Have you been considering a lawsuit loan? You may have already encountered the misconceptions and myths about litigation or (pre settlement funding). Plaintiffs with pending lawsuits often need money before their case goes through the legal system. They often get incomplete or misleading information about this type of advances. Pay Day loans are often confused with lawsuit loans. This misinformation often leads to serious financial problems.
#1. Myth: Lawsuit Loans are a type of pay day loans.
This belief is totally false. Pay Day loans and lawsuit loans are completely different, and have no connections whatever. Pay day loans are very high interest loans that are made for a short term, and made against your paycheck. You get an advance on your next paycheck, and then the payday loan company takes out the amount of the advance, plus a large service fee and interest payment. Rates on these loans add up quickly if the entire loan isn't paid off quickly. Plaintiffs waiting for lawsuit settlements are not likely to be helped by this type of loan. Payday loans require a steady paycheck coming in to qualify. They are a very costly temporary solution that doesn't help if your case takes a long time to settle. Lawsuit Loan fundings, do not even qualify as loans. They are non- recourse advances, that mean if there is no recovery in the case, no money is owed. Lawsuit loans help plaintiffs and attorneys by giving them time to get the very best settlement possible for their case and helps to pay living expenses. This form of financing is much less expensive than payday loans. No credit or employment checks are needed to qualify. All that is needed is to be a plaintiff in a pending lawsuit, awaiting settlement. Lawsuit funding is much more likely to be of help.
#2. Myth: Lawsuit Loans are hard to get.
Lawsuit loans are among the easier forms of financing for those with pending lawsuits. The quality and strength of the lawsuit is what determines if the plaintiff will receive an advance.The application process is simple, and takes only a short time.
#3. Myth: Litigation Funding is just a new debt, and means more bills.
This type of funding does not add to the monthly bills and do not require monthly payments as regular loans and credit lines do. The advance is only paid when and if your case is won in court or settled out of court. Your attorney will pay the advance plus the accumulated risk premium. These advances never appear on the recipient's credit report like regular loans, and do not affect credit ratings.
Call Freedom First Funding
Free Consultation! 877 386 3374
www.freedomfirstfunding.com/index.html
No comments:
Post a Comment