Each year, thousands of people find themselves the recipients of settlements. There are a number of reasons why people end up as the recipients of settlements. Commonly, those receiving settlements are people who have pursued personal injury lawsuits. Perhaps your doctor committed medical malpractice; perhaps you were hurt on the job, or the victim of workplace misconduct. Some of the recent lawsuits seen in the news involve sexual harassment, and even whistleblower retaliation. No matter what the lawsuit, the chances of them ending in a settlement are fairly high. What many don’t know is that you have many different options prior to actually receiving your settlement. One of these possible options is the pre settlement loan. The fact is that there are many pre settlement loan benefits, yet at the same time many people remain unaware that this is even an option, let alone what pre settlement loan benefits actually are. There are many reasons why you may need a pre settlement lawsuit loan. We’ll examine those reasons below, along with how pre settlement loan benefits may affect your choice. This could in fact be the least complicated loan you’ll ever have the chance to get — and you can only, as the name suggests, get pre settlement loans in specific scenarios.
What Are Pre Settlement Loans?
You may, as we discussed above, find yourself in a civil lawsuit for any number of reasons. If you do, it is quite likely that the defendant will settle with you. On average, structured settlements tend to come in at $324,00, meaning that you’ll be the recipient of a good amount of money. However, it could be a long time before you receive that money. In the mean time, you’ll need to worry about living expenses, and in many cases legal fees — you’d have to have a pretty unique case to convince a lawyer to lower their fees or take your case pro bono. Many people pursuing civil lawsuits are unable to work precisely because of what they’re suing the defendant for. Many are injured, or find it difficult to find jobs due to defamation, or plenty of other reasons. Pre settlement loan funding is about giving the plaintiff the money they need to live until they receive their settlement. If you feel confident your ability to receive a settlement, these loans are pretty worry-free. After all, you know that you’re going to receive a settlement, and can therefore plan on how much you need to borrow from a pre settlement loan company, and when you can pay it off. But why seek out a pre settlement loan company specifically? Why not simply try and get a loan through traditional means, while planning on paying it off once you receive your settlement?
Pre Settlement Loan Benefits: The Simple Facts
What makes pre settlement loans so different from traditional loans is that they are granted against your potential settlement. Your lawsuit will be evaluated by the loan company, and they will grant your loan depending on what they think the outcome of your lawsuit will be. Your credit doesn’t matter as much. This can be a great benefit for the 26% of Americans that admit to not paying their bills on time, or the nearly one in five Americans between the ages of 18 to 24 who admit to being in “debt hardship”. Having debt or bad credit makes you less likely to qualify for a traditional loan. This makes it difficult to buy your bills and living expenses while fighting a civil lawsuit. And therefore, you will accrue more debt, have worse credit, and find it even harder to get loans in the future should you want to buy a house. Pre settlement lawsuit loans may be your only options — and they’re good options. Therefore, you should move quickly to make your choice. If these loans sound like the right option for you, move forward now and take charge of your future.