Steps that can slow the lawsuit funding process

The legal process can be complicated and frustrating for plaintiffs, so when it comes to lawsuit funding, plaintiffs need simplicity. Steps that bog down the process of lawsuit funding include:

Complicated applications. Many types of funding require applicants to fill out mountains of paperwork for just the approval process alone. But plaintiffs should look for an easy online application that mostly deals with the details specific to their lawsuit. Also, what can take a lot of time when filling out the application is the communication between the lender, the plaintiff, and the plaintiff’s attorney concerning sending and receiving the necessary documents. With the right lawsuit loan company, plaintiffs can find a simple application online and the information required from the plaintiff and the attorney will be minimal.

Background and credit checks. After receiving the applications, lenders sometimes run a credit check on the applicant’s finances and may even call some references. This can not only raise some privacy concerns for the plaintiff, but it can make the approval process take even longer. When banks or other types of lenders check an applicant’s finances, they will look at debt, current income, and other financial information that could lead to the lender becoming concerned with how eligible the applicant is, which can be especially problematic for plaintiffs who have been out of work for a while. A typical procedure for lawsuit loans is to not order credit or background checks, so the process is both more private and streamlined.

Receiving payment. This can be a problem not only with the plaintiff’s lender but with the insurance company, too. If the plaintiff’s case deals with an injury or a car accident, then they may have problems with the insurance company refusing or holding off payment. Dealing with medical insurance can cause issues as well. And with lenders, even after approval, the processing involved with the transference of payment can slow the process. When seeking lawsuit funding, plaintiffs should look for a company that gets their funding to them shortly after approval with a check in the mail or having it wired to them.

Monthly repayments and interest. If the plaintiff repayment is structured monthly and accrues interest, then they might be dealing with settling their finances long after the lawsuit has concluded and the ordeal is otherwise over. However, lawsuit loans typically expect repayment after the settlement is reached.

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.

How lawsuit loans can help motor vehicle accident victims

Motor vehicle accidents are traumatic to begin with, but some victims find themselves dealing with the situation some time after the accident if there is an injury and negligence involved. If damages are sought out in court, there are certain expenses that take an especial toll on plaintiffs with motor vehicle accident cases.

Medical bills. Even though many plaintiffs receive help with medical bills from health insurance, oftentimes this is not enough to cover all of their medical expenses. But, what happens in the time before the lawsuit is settled? Plaintiffs don’t receive a settlement until the legal process is finished, which could take months or years. If medical bills are past due or payment for a necessary procedure is needed, then the plaintiff may not have the option to wait that long. Many plaintiffs find a solution in a lawsuit loan, which allows them to borrow from their settlement and pay urgent expenses while they wait for the trial to conclude.

Lost wages. On top of medical expenses, victims of motor vehicle accidents often don’t have a source of income due to an injury from the accident that makes them unable to work. They find that they not only struggle with the costly medical expenses but with everyday household expenses as well. Car and mortgage payments, grocery bills, school supplies—these are all expenses that plaintiffs must worry about on top of their injury and the trial, and they can wreak havoc on their credit. Plaintiffs sometimes turn to personal loans or credit cards, but these require payments as well. Lawsuit loans can be used to keep the finances afloat while protecting plaintiffs’ credit.

Car repairs. Much of the trial could be spent determining fault, and if the other driver is debating this issue, then car repairs could get tricky. The plaintiff not only has to work with their insurance but the other drivers’ insurance as well, and if fault is being contested, then the plaintiff may have to wait a while before anyone’s insurance pays for repairs. But plaintiffs need their car, considering they need to make court appointments and meetings with their lawyer on top of everyday travels. Plaintiffs can use a settlement loan to rent a car or make car repairs when the insurance just isn’t helping them get back on the road.

Lawsuit loans allow plaintiffs to use their funding when they need it most, which sometimes end up being before the lawsuit concludes.

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.

What happens after a plaintiff is approved for a lawsuit loan

Many plaintiffs look to lawsuit loans to help them pay household bills, mortgage payments and other expenses during their lawsuit. The approval process is fast and easy—the application can be found online, and once plaintiffs provide the lender with the necessary documents, the case’s review will usually take 24-48 hours before approval. The question that many plaintiffs have after approval, however, is, “What happens next?”

The plaintiff’s attorney will be sent the contract. Much of the communication concerning documentation and other details of the case will be done through the lawsuit loan company and the plaintiff’s attorney. After the attorney sends the contract back, then the plaintiff could expect to have their settlement advance promptly. Lawsuit loan companies are used to dealing with attorneys and the unique financial situation of a plaintiff, so the process tends to be much more simple than with other types of lenders.

The funding will be transferred. The promptness that plaintiffs receive their lawsuit funding is a huge advantage of lawsuit loans. After the lawsuit loan receives the contact, the money can be wired to an account or a check could be sent through the mail. That means that the plaintiffs could start paying bills and other essential expenses without worrying about the typically longer closing process that comes with a traditional personal loan from a bank. The sooner the plaintiff gets their financial affairs in order, the more effort they can focus on their lawsuit. A healthy financial status is actually a smart strategy in the courtroom because it often allows the plaintiff to fight longer in order to reach a fair settlement.

