Home > Loan Articles > Lawsuit Loans: Does Your Case Qualify? Part I

Lawsuit Loans: Does Your Case Qualify? Part I

Todays Date: December 16, 2018

We previously discussed the fact that the term lawsuit loan is a misnomer. It is not a loan at all! The correct term would be settlement funding, funding that is provided in advance of settling your claim. Many view this type of funding as 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.

The process begins when the lender and applicant strike an agreement. According to the terms of your agreement, if you lose your case, you do not have to repay the loan. Many consider this form of funding, correctly so, as a no-risk type of financial assistance to which you have access while you are awaiting settlement.

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.

Personal injury suits very frequently occur as a result of motor vehicle collisions: Personal injuries of many types occur as result of incidents out of which this type of claim arises. On top of damage to the vehicle you occupied, there are, on many occasions, hospital bills, ambulance bills, and other medical expenses to pay. Due to the stakes involved in such cases, they are often not settled for years.

Cases involving injuries to children: Pre-settlement loans are often difficult to procure in these cases. As a result of many guardians attempting to settle these claims to satisfy their own interests, often at the expense of the injured child, the Court will occasionally appoint an attorney ad litem. The attorney ad litem is charged with representing the child’s interests, even when those interests are out-of-synch with the guardian’s.

Slip-and-Fall: This mechanism of injury is the most common type of personal injury. Due to their prevalence, many retailers are extremely aggressive, frequently unreasonably so, in fighting such claims. In many instances, it will be found that video-surveillance of the incident is available, and must be procured. Furthermore, it is very important clearly describe the surface on which the slip occurred, items that created obstacles in your path that produced your fall, etc. If witnesses observed the incident, elicit testimony from them if necessary to support the claim made. Details regarding the mechanism of injury should never be left to chance!

Learn more about lawsuit loans. Stop by Dr. Tom Rhudy’s site where you can find out all about settlement funding and what it can do for you.

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