Lawsuit loans are often sought by the plaintiff of an ongoing lawsuit. When answering the question as to who exactly should consider a lawsuit loan, the answer is simply any plaintiff. However, there are certain situations in which this specific type of loan has an extra appeal.
Personal injury lawsuit plaintiffs sometimes cannot work because of their injury, and often insurance, if it is even available, is not enough to make ends meet. These plaintiffs have medical bills on top of the usual expenses stacking up, and getting their lawsuit funding sooner rather than later can make paying them easier.
Unemployed plaintiffs have similar reasons to consider a lawsuit loan. Wrongful termination plaintiffs find themselves in the midst of a legal battle and if they haven’t found new employment, the battle is fought without a regular paycheck. The economy is effecting everyone, and even if the unemployment is unrelated to the lawsuit, the legal bills, utilities, car payments, mortgage, and other payments are sure to stack up. In this economic climate, finances get even tighter. Getting a lawsuit loan can provide an answer to these problems.
Plaintiffs who are weary of traditional personal loans can also view lawsuit loans as a realistic alternative. Lawsuit loans are built on the strength of your case, not your financial history. With a personal loan, credit history, employment status, and other financial factors come into play, and based on these, you can be denied. Banks do not take into account the circumstances of the lawsuit. If you are concerned about the time and eligibility necessary for a personal loan, consider a lawsuit loan instead.
Plaintiffs with a family or other financial responsibilities that need to be settled as soon as possible can pay these expenses fast with a lawsuit loan. If a child needs medical attention or if you can’t possibly miss any more payments on your house or car, you don’t have the luxury of waiting until the lawsuit has been settled.
Plaintiffs in a case that drags on find themselves in a court battle that seems endless, not to mention the legal fees that long cases tend to allocate. In a case that is delayed, the plaintiff is left constantly thinking about what their life will be like once the lawsuit is over and they have their settlement, but with a lawsuit loan, you will no longer be left wondering. You can get on with your life, financially speaking, even if you are stuck legally. A lawsuit loan will allow you to hold out for the settlement you deserve.
About the Author: Steven Medvin is the Executive Director of SMP Advance Funding, LLC, which provides lawsuit funding to individuals who need a lawsuit loan for pending lawsuits. For more information please visit www.smpadvance.com.