Legal Funding Versus Lawsuit Loans
A few hundred years ago, around the birth of this country, the idea of suing one another was relatively foreign and while it happened it certainly wasn’t as common. All too often, individuals settled their issues amicably, settling the dispute was likely done far different than it would ever be done inside a courtroom today. In fact, whether you were the wealthiest of businessmen, a well-to-do doctor, or even the President of the United States (yes this is factual!), you were far more likely to settle things with a duel instead of with a judge and jury. And yes, we mean that types of duel, John Wayne, the wild wild west, take 10 paces and spin – shoot a man from a horse, whatever they had to choose from, a duel was the way to go. Well thankfully for today’s President, and all the men with gripes against one another, you no longer have to hope you’re a better shot than your neighbor who placed his fence 2 feet inside the property line or the guy who caused you to crash your car, you can take them both to court – the real way to handle things! Unfortunately, however, while in 2020 lawsuits might be the correct and proper way to handle things, in many instances, the fact of the matter is that many individuals simply do not realize the costs that are associated with filing a lawsuit. And while in most personal injury type cases, if they are good enough, the lawyer will generally take them on contingency or with some type of a consignment plan, meaning that the lawyer will get paid only upon winning the case and will generally collect a portion of the settlement or payout. While this is only the case in personal injury type suits, the fact is that in other types of cases, in which the lawyer would expect some form of a down payment, or in personal injury cases in which the main breadwinner was injured and unable to work for some time and bills may continue to pile up – its important to consider your options – a conventional type of loan, something known as legal funding, and another form of loan known as both a lawsuit loan or litigation loans – depending on your situation find out which option is right for you, according to the top team for legal funding Queens has to offer, Apex Legal Funding.
When it comes down to either being sued by someone else, or standing to make a lot of money by suing someone yourself, money can often be a huge deterrent – like pretty much every aspect of life! But it doesn’t have to be any longer, you’ve got a few options – choose between borrowing money, taking out lawsuit or litigation loans, and finally a new industry known as plaintiff funding or legal funding, a new and unique option that is slowly phasing out the idea of lawsuit loans all together!
An important thing to understand is that if you stand to make a ton of money as a result of suing another individual, for harming, hurting or causing any type of bodily injury to you and your only obstacle is money – its generally the best thing to speak to a lawyer immediately as they will walk you through every option, and in most cases will take on the case for free until you win, or settle and take a percentage off the backend. Otherwise, in other instances you can always take out a loan, as you might need it to pay rent, buy groceries, pay other bills, take care of your children financially, and much more. First and foremost you must be aware that a loan is borrowed – a personal loan can be taken from a friend, family member or possibly even a stranger (obviously we do not recommend as such), these can hold interest or not, depending on what you decide – however, its never a good idea to take a loan from friends or family, firstly they likely wont be able to give you as much as an institution who does that professionally, and in the event something happens, or they decide they need the money back sooner than they thought, you might have just ruined a relationship with someone quite close, over a sum of money, that may not have helped you 100% in the first place.
Otherwise, the most common forms of litigation loans or lawsuit loans are those taken from a lender or a financial institution such as a bank, or even use your credit card to make a series of purchases or take out a cash advance. The fact is that these loans are like any other loan and you are expected to pay back the principle and fees until the loan is fully repaid. The process of approval is often complex. For example, a bank must check your credit history, income sources, and personal assets. A house, car, or other collateral must be attached to the loan, while a bad credit score can affect your eligibility.
As with other loans, in the event the loan is not repaid, you can be fined or sued. It can severely damage your credit and your property may be subject to lien or repossession – your lawsuit status has no bearing on giving you extra time or eliminating late or non-payment fees. This is a main reason why legal funding has become a popular choice for many. According to the Apex Legal Funding, who offer the top legal funding Queens plaintiffs trust, their service is more like a cash advance on your settlement or lawsuit payout. Whether you call it plaintiff funding or legal funding Queens experts at Apex offer their clients a form of pre-settlement funding with no fees and no promise needed to pay it back. Taken from future earnings, the cash comes directly from the legal funding company, which is not paid back unless your case wins. Lawsuit funding does not require a credit check, collateral, or strict deadlines and payback plans. With legal knowledge themselves, a legal funding company looks at the facts of your case. It will review these with your attorney to determine whether your case has a strong chance of winning, based on liability, damages, and insurance coverage. The strongest cases are those involving physical or wage loss claims and when one party is likely at fault for an event or condition that caused injury or damage.So to learn more about plaintiff funding, or to find out if your case is eligible for funding, be sure to contact Apex Legal Funding today.