Lawsuit Loans: Does Your Case Have What it Takes to Qualify? Part I

As we’ve discussed in the past, the term “lawsuit loan” is actually a misnomer. It is actually not a loan. Rather, it is settlement funding, provided in advance of obtaining a settlement of your claim. It truly is a form of venture-capital.

The fact that the applicant incurs no risk, viz., is non-recourse, as a result of a settlement loan, is an important aspect of this form of funding.

To commence this process, the lender and applicant enter into an agreement. You are not required to repay any of the lawsuit-loan, as identified in the agreement, if you lose your case. Thus, during pendency of a lawsuit, settlement funding is often viewed, and rightly so, as a no-risk source of financial assistance.

There are many of types of cases for which lawsuits may be provided. You may find it beneficial to understand not only the types of cases for which such funding may be provided, but some of the nuances as well.

Automobile Accident Lawsuit: This is a very common personal injury lawsuit case. They often include medical bills that are difficult to pay. It is not uncommon for these cases to drag on for several years.

Injuries to children: These can be difficult cases for which to obtain a pre-settlement loan. Due to the risk of guardians pursuing a claim to solely benefit them and not an injured child, the Court will often appoint an attorney ad litem. The attorney ad litem represents only the child’s interests, interests that may be antithetical to that of the guardian’s.

Cases involving slip-and-fall: This is the most common mechanism that results in personal injury. Many retailers will challenge every aspect of such claims, principally due to both their prevalence and cost. If video-surveillance is available, as is true in many instances, a copy must be procured. In these cases, it is very important to clarify how the incident occurred, such as the surface on which the slip occurred, anything that may served as an obstacle in your path and that resulted in your fall, etc. IN such cases, witness testimony can prove very useful and should be elicited if both possible and it will support your claim. One should never leave to chance details regarding the manner in which the incident occurred.

Want to find out more about lawsuit loans, then visit Dr. Tom Rhudy’s site to find out if you qualify for alawsuit loan for your needs.