Category Archives: lawsuit funding

How credit card use can hurt plaintiffs financially

When plaintiffs need funding during their lawsuit to help pay for medical bills, home and car payments, and other necessities, many look to credit cards as a fast financial fix while they wait for the case to reach a settlement. But this can only make financial matters worse—behind mortgage and student loans, credit cards are the third leading cause of household debt. Credit cards are tempting because most plaintiffs just have to reach right into their wallet rather than filling out an application, but this comes at a cost.

The interest rates that come with credit cards can be a huge financial blow to plaintiffs. The problem with plaintiffs using a “fast” fix like credit cards is that lawsuit funding is not a short term situation—most lawsuits will last longer than a year, and so relying on credit cards for this length of time leads to massive debt and interest accumulation. When the impact that credit card debt has on borrowers long term—credit debt’s effect on credit can follow an individual for decades—is considered, then credit cards aren’t really a fast funding option at all. And if a lawsuit lasts long enough, the plaintiff may find their whole settlement going to paying off their debt.

Another problem is that credit cards tend to come with a lot of fine print, making this type of funding especially unreliable for the needs of a plaintiff. For example: a borrower may obtain a credit card with a promotional rate, only to find that the lender can change the interest rate after a single late payment. Another option open to plaintiffs is a traditional loan, but that comes with a longer application process, and many plaintiffs can’t wait that long to start making payments—what often leads to credit card use.

So, plaintiffs need the reliability of a traditional loan with the speediness of credit cards. Another option is the lawsuit loan—a settlement cash advance. This type of lawsuit funding allows plaintiffs to use their settlement to help pay life’s necessities until their case concludes. This is not only a funding option designed specifically for the needs of a plaintiff, but also a smart legal strategy: a financially stable plaintiff can focus on their case instead of worrying about their financial situation, and they will feel less pressure to settle sooner than they think is fair. The right lawsuit loan company will have a fast, online application and the plaintiff should be presented with all the right information before anything is signed, meaning no tricky fine print.

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.

Time is not on plaintiffs’ side, but lawsuit loans can help

Since most plaintiffs enter the legal process with little or no familiarity with the proceedings, they underestimate the time and effort required of them for the case to be successful. Because of things like commercials for attorneys or fictionalized portrayals of lawsuits in popular culture, many plaintiffs have the idea that lawsuits are an easy way for wronged parties to seek compensation. But one of the most difficult parts of fighting a lawsuit comes as a huge surprise—

The lawsuit will likely last more than a year.

It’s difficult to estimate the average length of a lawsuit due to the range of types. For example, medical malpractice lawsuits tend to last longer than personal injury cases. Although it is true that some cases reach a conclusion after only a few weeks, most will last longer than a year and are likely to last around two years. Many plaintiffs who underestimate the time that this can take enter court proceedings enthusiastically and then get frustrated both emotionally and financially when they aren’t getting their settlement as soon as they thought.

Other overlooked time-sensitive issues include:

If the defendant decides to appeal the ruling, the legal process will take even longer, especially since this is a common setting for stalling tactics. In fact, there have been cases of plaintiffs actually suing the court for taking too long to reach a ruling. Appeals are especially common if the defendant is a group or company with more resources than the average individual, especially since appealing can sometimes be cheaper than a fair settlement.

Plaintiffs of longer lawsuits are more likely to accumulate a dangerous amount of debt. When the plaintiff can’t possibly know the duration of the lawsuit, he or she can run into problems with repaying other forms of funding such as traditional loans or fast-but-expensive fixes like credit cards. If a settlement isn’t in sight, the plaintiff typically struggles with repaying these lenders in addition to the ongoing expenses that they needed funding for in the first place. This can create a cycle of debt that, when the case finally concludes, takes away a large chunk of the settlement. Why go through years of an exhausting case just to hand the settlement over to creditors?

Plaintiffs pursuing lawsuits of any duration often find that lawsuit loans are their best lawsuit funding option. One of the reasons why lawsuit loans are unique and convenient for plaintiffs is that repayment is expected once a settlement is reached. If the plaintiff is struggling because of how long the case is taking, then the plaintiff can utilize this fast and easy funding to help manage their finances until the lawsuit concludes. This can give them the financial freedom while awaiting their settlement. Financial stability prevents any stall tactics from pressuring the plaintiff into a smaller settlement, and the plaintiff’s home life will benefit as well when he or she isn’t constantly worrying about financing life’s necessities.

