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Important questions to ask about pre-settlement funding loans

Like many plaintiffs in a class action or personal injury lawsuits, you may be encountering financial difficulty while your case is still pending.

Many people have been forced to turn to family and friends for loans. Others are forced to take out personal loans. In the worst cases, you might have to use the equity tied up in the house or re-mortgage to pay for the bills.

People who have been forced into these situations regularly haven’t heard about the possibility of lawsuit settlement funding from companies like Legal Bay.

As with any financial agreement, it’s essential to avoid making snap decisions. As much as you can, ask relevant questions as these can ensure you will make an informed and rational choice.

Pre-settlement funding is always based on the strength of a plaintiff’s case, which means that they do not need to have a strong credit rating and are in good financial standing to receive a loan. Always discuss the loan with your attorney and be open about your financial situation before you apply for any lawsuit funding.

How long will I have to wait for my case to be settled?

Before you look for any pre-settlement funding loans, you need to understand how long your case will take to resolve. This will allow you to estimate the cost of the loan.

So many different factors are at play, and depending on the complexity of these, your lawsuit could drag on for months and even years. Experts will tell you that getting a pre-settlement loan may not be advisable if you’re involved in protracted litigation.

What charges and fees apply?

Regardless of what you see online, you should always contact the company directly to inquire, and any charges are fees that apply.

In many cases, they will be happy to waive specific fees, depending on your circumstances. It’s also essential to calculate the length of time, and the charges that will apply to any loan.

Can I get my charges capped?

Many pre-settlement funding companies might agree to cap your charges after a specific date. This will allow you to keep more of your settlement money.

Can my attorney contact you?

To qualify for any pre-settlement loans, you need to be represented by an attorney to begin with. Getting them to contact the loan company to ask specific questions and even negotiate better terms on your behalf could prove very important, especially when it comes to determining the terms and conditions of any contract.

Do you have any potential conflicts of interest?

Before you sign any contract with a pre-settlement loan company, you need to ensure that they do not have any links to doctors, lawyers, specialists, or anyone else who may be involved in your specific case.

As highlighted above, before you enter into any financial agreement, it’s essential to get good legal advice and ask as many pertinent questions as possible.

Suppose you’re suffering from physical, emotional, or financial difficulties as a consequence of an accident or some other incident outside of your control. The last thing you want is to accentuate these difficulties by signing a financial agreement that is against your best interests.

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