Lawsuit Loans should only be used in emergency situations
Most, if not all legal counsel is familiar with legal funding so they will be prepared on how the process works. If your attorney has not experienced first-hand participating with a legal funding , it is a straight forward simple process of accessing the viability of the case. The same facts that your attorney will present to the defendants insurance company; Liability, damages and a source of recovery. But please be patient if your attorney can’t turn around the paperwork in a day, they might have court dates or their staff is out sick and they need to find the time to complete the questionnaire and if necessary assemble and send the requested documents.
Keep in Mind that unlike a traditional bank loan, settlement loans are re-paid only if you successfully win your claim/case.
Traditional bank loans are repaid on a monthly schedule. So immediately after taking out a loan, you start each month paying down the interest and then finally the principal. But with a settlement loan, you repay at the conclusion of the case, and from the time you took the legal funding till you repay, the interest accrues. That is why you need to be careful on how much and how often you get lawsuit loans for the duration of your case. It may seem obvious to point this out, but insurance companies know that plaintiffs face financial hardship, and they will drag the process out so to pressure you to take a low-ball settlement offer. In the end if you do this, you might not receive all the medical and financial reimbursement you are entitled to. In addition, your attorney will not be compensated to their rightful amount as well. And if you do pressure your attorney to accept a substandard settlement offer, they might have spent more to build your case against the defendant’s insurance company then they might recoup. That is where Pegasus Legal Funding LLC can help you level the playing field and fend off those insurance companies low settlement offers, and get the sufficient amount of money you rightfully deserve. Don’t be one of those people who is forced to take a low settlement offer. Realize that you were inured at no fault of your own and those responsible should be held accountable and pay you what you deserve.
Who to Use for Your Lawsuit Loan?
Before you start calling any lawsuit loan company, you should at the very minimum speak with your attorney to get and idea of how your case is progressing and what their recommendation is of your current financial situation. I cannot stress this strongly enough, you should exhaust all other resources before taking a settlement loan. Ask all family, friends, and your employer if they can help. If you need the lawsuit loan to pay car payment, rent, mortgage, or for medical treatment… Approach your landlord, bank and/or doctor to see if they can extend credit to get you through the tough financial times. My suggestion is use Google search and find a direct funder. Finding a direct funder like Pegasus Legal Funding LLC is important so that you are not paying a commission, origination, or finder’s fee for your lawsuit loans. When you get a lawsuit loan from Pegasus Funding, you are getting the attorney referral rate which is the best in the industry. To see who is a direct funder is easy, when you call one of the other “legal funding” companies you find on Google, just ask them two simple questions. 1. If you can fund me, can I have a check sent to me overnight? Then ask, 2. What company name will be on that check? If the answer is not the name of the company you have called or they say one of our investors, or just about anything that is not the name of the company you gave called. Then you know that your lawsuit loan is going have upwards of 20% surcharge for the broker fee.
Parting Advice About Lawsuit Loans
If you absolutely need a lawsuit loan, only borrow as much as you need. And go with whoever offers you the best deal. That being said, shop around and then call Pegasus Legal Funding at 855-386-3968, it will be the last settlement loan company you will call. In my experience, we have the lowest rates for a settlement loans in the industry and are very easy for your attorney to work with.
.: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