There are lots of lawsuit loan companies to choose from, but there are certain signs of a reliable company to look out for. Being involved in a lawsuit or claim can be very stressful and a reputable lawsuit loan company can help ease some of your financial troubles. Here are some some signs you can look for when applying for a loan.
An easy application. A simple application means you are dealing with a company that understands how difficult the legal process is. Sure, some good companies will have complex applications, but what does that say about their customer relations? If the application is easy, it shows that the company understands that plaintiffs are already loaded with tons of paperwork and other hoops to jump through, which is a sign of a lot of experience in the business and good customer service. An experienced business will only make the application as difficult as it needs to be. You can apply for your loan using our online form found directly on our website.
Fast approval and funding. If you’re applying for a lawsuit loan, that means you probably have pressing financial matters that need to be taken care of soon, like medical bills, mortgages, and other expenses that just can’t wait. Personal loans can take time, and one advantage of lawsuit loans is that they are a faster process for getting cash. If a lawsuit loan company takes more than 48 hours to send you your funding, then this is a red flag. SMP Advance Funding sends plaintiffs their funding between 24-48 hours after approval.
A company that bases its approval decision on your case. This is an industry standard for lawsuit loans. While personal loans may look at employment and other financial history, lawsuit loan companies look solely at your lawsuit for approval. If a company is basing the loan on other factors such as employment history or credit, this is another red flag.
A company whose fees vary case by case. You might be thinking that a company that offers a low fixed rate sounds better, but the decision to vary fees is actually a mark of smart business. When ever case is different, as well as every settlement, does it sound logical to charge the same fee for every case? No, and you wouldn’t want to do business with a company that does otherwise.
A company that thoroughly explains your payment and then your repayment, too. Sadly, many companies try to take advantage of stressed plaintiffs through their fine print. You need a company that doesn’t skim over what they require of you before you sign. Plaintiffs have already experienced some sort of negligence, so the last thing they need is a company that is supposed to be on their side taking advantage of them. Make sure you know what exactly your fees are and when you’ll be expected to pay them.
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.