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.

Lawsuit loan myths debunked

As consumers wade through the mounds of information available to them, they are bound to come across a few misconceptions. Here are some common lawsuit loan myths busted:

Myth #1: Lawsuit loans are for plaintiffs who are just impatient about receiving their settlement.

Plaintiffs who use lawsuit loans don’t typically seek this type of funding just because they don’t feel like waiting. Lawsuit loan applicants are usually involved in a lawsuit concerning an accident or another incident that was costly to them. Until a settlement is reached, they have to deal with these expenses on their own. Or, they might be working with an insurance company, which can oftentimes mean being on their own anyway. Lawsuit loans are for plaintiffs who are serious about staying afloat financially during their lawsuit.

Myth #2: Lawsuit loans take advantage of people that are strapped financially.

While it is true that lawsuit loan applicants seek the funding because may not have many financial options, lawsuit funding is an incredibly valuable tool for many reasons. To name a few, it provides plaintiffs with a way to pay for medical bills and other pressing expenses when they don’t have access to their settlement yet. It allows plaintiffs to fight for a fair settlement for longer rather than accepting a low offer just to have access to the settlement. It also gives plaintiffs peace of mind concerning their finances so that they can focus on their lawsuit. When plaintiffs have necessary expenses, using a lawsuit loan instead of a traditional personal loan can be a good option simply because lawsuit loans are designed to be convenient for plaintiffs.

Myth #3: The lawsuit loan company ends up taking most of the settlement through fees and interest.

Plaintiffs will be expected to pay fees for the service that the lawsuit loan company provides, but as long as they seek funding from a reputable company, most of the settlement will of course go to the plaintiff. This myth is accompanied by the idea that the fees are a ‘surprise’ and that plaintiffs don’t know how much they’re really paying until their settlement is already gone, but the truth is that there are reliable and unreliable businesses in every industry, and lawsuit funding is no different. The key here is knowledge—know who you’re doing business with and also know when and how much you will be expected to pay. Research the company online and make sure that the details concerning payments are very clear and up front. The plaintiff is entitled to know what will be expected from them and as long as those details are well understood (and documented) before anything is signed, there will be no surprises.

In fact, most plaintiffs don’t take an advance out of their entire settlement—they usually obtain an advance on a smaller portion of it. So, plaintiffs actually have a lot of control over their lawsuit funding, and as long as they shop smart, their lender can’t ‘take’ any money that wasn’t agreed upon beforehand.

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 plaintiffs with out of pocket expenses

It’s no secret that working with insurance companies can get frustrating. When it comes to medical, automobile, or other expenses, unfortunately, many plaintiffs find themselves paying bills that just can’t wait out of pocket. If they haven’t reached a settlement yet, this can take a toll on their finances if they were expecting help from insurance, and so many plaintiffs look to lawsuit loans to help ends meet. Some unexpected expenses that plaintiffs sometimes end up paying out of pocket include:

Medical bills. If the plaintiff has a personal injury case, then they will probably have to deal with both their health insurance company and the defendant when it comes to recovering their losses. If a patient is in need of a medical procedure that insurance will not cover or will only partially cover, then they might find themselves paying the expensive bills out of pocket, which could mean a lot of debt if they have not received their settlement yet. However, taking out a lawsuit loan could mean that the plaintiff could use money from their lawsuit to cover the medical care that they need.

Car repairs. The same can hold true for dealing with car repairs with motor vehicle accident lawsuits. If auto insurance isn’t enough to cover the necessary repairs and rental car costs, then plaintiffs may find themselves footing the bills themselves. Even if the plaintiff isn’t working, they still may have court dates, appointments with their lawyer, and everyday needs that they could need a car for. Using a settlement loan to pay expensive out of pocket automobile repairs can keep plaintiffs moving while they await their settlement.

Home repairs. Some plaintiffs are in their legal situation because of problems with a contractor or another issue relating to their home. Sometimes, plumbing or contracting companies will have their employee’s work insured and plaintiffs have their own home insurance as well, but again insurance may not be completely reliable and so not all expenses could be covered. If a plaintiff needs home repairs ASAP, then a lawsuit loan may be the way to go.

