A Lawsuit Advance 0r A Home Equity Loan?

When cash is needed during the time you are waiting for a pending lawsuit, probate or divorce to settle, plaintiffs quite often have to consider whether a lawsuit loan (advance) or a home equity loan is the most practical or beneficial route to go for quick cash. Home equity loans are very popular and widely advertised to offer low rates over a long period of time. There are advantages and disadvantages in using a home equity loan or a lawsuit advance to get needed cash for living expenses. it sometimes takes months to years to resolve.

Home Equity Advantages:

• Low interest rates.
• Easy to Secure (with good credit and verifiable employment.)
• You may use the proceeds however you wish.

Disadvantages of Home Equity Loans:

• Monthly payments add to cash flow problems.
• They reduce the equity in your home.
• They must be repaid no matter what the outcome of the lawsuit is.
• Your credit may already have been damaged because of inability to pay other obligations.
• Without verifiable employent, it is very difficult to get a home equity loan.

Advantages of Lawsuit Advances:

• No credit or employment is needed.
• Does not affect your credit report.
• It is not a lien against your home or assests
• No monthly payments have to be made.
• Repayment is made only after your case settles favorably.
• No Risk, you only pay when you win your case.

Disadvantages of Lawsuit Advances:

• Interest rates are not as low as home equity loans. Each person must thoroughly evaluate their decision as to which is best for their situation in any type of financing. We always advise you to get professional advise.

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