Can you get more than one lawsuit loan?

It is common knowledge that after sustaining an injury caused by someone else’s negligence, you may be able to sue for damages and obtain compensation. Unfortunately, you may wait months, or even years, for your case to be resolved.

You can’t put your life on hold and catch up on your bills later. This is why so many plaintiffs are taking advantage of legal loans. This type of financing can keep bill collectors at bay while you take the time to heal. You can get more than one loan in court if necessary.

Who is eligible for a lawsuit loan?

If you are a plaintiff seeking compensation, you are probably an eligible candidate for a legal loan. This type of funding has helped complainants in a variety of cases, including:

There is one requirement to know before applying: you must be represented by a lawyer. Hiring a lawyer can benefit both your lender and your case.

When do i need a lawsuit loan?

No two lawsuits for personal injury are the same. Your lawyer may need more time to collect evidence to support your claim. If the defendant’s representative refuses a fair settlement, negotiations can drag on.

The defendant may know that you are injured and may need to take time off work while you recover. Dropout tactics are sometimes used to force you to accept less than your case is worth. A lawsuit loan can help you while your lawyer fights for the full settlement you need to deal with your injuries.

What if I use my loan before my file is settled?

If your case is taking too long to settle and you run out of money on your legal loan, you can always apply for additional funding. Some plaintiffs need two or three legal loans. Depending on your lender, you may be able to take out additional loans of up to 10-20% of your file value.

The process of obtaining additional financing is similar to that of your first legal loan application. Your personal finances will not affect your loan rates and your credit score will not be checked. Once your request is approved, you can usually expect to receive funds within 24 hours.

How to repay a loan in court?

A legal loan is not the same as a traditional bank loan that you pay off in monthly installments. You don’t have to worry about a payment schedule or a penalty interest rate if you pay late. You are not obligated to repay it until your lawsuit is won and you are awarded damages.

Once your case is settled, your lawyer will usually receive your settlement or court order. At this point, the legal fees and the legal loan repayment amount will be deducted from your settlement amount. Your lawyer will reimburse your loan lender and provide you with the rest of your settlement.

What if I lose my chase?

When you apply for a lawsuit loan, the strength of your case is assessed. If your application is approved and you get a loan in court, your lender is confident that you will win your case. However, this is not a guarantee of winning.

If your case is rejected outright or your case is resolved without compensation, your lender will not ask for a refund. If you lose your lawsuit, your loan will be rejected.

If you have suffered injuries in an accident, you can consult a lawyer to discuss your options. An experienced legal team can advise you on filing a personal injury claim or lawsuit. Rest assured that if your case is taking a long time to settle, a legal loan can protect you.

About Kimberly Alley

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