Lost wages. When motor vehicle accident victims experience an injury, sometimes they find themselves out of work and suffer lost wages as a result. In certain circumstances, auto insurance covers these lost wages. However, as we’ve addressed, sometimes insurance companies can make getting this coverage difficult. This may include slowing the process until the claimant grows frustrated, disputing the claim or outright denying the claim. But plaintiffs have mortgages, car payments, and other necessary expenses to pay until they can start working again. Lawsuit funding can help plaintiffs make ends meet until they receive their settlement or get back to work.

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.

Five things not all plaintiffs know about lawsuit loans

There are many advantages to using lawsuit loans instead of using other forms of funding, but not all plaintiffs are aware of them before seeking it. There are some very important aspects to lawsuit loans that every plaintiff should know.

Lawsuit loans get plaintiffs the funding quickly. Typically, after filling out the paperwork, the review of the documents will take about 24-48 hours and then after approval, the money can be sent through the mail or can be wired. Getting the funding fast is a huge advantage with lawsuit loans, as many plaintiffs have bills and expenses that just can’t wait. Other loan application processes can be complicated and take a lot of time, and even then the money isn’t always awarded right away.

How easy the application is. The application can be found online and is simple and easy to fill out. Applicants will have to fill out standard basic information, briefly explain the details of the incident that prompted legal action, and will probably need to fill in some information concerning their attorney. The legal battle isn’t necessarily pleasant, and so lawsuit funding should be as easy as possible.

Plaintiffs can get lawsuit funding before the case is even filed. If a suit hasn’t been filed yet, the plaintiff will need to provide enough information for an evaluation of the suit’s value.

The process is confidential. With traditional personal loans, there are credit and employment checks and maybe even a few calls to references. Plaintiffs want the details of their lawsuit to affect the rest of their life as little as possible, and so this intrusion can make things stressful. Lawsuit loans are approved based on the strength of the case, not the plaintiff’s financial situation. Many plaintiffs may be in debt or unemployed due the the circumstances of their lawsuit, so lawsuit loans are often a better option for them.

There’s no collateral held. It’s a standard practice with other forms of lending for the lender to repossess the collateral, such as a car, when there is difficulty repaying the loan. But losing a car can make getting to work difficult, which can make paying the loan difficult. Not to mention, plaintiffs have to worry about meeting their lawyer and making court dates. The stress of repossession can make an already stressful situation even worse. With lawsuit loans, the collateral is the lawsuit, so plaintiffs won’t have those same concerns.

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 Lawsuit Loan Can Help Get Plaintiffs the Settlement They Deserve

Filing a successful lawsuit can be a long, difficult process. Even the most worthy plaintiffs with solid cases sometimes end up with low, unfair settlements. So, what can go wrong, and how can lawsuit loans help?

Have your financial ducks in a row before the lawsuit begins. You’d be surprised how many plaintiffs don’t consider how they’re going to make ends meet during the lawsuit. Many like to only focus on the future settlement, but the hard truth is that it’s there’s a long legal road in front of them where they’re going to have to support themselves in the meantime. Depending on the circumstances of the lawsuit, plaintiffs might have medical bills, car repairs, lost wages, and other related expenses on top of their every day expenses. For example, if your lawsuit is related to damaged property, you may have to pay for repairs yourself before you reach a settlement. Not only is all of this frustrating, but these mounting expenses might force plaintiffs into accepting a low offer that is much less than what they were counting on. Lawsuit loans can help because it allows you to borrow from your settlement to help pay these bills right away. These types of loans are also convenient because repayment is expected at the time of settlement, so you won’t have to worry about having to make payments before a decision has been reached for your case.

Understand that the defense won’t make this easy for anyone. The other side knows the point made above all too well. Oftentimes plaintiffs are fighting against companies that have not only fought lawsuits before, but they have the resources to drag the lawsuit out as long as possible. So, not only will a plaintiff experience the financial strain we’ve discussed, but the defense will usually try to draw out the lawsuit so that these financial strains get even worse. They’ll hope that the plaintiff will have no choice but to accept their low offer. Using a lawsuit loan can be a smart strategy that removes the defense’s financial upper hand.

Be prepared for effects of the lawsuit that you may not have expected. You might have to take time off of work for court dates or spend time with your attorney preparing for court. Be ready to invest a lot of time and effort into preparing for your lawsuit. Many plaintiffs allow legal frustration alone to intimidate them into dropping their lawsuit or accepting low offers. Lawsuit funding can help because when you don’t have to worry about finances, taking on the lawsuit can be much less stressful.

Following these tips and using a lawsuit loan to remove financial strain can help you get 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.

