Getting into a car accident can immediately change your life and can bring about unexpected physical as well as emotional trauma. Other than this, such incident can also be very costly which can damagingly impact your finances causing you and your family financial stress. With medical bills, damage to your automobile, legal expenses along with your daily and monthly expenditures that you need to pay, these can quickly deplete your finances and lead you towards debt.
In the event you unfortunately become a victim of a car accident and suffered injuries, companies for loans can provide you the funds you need to pay for all associated expenses and costs, such as the abovementioned. With the funds provided by companies for loans, your financial burden and stress are eased as you wait for your case to be resolved.
An automobile accident settlement cash advance from companies for loans, for instance, can help get your life on track again by paying for medical bills, living costs, as well as legal costs while you give yourself time to heal and recover from your injuries and wait for your settlement to be resolved. With the right companies for loans, car accident loans can surely get you and your family through the grim and challenging times caused by the negligence of others.
What Are Lawsuit Loans?
When you are faced with a personal injury lawsuit, like being a victim of a car accident, and require the funds for legal costs, settlement loans or lawsuit loans may just be what you need. It is a cash advance that is put against a potential lawsuit settlement or award. They come in various names but function the same way. This includes lawsuit cash advances, lawsuit funding, litigation financing, and settlement funding.
It is imperative that you do your research before signing for lawsuit funding from companies for loans providing such. Do note that while borrowing money against an impending settlement can indeed help out in paying for your short-term financial problems, this may ultimately cost you much more money.
What Are The Cost?
When and if you win your lawsuit and are granted a settlement, you of course don’t get to keep the whole amount since you need to repay the money you borrowed plus other fees. Usually, the “financing fee” costs 2% to 4% every month. Although this seems reasonable, the equivalent yearly rate can run from 27% to 60% or even more. Furthermore, a lawsuit can take months or even years to be finalized, so it is very likely that the amount you borrowed and need to repay will double or even triple.
Apart from repaying the cash advance with the “funding fee” you took from your lending provider, there are other expenses you need to repay, including the fee of your attorney, litigation fee such as courts costs and process server costs, medical liens from hospitals, doctors and/or other medical providers.
If you looking into getting a lawsuit loan despite these fees that you need to repay, it is crucial that you carefully and wisely choose reliable companies for loans to make certain you aren’t taken advantage of.