The Following Are The Most Frequently Asked Questions We Receive Regarding Either A Lawsuit Loan Or Lawsuit Funding

Q. “How much interest will be charged on the lawsuit loan or lawsuit funding that I obtain?”

A. The lenders to which we submit applications don’t charge interest because they’re not providing loans. If it were a loan, you would have to pay a loan back no matter what. These are non-recourse advances. Therefore, if you lose your case, the lender loses money. Because of that, lenders charge a risk-three. A risk-fee is determined on a case-by-case basis. If you’re approved, the contract will state exactly what will be owed before you sign anything.

Q. “What is the length of time that it takes to obtain either a lawsuit loan or lawsuit funding?”

A. A lot of this will depend on the degree to which your attorney cooperates. The broker will send requests for documents to your attorney. If the required information is obtained on the same day that the broker is able to talk to your attorney, you may receive your settlement loan within 1-2 days. Remember, it is very important for you to notify your attorney that you’re requesting a settlement loan and that you want your attorney to cooperate in obtaining the documentation as quickly as possible.

Q. “Do I have to pay for anything up front?”

A. No, there are no up-front costs to obtain lawsuit funding.

Q. “If my request is approved, how am I to go about obtaining either a lawsuit loan or lawsuit funding?”

A. There are a couple of ways that this may be done. The vendor may FedEx the money to you overnight. Additionally, the lender may wire the funds directly into your account for a pre-determined fee.

Q. “is it necessary for me to provide either my birth-date or Social Security number prior to obtaining either a lawsuit loan or lawsuit funding?”

A. You won’t be required to initially. However, if you are approved, you will need to provide that information prior to obtaining the lawsuit funding.

A good broker is going to follow up with your attorney via phone call to ensure that the Request for Documents has been received. This is necessary due to the fact that “time is of the essence.” Hopefully, the plaintiff realizes that seldom, if ever, will the attorney actually round-up all of the required documents and forward those documents to the broker. In most cases, it will be a paralegal within that law firm. Therefore, it is essential that the broker be notified of the specific individual within the Law firm with whom the broker will be working

Your broker will need to find out very quickly with whom they need to speak to obtain the requisite documentation. If the paperwork is not received within 1-2 days, a competent broker will follow up with the law firm and request the documents once again.

Do you have an attorney who is not likely to cooperate with the broker? If so, the broker will ask you to assist in obtaining requisite documentation. Remember, the clock is ticking!

If you have a particularly uncooperative attorney, a good broker will never suggest that you retain another attorney. However, it is important that your attorney cooperate if you are to obtain lawsuit funding. Without both your cooperation and your attorney’s cooperation, the settlement loan will never be obtained.

If your attorney requires you to sign a Release of Medical Records prior to providing requisite medical documentation, the broker will forward the document to you for your review and signature, once you’ve reviewed the document and signed it, it will be essential for you to forward that a signed document to your attorney as quickly as possible. Additionally, it will be necessary for you to notify the broker that you’ve done so.

Under ideal circumstances, your attorney will submit the documents following the initial request. Upon receipt of the documents, it will be necessary for your broker to review those documents for completeness. It will also be necessary that the broker determine the funding-entity best-suited to accommodate your funding request. Once that information is obtained, your packet will be submitted to funding-entity for review. If the funding-entity determines that the packet is complete, the entire packet will be submitted to underwriters for consideration. If the facts of your case substantially support your claim, and your request is reasonable, your chances of obtaining either a lawsuit loan or lawsuit funding are very good!

Interested in learning more about lawsuit loans? Please visit us today. There you may learn more about lawsuit settlement loans and even apply online for a lawsuit loan.