80% of personal injury plaintiffs end up abandoning their lawsuits or accepting unreasonably low settlements because of the immense financial strain. Their injuries arose due to another person’s carelessness. As a result, they lose income when taking leave for medical treatment and incur further medical expenses.
The sensible course of action is to file a lawsuit for rightful compensation on lost income and pain and suffering. Yet, the lawsuit ends up taking a long duration of time and cost significant amounts of money. In the end, the plaintiff is forced to accept low offers to prevent the prolonging of the litigation. summons and complaint
However! this should not be the case. There are avenues to receive money for lawsuits in the form of a cash advance. This would cover the plaintiff’s living expenses and other critical bills.
Few plaintiffs know about lawsuit financing, which is known also as lawsuit loan, settlement financing, lawsuit advance and lawsuit funding. A lawsuit loan, is not a conventional loan. It is a non-recourse cash advance given to the plaintiff. The plaintiff has to repay the lawsuit advance only when he/she receives settlement from the lawsuit. If the case is lost and no settlement is received, the plaintiff does not have to repay the lawsuit financing company.
Some other differences between a conventional loan and a lawsuit loan are the factors reviewed by the lending parties. For example, to get a bank loan, the bank will review your credit rating and employment. Their lending policies are stricter. On the other hand, to apply for lawsuit financing, the lawsuit financing company will review your case to determine the likelihood of receiving settlement. Most of the time, personal injury lawsuits are won by the plaintiff.
Even though the fees for lawsuit advances are higher than a conventional loan, the lending policies of the financing company is based only by your case. And you do not even have to fork out any cash to repay the advance or fees if you lose the case. The repayment of advance and fee is only settled when you receive your lawsuit settlement.