Important Things to Know About Lawsuit Cash Advances
If you are unable to work after a car accident or any other type of accident, you may be scrambling to find a way to pay bills and other expenses. Among your options are personal loans or home equity lines of credit. However, a lawsuit loan is another option that you should strongly consider.
They Aren’t Actually Loans
Lawsuit loans are technically nothing more than a cash advance that uses your future settlement as collateral. Like a payday loan, there is no credit check needed to get your money. Like a title loan, the amount that you receive is based on the value of an asset. In this scenario, the asset would be your future settlement. However, unlike either of these products, lawsuit cash advances come with low interest rates. Furthermore, there is no need to repay the loan if you don’t win your case, which makes them ideal alternatives to other loan products.
Use the Money for Any Purpose
The money that you receive can be used to pay medical bills, credit card bills or any other expenses that need to cover. Staying current on your debt payments can make it easier to maintain a good credit score, which can provide even greater financial flexibility now and in the future. Having the money that you need to pay bills can also make it less likely that you have to file for bankruptcy.
Almost Anyone With a Personal Injury Claim Qualifies
Most lawsuit loan companies only require that you have a claim and are represented by an attorney to qualify for advance funding. Your attorney may be able to assist in the process of finding a lender or suggest resources that can help you partner with a loan company that best meets your needs.