| Added On January 17, 2010
A personal injury can leave a person in an abundance of debt. So much debt sometimes, that those injured worry about making the mortgage payment and what may happen to them financially in the future. Most injuries end up putting many people out of work for a minimum of two weeks and a maximum of a person’s lifetime.
Lost wages lead to many problems in a person’s daily life, they thought they would never have to deal with. Not to mention the medical bills that will just keep piling up and depending on the injury, these can be very overbearing. You add pain and suffering to the list and you have yourself one huge settlement coming your way. The only problem is, is when will you receive it?
Settlements can take up to four years sometimes to receive depending on the damage, such as a spinal injury. Other injuries that have not left a person paralyzed or in some way broken could take less time to receive a settlement. This being said, there are times when people just need money right now and they cannot wait for a settlement to come in.
This is where lawsuit loans come into play. A lawsuit loan is used to describe a pre-settlement loan that is actually not a loan at all, it is more so an advancement fee. The loans are used to assist those who have pour credit, are looking at foreclosure or are in some way needing immediate funds.
If you can no longer wait for your settlement and have found yourself facing foreclosure or you are unable to work to pay bills then ask your lawyer about a lawsuit loan. This is not money that your lawyer will lend you but they will point you to a company who deals in loans.
You can receive a sum toward your settlement, which means you will acquire your needed funds through the company and once you receive your settlement the amount you have been loaned will be taken from it. There is always a chance they you will never get a settlement due to lack of evidence or some other factor, if this happens then you will not be entitled to pay anything back to loan company.
These loans are meant to help injured people in their time of need; therefore a loan company would not want to put a person in more financial debt if their case has been lost. A loan in this nature can be used to pay off many things including medical bills and the mortgage so that the injured party can stay on their feet and move toward a full recovery until their full settlement arrives.
When it comes to a lawsuit loan however, you should always contact your lawyer for advice. Your lawyer will be able to give you more a timeframe when it comes to your settlement and will let you know if a loan is in your best interest or if it is not.