What Are The Five Steps Required To Obtain Your Lawsuit Loan?
There is not anything mystical about getting your lawsuit loan application approved. However, it is necessary that you follow appropriate procedures.
First, find a reliable broker. You need a broker who works with lenders upon whom you may rely. Finding the right broker will be the primary step you need to take to achieve the success you desire.
Your success is going to be contingent on your ability to place yourself in the lender’s shoes. It is necessary for you to ask your self, “If I’m going to seriously consider loaning money to this individual, what is it that I need to know to make me feel secure?” The fact that the lender, in most cases, has absolutely no familiarity with the applicant is something that shouldn’t be overlooked. It is the documentation upon which the lender must rely to determine whether the applicant is an individual to whom the requested funds should be provided.
Second, make sure you to submit a completed-application! It appears axiomatic that to succeed in the application-process, it would be necessary to submit a completed application. However, that which appears obvious on-its-face is, unfortunately, often overlooked by those requesting a lawsuit loan. Failing to submit a completed application is one of the most certain routes to failure in the settlement funding process. In reality, if you have no desire to submit a completed application, you really should waste neither the broker’s nor the lender’s time.
Number three, you must present a strong case to the lender! Pretend that you’re the lender and sell yourself on the case. If you failed to clearly identify the basis on which the lawsuit loan is to be predicated, it will be extremely difficult to achieve the success desired.
Number four, gets your attorney involved as quickly as possible. As soon as your application is completed, it is in your best interest to get your attorney involved as quickly as possible. It is your attorney who will provide a great deal of assistance in obtaining requisite documentation. Although a cooperative attorney is one of the keys to your success, an attorney who fails to cooperate is one of the greatest impediments to attaining settlement funding.
Prior to release of your medical records, your attorney may request an authorization to release those records. If that is the case, it will be necessary for you to cooperate with your broker in signing the Authorization to Release Medical Records that your broker will forward to you and return the document to your broker as quickly as possible. It is of little benefit to have a cooperative attorney, if the applicant refuses to cooperate in the process.
Number five, avoid the temptation to submit multiple applications. Many individuals feel as though they will hedge their bets, and submit applications to several brokers simultaneously. However, once the vendors are aware of the fact that numerous applications have been submitted, the lenders will quickly lose interest in working with the applicant to provide the requested settlement loan. Obviously, the lenders don’t want to waste their time any more than you want to waste yours. It is always best to submit your application to one broker, and insisted that that broker be persistent in following up on your request. If you have a broker who fails to cooperate with you, get another broker!
Remember, you’re seeking a lawsuit loan because you need the money – now! If it were permissible for your broker to drag his/feet in procuring the settlement loan requested, it is unlikely that you would be seeking settlement funding in the first place. Therefore, work diligently with your broker, returning calls and notifying your attorney of the need to both respond to the broker and provide requested documentation as quickly as possible.
Want to find out more about obtaining a lawsuit loan? If so, please visit our site on how to choose the best lawsuit loans for your needs.
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