lawsuit Loans: What to Expect
When dealing with legal issues, there is one thing for certain: it’s an expensive endeavor.
Even if you have a water-tight case to pursue compensation, it can still take a very long time to actually receive that money. In the meantime, you are left with medical bills, lost income, and legal fees as you seek the justice you deserve. This can leave you in deep financial distress.
At Money First Funding, we understand how scary it can feel to experience financial difficulty on top of all the other things you have to deal with throughout the process of a legal battle. Even though you know your settlement is coming eventually, it doesn’t help with the bills, due, past due, and incoming.
A potential solution for financial distress during the legal process is to take out a lawsuit loan. A lawsuit loan can alleviate your money troubles while you wait for your settlement to arrive.
What is a Lawsuit Loan?
So what is a lawsuit loan, exactly? Essentially, it’s a way to get part of your settlement in advance as a way to ease your financial troubles. A lawsuit funding company like Money First pays you an advance on the calculated potential value of your settlement. You will need your attorney’s signature to validate a lawsuit loan.
People take out lawsuit loans for two main reasons.
The first is to ensure that, while they are awaiting settlement, they are financially stable. With a lawsuit loan, you can cover your living expenses, legal fees, medical bills, and more without having to wait months to years to receive your settlement.
The second reason that people choose to take out lawsuit loans is to buy time to negotiate the best settlement they can receive. When there is no financial pressure to just get the settlement as soon as possible, you will have more room to ensure that you are getting the maximum fair compensation for your situation.
Average Interest Rates on Lawsuit Loans
A typical lawsuit loan has an interest rate of anywhere between 27 percent and 60 percent a year across the country, but in Nevada, state law caps interest rates at 40 percent. Limiting the interest rates you may face can help you recover sooner.
At Money First Funding, we are committed to ensuring that you receive the fairest possible number for interest rate on your loan. Because our owners are personal injury attorneys and a retired chiropractic doctor, we know what you’re going through better than other lenders.
We have personally helped thousands of people like you, and understand the specific ways that stress is impacting your life during this difficult time. We are here to help.
Getting a Lawsuit Loan
If you are struggling to afford the things you need to survive while you await your settlement in a lawsuit, know that you don’t have to suffer. Money First Funding is here to get you the money you need to keep you secure during this frustrating waiting game.
If you or someone you love could benefit from a lawsuit loan, don’t hesitate. Call 702-623-3333 or fill out the following contact form, and get the funds you need.