Questions to Ask Before Getting a Lawsuit Loan
If you’re the victim of a personal injury or medical malpractice case, it may be months or years before your lawsuit settles and you receive the funds you need to recover. In the interim, a lawsuit loan can help you afford your medical bills and living expenses, giving you the financial freedom to recover as you fight for your highest settlement amount in the courtroom.
Lawsuit loans and pre-settlement funding are safe ways to secure funds before your case settles, and there’s a list of factors you should consider when evaluating whether you should get a lawsuit loan and what lender to get it from. Get answers to your critical questions before getting a lawsuit loan.
Consider the Following Before Getting a Lawsuit Loan
Before you decide whether to get a lawsuit loan, consider the details of your case. Lawsuit loans typically only apply to cases like personal injury, auto accident, wrongful death, medical malpractice, premise liability, and product liability. If your case fits this bill and you have financial needs you can’t meet without the help of pre-settlement funding, it may be time to consider pursuing a lawsuit loan.
Ask yourself these key questions as you decide.
What type of funding is a lawsuit loan?
Most safe lawsuit loans, including those at Money First Lending, are non-recourse, meaning you won’t owe the lender any money back unless you win your settlement. This boosts the safety of this funding option for you as the lendee: if your case falls through, you won’t be stuck paying back a large sum of money to your lender.
What does the lender consider when deciding if I will qualify for a lawsuit loan?
With trusted, lendee-focused lawsuit loans like ours, you won’t have to face a credit check to receive the loan. Whether you qualify for your loan will be solely determined by the details of your case.
What’s the interest rate for my loans?
It’s critical to consider the interest rate of your lawsuit loan before signing on. With explosive interest rates, you could end up paying a hefty fee when your case settles, sometimes even for more than the amount of the case.
Save yourself money and stress by choosing a lawsuit lender that keeps fair interest rates and practices full transparency about the future costs you’ll face if you win your case.
How soon can I receive my funds?
When the purpose of pre-settlement funding is to get the money you need faster, it’s important to choose a lawsuit lender that delivers your funds promptly. Check with your chosen lender how you will receive your funds and how soon you can expect them to learn what option best suits your needs.
What can I spend my lawsuit loan on?
For most lawsuit loans, your spending is not restricted. If you want to spend your loan on education costs, living expenses, or medical bills, you’re empowered to with a lawsuit loan. Check with your chosen vendor to clarify their guidelines, then customize your spending to what best helps you as you recover and fight for your settlement.
Get Answers on Your Lawsuit Loan
At Money First Funding, we help our clients get the money they need fast, with no unexpected fees or unsafe collateral attached. When you work with us, you only pay us back if you lose your case.
We’re here and happy to answer questions you have as you navigate the lawsuit loan process. To learn more about our trusted business practices and how we can help provide the pre-settlement financial aid you require, call us at 702-623-3333 or fill in our online contact form today.