Can I get more than one prepayment loan?

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It is common knowledge that after injury caused by someone else’s negligence, you can file a claim for damages and receive compensation. Unfortunately, you can wait months or even years for your case to be settled.

You can’t put your life on hold and pay your bills later. This is why so many plaintiffs use loans for lawsuits. This type of funding can keep bill collectors at bay while it takes time to heal. You can get more than one litigation loan if needed.

Who is Eligible for a Litigation Loan?

If you are a plaintiff seeking compensation, you are likely to be eligible for a loan in court. This type of funding has helped plaintiffs in many cases, including:

There is one requirement to know before applying: you must have legal representation. Hiring a lawyer can be beneficial to both your lender and your case.

When will I need a litigation loan?

No two personal injury claims are alike. Your lawyer may need additional time to gather evidence to support your claim. If the defendant’s representative refuses to have a fair settlement of the dispute, negotiations may drag on.

The defendant may know that you are injured and may have to skip work while you recover. Protraction tactics are sometimes used to get you to accept less than your case is worth. A litigation loan can help you while your lawyer fights for the full settlement needed to heal your injuries.

What if I use a loan before my case is settled?

If your case is taking too long and you are running out of money for a lawsuit loan, you can always apply for additional funding. Some plaintiffs require two or three litigation loans. Depending on your lender, you can get additional loans of up to 10-20% of the value of your case.

The process for obtaining additional funding is similar to your first court loan application. Your personal finances will not affect your lending rates and your credit rating will not be checked. Once your application is approved, you can usually expect to receive funds within 24 hours.

How do I pay off my Litigation Loan?

A Litigation Loan is not the same as a traditional bank loan that you pay off in monthly installments. You don’t need to worry about payment schedule or interest if you pay late. You do not need to return it until your claim is won and you are awarded compensation.

Once your case is settled, your lawyer will usually receive your decision or court decision. At this point, legal fees and the amount of the claim loan will be deducted from your settlement amount. Your lawyer will pay off the claim loan to the lender and provide you with the remainder of your settlement.

What if I lose my claim?

When you apply for a Litigation Loan, the strength of your case is assessed. If your application is approved and you are granted a litigation loan, this means that your lender is confident that you will win your case. However, this is not a guarantee of victory.

If your case is completely rejected or your case is resolved without compensation, your creditor will not ask for a return. If you lose the lawsuit, your loan will be declined.

If you are injured in an accident, you can consult with a lawyer to discuss your options. An experienced team of lawyers will advise you on filing a claim or claim for damages. Rest assured that if your case takes a long time to resolve, a litigation loan can protect you.

© 2021 Copyright Tribeca Claims LoansReview of National Legislation, Volume XI, Number 137

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