How to Get Help Through Legal Financial Solutions
Legal financial solutions are distinct from other forms of credit and there must be a financially viable legal suit filed by you to benefit from legal cash advances or legal funding. Though legal financial solutions came into existence as part of the financial industry just about 2 decades ago, it has benefited several thousand plaintiffs across the U.S. and elsewhere accounting for business in excess of $100 million every year. There are at least three distinct benefits when you consider a legal loan:-
1. No credit check
2. No income verification
3. No monthly payments
Most plaintiffs who have already explored this option to their advantage have had a personal injury suit filed and were awaiting settlement. This squarely points to the overwhelming financial situation in which the victim of a road accident can be placed. With the injuries preventing the victim from remunerative work, the regular sources of income dry up or become lean. The bills however do not stop coming at regular intervals and non payment puts you back further with a sagging credit score.
Lawsuit Funding is not cheap
Before you consider legal lawsuit pre-settlement funding as an easy option to extricate you from immediate financial troubles, you must know that they do not come cheap. Most legal cash advances are not a lawsuit loan but are ‘no recourse’ advance which means that in the event of the other party winning the legal battle, the legal funding companies cannot recover the cash advanced to you. In most situations you are not providing any additional collateral and therefore the risk weightage tilts against the lender. In turn, you should expect to pay higher rates and processing fees to offset the risk at least partially. That said, legal cash approval process is fast and often times you can expect to clutch the cash in about 48 hours.
Keeping your debt under control
If you have a personal injury lawsuit for $10,000 pending settlement, even without any lien on the decree, your share of cash will equal to about one third of the decried amount. Your attorney’ s fee is often one third of your claim and another one third is set aside for your medical expenses. Most legal loan companies will approve about $2,000 as loan to you in this situation. Once you have accepted the loan, you may not be left with any cash from the settlement when it comes although you claim was awarded in full. Ideally, therefore, your legal loan should be limited to your immediate and pressing needs rather than the maximum available to you. This way, you will have some cash in your hands when the settlement is paid out.
Taking your attorney into confidence
The service of an experienced personal injury attorney is considered desirable to prosecute your lawsuit. When you consider legal loans, you are better off consulting your attorney to understand the pros and cons of legal loans in greater detail. He may also be in a position to recommend reliable legal funding companies to work with you.
.:About the author:.
James Sheridan is the Contracts Manager at Pegasus Legal Funding LLC and is responsible for the final stage of the funding approval process. James focus and priority is delivering to PLF’s clients the funds they need as quickly as possible