Illinois Injury Attorneys Want To Eliminate Some of the Pain and Suffering
When you are involved in an accident whether it be a personal injury case or injuries resulting from a vehicle accident, recovering money for medical bills, lost wages and pain and suffering can be a very long and trying road. Accident settlements can take years to be awarded, and longer still for the actual payment. Are you prepared to pay the legal fees that will be necessary to continue your case? Do you have the funds set aside for the medical bills that can result? Never mind the normal day to day bills that most have.
There is help available. Before you run to take a second mortgage on your home, look into a pre-settlement loan. Pre-settlement loans are granted against the potential value of your lawsuit settlement. This means, a reputable third party lender will examine your case and decide if it is likely that you will win. Once this decision is reached, the lending party will extend a portion of your possible settlement amount. This is not a loan based on merit, meaning your credit does not matter, and will not be consulted in determining your loan.
Here are some advantages of a pre-settlement loan- Many do not have the money set aside to fund a long term lawsuit. Insurance companies count on this, they want you to accept the lower “out of court” settlement they offer. With this loan you can continue your legal needs to get the money you are deserving of. Everyone knows how expensive medical bills can be, and how fast they can get out of control. If you require long term medical care, this money will be there to help. These loan terms are normally based upon the receivers needs, simply put, you can take a monthly payment or a one lump sum. In most cases monthly payments are advisable, to ensure money management. A pre-settlement loan is a no risk loan for the receiver, meaning, if you lose your case the loaner cannot seek payment. You lose your case – You do not pay.
With every advantage there is a disadvantage- Pre-settlement loans are paid based on a third party’s opinion of if your case is winnable or not. With this loan comes a higher interest rate. This interest rate is typically about the same as for someone who has poor credit. There is an initial fee associated with these typed of loans as well. Each fee will vary drastically from company to company. This fee can range anywhere from $200 to several thousand dollars. This fee is taking out of the settlement, and is not paid if the case is lost.
All in all, these loans are very beneficial when you don’t have the money, or do not want to risk your own funds. Again this comes at a sometimes, pretty steep price. At the end of the day, you will need to weigh your options and make the decision that works the best for you and your family.
For more details:
Personal Injury Attorneys Illinois
Illinois Car Accident Attorney
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