We get it that you may not be able to fund your settlement hearing following your injury. But did you know there are financial institutions that will give you financial loans as you wait for your settlement? Most plaintiffs shy away from seeking pre-settlement financing because they do not understand how to go about the pre-settlement loan process.
The best thing about pre-settlement funding is that you do not have to pay back the money if you do not win your case.
How Do You Choose the Best Pre-Settlement Funding Company?
After sustaining injuries in an accident, you may not be in a position to work. Worse still, medical bills can be overwhelming you while simultaneously dealing with attorney charges and other living expenses. Lawsuit loans are a lifesaver when you understand which company to approach.
Lawsuit loan companies help with financial funding and ensure that you have piece of mind while pursuing justice. Choosing the right pre-settlement funding company determines whether your lawsuit loan will be successful.
So how do you choose the best pre-settlement funding company? Let’s dive into it.
1. Reputation of the Company
Lawsuit loan companies are financial institutions, and understanding their operations will help you identify whether they are up to the task. Ask questions about whether they offer payment for non-recourse funding and the type of interest rates they use before settling on one company. Companies that have been around for a while have a solid structure that guides their operations to give you the necessary financial aid that you require to make your settlement process stress-free.
2. Understand Their Interest Rates
Since the pre-settlement funding is a loan, you are also liable to pay the interest rate in addition to the original amount you borrowed. Beware of companies that have a wide range of interest rates. This is a considerable amount to pay on an annual basis, and that may not help you calculate what you need to pay back.
3.Differentiate Between Brokers and Direct Pre-Settlement Funding Companies
Brokerage firms connect you to pre-settlement funding companies. They earn a commission from these companies and may not be very specific about the right company for your lawsuit needs. Differentiating between a broker and the funding company is an essential step in making the settlement funding process a success.
Additionally, brokers may also come in handy when you are unable to find a pre-settlement funding company.
4. Consult with Your Attorney
Your attorney is a valuable asset to have in your settlement hearings. Apart from giving their legal input in the litigation process, they also have pertinent knowledge of your case. They provide recommendations on which companies to deal with.
5. Understand the Lawsuit Regulations for Your State
Your lawyer may do everything legal for you, but you must understand the laws in your jurisdiction. Lawsuit loan recommendations vary by the state, and understanding these regulations will help you ask the right questions before choosing the right company to assist you.
Pre-Settlement Funding Is the Reprieve You Need
Understanding the pre-settlement funding process is an essential step to getting the best settlement deal for your injury lawsuit. Making the process seamless depends on the company you choose. Conduct your due diligence, and you will not only get the exemplary service, but also the value you need.