How to Get a Lawsuit Settlement Loan

Get your lawsuit settlement early

In some cases, plaintiffs may need to file for a lawsuit settlement loan to pay their bills. This is painfully true in cases such as medical malpractice or employment discrimination lawsuits, These individuals are often unable to hold down a steady job and depend upon their lawsuit settlement money to get by financially. Companies, however, don't like to be forced to negotiate with consumers and will often use every legal stall tactic they have to "wait out" the suffering plaintiff. If your legal settlement is taking much longer than you originally anticipated, a lawsuit settlement loan can help you pay your bills until your full legal settlement is awarded.

Instructions

1. Consider how much longer it will be until you have your settlement. Lawsuit settlement loans have high interest rates. This is because the companies that offer them, in an effort to make them more attractive, stipulate that should you lose your case, you do not have to repay the amount you borrow. The downside to this is the high interest rates that often result. The interest accumulates over time and could result in you losing the majority of your legal settlement to repaying interest charges.

2. Discuss lawsuit settlement loans with your attorney. You pay your attorney for his opinion. In many cases, attorneys have had previous experience with settlement loans and can recommend the best lender.

3. Locate a lender. You may find a lawsuit settlement lender either in your local telephone directory or online. Should you opt for an online lender, try to locate personal reviews of that lender's practices before signing a contract.

4. Fill out an application. If you choose to do business with an online lender, you can complete the entire application and submission process for your legal settlement loan via the internet.

5. Give the lender time to evaluate your case. No matter which lender you work with, it will need to review all of the paperwork from your case and speak with your attorney to determine if you are eligible for a lawsuit settlement loan. Lawsuit settlement loans are only extended to candidates who have the best chance of winning their cases.

6. Await your funds. Depending on the settlement lender you chose these may be mailed to you or direct-deposited into your checking account.

7. Repay the amount you borrowed, plus interest when you win your case.

Tips & Warnings

• Don't expect to get the full amount of your settlement. Settlement lenders typically only allow you to borrow 10 percent of your expected settlement.

References

• Legal Settlement Loans: Settlement Loan FAQs