Category Archives: lawsuit loan

How a plaintiff’s finances could make or break their case

Legal strategy is complicated, but something that can be known for sure is that it is important for plaintiffs to remain financially stable during their court case. A few ways that financial struggle can affect plaintiffs:

While the lawsuit is in progress, the plaintiff’s financial responsibilities don’t pause and wait for a time that’s financially convenient. The plaintiff must still maintain a standard of living by paying their mortgage, car payments, and other necessities of life along with any medical or repair bills resulting from the incident. If the plaintiff can’t make these payments and suffers from repossession, eviction, or another debt recollection method, then fighting a lawsuit becomes difficult. The struggle of personal responsibilities can take focus away from the plaintiff’s case—they must still make court dates and time for court preparation, make meetings with their lawyer, and other legal responsibilities.

The plaintiff could feel pressured to settle. If the plaintiff is struggling to pay these bills, then they may feel pressure to settle sooner than they would have liked. With debt collectors on their back and bills stacking up, accepting a low settlement just to be able to make payments right away becomes tempting. This is a common situation, since it is actually a defense strategy to stall a lawsuit in order to run the plaintiff dry, especially if the defendant is a group, like a company or organization, with a bigger legal budget than the individual plaintiff—it is often cheaper to stall a lawsuit than to pay a fair settlement. Financial stability is not only essential to the plaintiff’s ability to fight a lawsuit, but it could also be seen as a smart legal strategy.

The reason why so many plaintiffs struggle with finances during a lawsuit is that many are out of work due to an injury or another workplace related incident and suffer from lost wages. Or, even if they are working, they may be struggling with both their personal and legal responsibilities. An option available, one designed specifically for plaintiffs, is the lawsuit loan. A lawsuit loan is an advance on a plaintiff’s settlement that allows a plaintiff to use their settlement during the lawsuit. And, as previously stated, it could actually help the plaintiff win a fair settlement, since it takes the pressure off of settling early. There is a simple, fast application, so plaintiffs can get the money they need quickly and focus on their lawsuit instead of their finances.

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 deal with lost wages

Many plaintiffs who struggle to pay the bills are in their financial situation because of lost wages. This can mean that they are out of work because of an injury or because they are seeking damages for a workplace related incident such as discrimination, sexual harassment, or wrongful termination. Struggling with lost wages can send a plaintiff’s finances downhill quickly, which can even effect their case.

Plaintiffs typically suffer from lost wages at the same time that they have more expenses than usual. They have the usual responsibilities of a mortgage or rent, a car payment, and other daily expenses on top of medical bills, repairs, or other payments relating to their incident.

These stresses don’t go away once the plaintiff enters the courtroom. These financial issues can even effect the plaintiff’s legal battle in the following ways:

––The stress of making ends meet can take a plaintiff’s focus away from the lawsuit. Many plaintiffs underestimate the time and effort involved in a court case, which can last weeks, months, or years. If a plaintiff is distracted by their financial situation and then receives a lower settlement, their financial struggles will only get worse.

––If a plaintiff has pressing bills and debt collectors on their back, then their need for the case to settle grows and the plaintiff is more likely to accept a lower settlement than what they originally thought was fair. The defendant will often use stall tactics, especially if the defendant is an organization with a big legal budget rather than an individual.

There are many solutions that plaintiffs look to for their financial struggles, but most of them don’t fit the specific need of a plaintiff. These solutions include:

––Credit cards. Most plaintiffs look to credit cards first because it seems like a fast, easy fix to just pull a card from their wallet to take care of a payment. The problem with credit cards is that they are a short term fix, and although the lawsuit may reach a conclusion quickly, if it lasts any longer, the plaintiff may find their whole settlement going to repaying the interest accumulated from the high interest rates.

––Personal loans. Plaintiffs will typically look to the bank next. But even if the plaintiff gets approved—the application will include a credit and employment check—plaintiffs run the risk of having to make repayments before their lawsuit has reached a settlement. Without a salary or a settlement, the plaintiff needs to think about whether they can handle monthly payments to the lender.

A better option, one tailored specifically for the needs of a plaintiff, is a lawsuit loan.

Lawsuit loan companies understand the financial situation that a plaintiff is in, and so repayment is expected when the lawsuit concludes. After an easy and fast application process, plaintiffs can use money from their settlement to pay the expenses they struggle with during the lawsuit. They are able to focus on the lawsuit and can afford to wait for a fair settlement.

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.

Three loan application problems solved by lawsuit loans

Lawsuits put quite a strain on plaintiffs, and many find that they struggle financially during their lawsuit because of medical bills, lost wages, and everyday expenses. On the road to finding funding, there are many issues that could stall the application process. But plaintiffs who are seeking funding are doing so because they need the money now—it’s often the last option after insurance, out-of-pocket, and other funding solutions don’t work out. Let’s take a look at some common stalling points, and how lawsuit loans can help plaintiffs glide right through them.

Problem: An employment history check

When applying for a traditional loan, plaintiffs often expect the lender to preform credit check, but they may be caught by surprise by problems with an employment history check. Plaintiffs are often in their legal situation because of an injury or another issue that leaves them unable to work. If insurance is not enough, then the plaintiff can look to borrow in order to cover expenses, but the lender may have an issue with their employment situation, even if the plaintiff is expecting a settlement in the future. However, if a plaintiff chooses to use a lawsuit loan instead, then there won’t even need to be a credit check—the application process is mainly concerned with the details of the lawsuit, so plaintiffs don’t have to worry about their employment status keeping them from getting the funding they need until they can get back on their feet.

Problem: The loan is taking too long to get approved

As we stated earlier, the application process for a traditional loan involves a credit and employment history check, and it will also most likely include a lengthy application that must go through an approval process. However, many plaintiffs find that they can’t afford to even wait a week. With SMP Advance Funding, you will find a quick online application, fast approval, and then a prompt payment.

Problem: The application is more like an autobiography

A long, involved application can be a problem for several reasons. First of all, it takes time to get the information together, and we already know that plaintiffs don’t always have much time to wait. Second of all, the task of finding lawsuit funding is of course taking a back seat of sorts to the lawsuit itself. Lawsuits require a lot of time and effort from the plaintiffs, and so they shouldn’t have to worry about their loan application taking their focus away from the lawsuit. Another issue is privacy. So, look for a confidential, simple application that makes getting their lawsuit funding that much easier.

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.