Six Reasons Why Plaintiffs Choose Lawsuit Loans

Many plaintiffs find themselves struggling financially, and there are a few options out their to solve these problems. There are certain advantages to a lawsuit loan, which allows plaintiffs to use cash from their lawsuit before settlement, that you may not find with personal loans or other funding options.

1. You don’t have to worry about putting your car or house up as collateral. With traditional loans, banks require that you put up collateral in case you can’t make payments. However, with lawsuit loans, the collateral is the case. Many plaintiffs find themselves in a difficult situation because they when they can’t pay back a personal loan, possibly because banks may expect payment before the plaintiff reaches his or her settlement, they lose their collateral. If this collateral is a car, then they might have problems getting to work. If they can’t get to work, they’ll suffer financially, which is why they couldn’t pay back the loan in the first place. When the collateral is your case, you don’t have to worry about that kind of situation.

2. Unlike personal loans, the approval for lawsuit loans doesn’t depend on your financial history. The lawsuit loan company will not run a credit check or an employment verification. If the plaintiff’s case has to do with personal injury or is workplace related, then they might not even have employment in the first place.

3. Lawsuit loans can get you cash fast. When the bills are adding up—living expenses, medical bills, mortgages, car payments—you may not have the time or convenience to wait for the lawsuit to reach a settlement. The duration of a lawsuit is unpredictable, and some last years.

4. You don’t repay the loan until settlement. As stated earlier, banks may expect payment before the case settles. Would you have the means to repay a personal loan without the help of your settlement? Choosing a lawsuit loan instead means that plaintiffs don’t have to stress about repaying their loan until they can be sure they have the means to do so. Repaying at the time of the settlement is convenient and stress free.

5. The process is confidential. A good lawsuit loan company will promise privacy and confidentiality. While banks may delve into your life to determine approval, lawsuit loan companies only look at the details of your case. Even with the lawsuit, you may not have that same security. The defense may dig into your private life in order to fight against you.

6. You can apply for a lawsuit loan even before filing your suit. All you need is enough information for the lawsuit loan company to evaluate the case with. This is convenient for plaintiffs whose bills are mounting even before the lawsuit starts.

Lawsuit loans allow plaintiffs the time to fight for what their case is worth. Every plaintiff should weigh their financial options carefully and may find that a lawsuit loan is the best 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.

Why Lawsuit Loans are the Best Fast Funding Solution

During their lawsuit, many plaintiffs face financial strain and choose short term quick-fix options such as credit cards and payday loans to help support themselves until they reach a settlement. However, these options usually come with fees and interest that can make financial problems even worse. In many cases, lawsuit loans are the better funding option.

Plaintiffs usually have to face troubling expenses like medical bills along with their mortgage, car payments, and any other personal expenses along with the stress and frustration of fighting a lawsuit. So, what is a plaintiff to do?

Payday advances are loans secured against your future wages. Payday advance loan companies will look at payroll information and then will expect to be repaid once your next paycheck comes out along with a fee. However, this means you have to wait until your next paycheck to have a regular payday. Before taking out a payday advance, you have to be sure that you can stay afloat during this kind of financial situation. Will you be in a place where you can pay back the loan company and pay your usual expenses? Can you be sure that you’ll have a settlement by then? If these questions are difficult to answer, then this isn’t the best option.

However, some plaintiffs are in their legal situation because of a personal injury or another reason that makes them unable to work. These plaintiffs sometimes look to credit cards for a short term fix, thinking they can just repay them once they receive their lawsuit. But the longer you have outstanding credit card debt, the more interest you’ll accumulate. What happens if the lawsuit drags on for a year longer than you expected it to? This interest will be taking a huge chunk out of your lawsuit and you risk losing your belongings to repossession if you start to see too much red.

Lawsuits are unpredictable and they can take a long time to reach a settlement. When you take out that payday loan or charge major expenses to credit cards, you can’t be sure that you’ll have your settlement to repay the creditors when they expect payment. So what other options are there? There’s personal loans, but with that type of loan, you still have repayment concerns. Banks will want repayment within a certain time frame and take longer to get the funding.

The answer is a lawsuit loan. Lawsuit loans provide funding fast, like credit cards or payday loans, but without the concerns of the personal loan. Lawsuit loan companies understand how lawsuits affect plaintiffs and expect repayment after settlement. The collateral is your lawsuit, so you won’t have to worry about any belongings being repossessed. This can make the legal process and your financial situation much easier to deal with.

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.