Your attorney will be called for occasional updates. Lawsuit loans require relatively little effort from the plaintiff after the funding is received. The lawsuit loan company will call the plaintiff’s lawyer from time to time for updates about the case. With traditional personal loans, plaintiffs could expect at least monthly communication with the lender since those types of loans are usually structured to be repaid monthly. With lawsuit loans, there are no monthly fees to worry about, since payment isn’t received until after the case’s resolution.

The claim is resolved and the lawsuit funds are repaid. Another advantage to lawsuit loans is that the loan isn’t repaid until the case is resolved. The concern with traditional personal loans for plaintiffs is that the lender may expect payment when the lawsuit hasn’t concluded yet.

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.

How a credit check can create problems for plaintiffs seeking funding

Many plaintiffs seek out a form of lawsuit funding to help pay bills while they await their settlement. If they apply for a traditional personal loan, then they can expect the bank to run a credit check in order to approve the loan, but the unique legal situation of the plaintiff often means that there will be red flags in these credit checks. But if the plaintiff applies for a lawsuit loan instead, no credit check will be necessary and the plaintiff could see their money faster. Some common problems that plaintiffs have with credit checks include:

How many inquiries there are. Whenever a person applies for credit, the lender will make an inquiry to look at their credit report and the report will keep track of how many inquiries there are, so plaintiffs applying for lawsuit funding may run into trouble with obtaining a traditional personal loan if they’ve made too many inquiries. Many traditional lenders will see too many inquiries as a warning sign of unstable credit and this may lead them to deny the applicant. Plaintiffs often try to use credit cards to pay their expenses before applying for a loan so this is a common roadblock for plaintiffs in need of funds. The same goes for how many open credit accounts the plaintiff has.

How much they’re making. One of the main things that traditional lenders look for is whether the applicant has a high enough income to be able to make loan payments. The problem for many plaintiffs, however, is that they may not be working due to the incident that resulted in the lawsuit, such as a workplace injury or a personal injury. The bank or other lender may deny a plaintiff for a loan if they do not want to take a risk on an applicant without an income, even if they are receiving insurance or worker’s comp. Lawsuit loans work differently, and do not require applicants to have a current source of income and it is actually common that their applicants do not have one.

Debt. If an applicant already has debt, then a bank may not feel confident that the applicant can repay the loan. Plaintiffs commonly have this problem because they’ve often already experienced financial strain before they apply for the loan.

Missed credit card payments. Lenders will look to see how responsible an applicant has been regarding their rent, car, mortgage or other bills over the years to gauge whether the applicant would be able to handle repaying the loan. If a plaintiff has been dealing with the circumstances of their lawsuit, then there is a good chance that they may have struggled to make these payments.

If a plaintiff is worried about any of these problems, then pursuing a lawsuit loan instead could be a better option.

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.

How lawsuit loans can help personal injury or wrongful death plaintiffs

Wrongful death and personal injury plaintiffs bring their situation to the courts because they believe that another party is responsible for an injury that may have had physical, financial, and emotional consequences. Victims and family members of the victims can file a civil suit against the party that they believe is responsible and seek compensation, but are often left to struggle to make ends meet until a settlement is reached. This can lead to struggles both in and outside of the courtroom, but many plaintiffs find that lawsuit loans can make the process much easier on their finances.

The victim’s family must handle the lost wages. For cases of both personal injury and wrongful death, the families of the victims usually struggle with lost wages that were a result of the injury, and sometimes the injury didn’t even take occur at the workplace. With lawsuit loans, plaintiffs borrow from their future settlement and then repay the loan at the conclusion of the pending trial or claim. The plaintiff can use this money to pay bills, medical expenses, and fill in the other gaps left behind by the lost wages.

With all that emotional stress, the plaintiffs need as little financial stress as possible. The emotional stress involved with wrongful death and personal injury cases can make other aspects that much harder to deal with and so the victims often find themselves distracted from all the responsibilities of their lawsuit and home life while dealing with this stress. Along with the emotional burden, the plaintiff must prepare for the case, make court dates, meet their lawyer, and other legal tasks along with maintaining their home. Using a lawsuit loan means that finances are one less thing to worry about and plaintiffs can focus instead on their lawsuit so that they can get back to having a normal life.

Personal loans can take time. We’ve already established that because of the missing income, families involved in a wrongful death or personal injury lawsuit need money to pay bills, but another important aspect is that they get the money fast. Bill collectors are eager to be paid regardless the plaintiff’s legal situation, and so many plaintiffs look to traditional personal loans. One of the problems with traditional personal loans is the application process. There is a lot of paperwork, a lot of credit checking, a lot of analyzation and therefore a lot of time before lenders are ready to hand out checks. With lawsuit loans, however, the application process is easy and fast, and so plaintiffs could expect to see a check within days of applying for their presettlement funding.

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.