Category Archives: lawsuit loans

Tips for plaintiffs: How to reach a fair settlement

Every plaintiff goes into a lawsuit expecting a fair settlement. However, this is not an easy task, as fighting a lawsuit can be a long, complicated battle. At times, it can feel easier to settle early than to fight for longer. There are some things a plaintiff can do to help receive fair compensation:

Be organized. Going into the courtroom prepared is key to effectively fighting a case. While the plaintiff’s lawyer is mostly responsible for making sure everything is in order, it is beneficial to the case for the plaintiff to be involved. Make sure all the proper documentation surrounding the incident is in order and any other evidence involved with the case. When the plaintiff is involved and on top of their game, their credibility is is strengthened.

Stay out of the red. Many plaintiffs don’t realize just how important their financial health is to their case. Lawsuits can take a huge financial toll on plaintiffs. The incident that they are seeking damage for, such as lost wages or medical bills from a personal injury, must be financially covered by the plaintiff or their insurance until the case settles, and often insurance isn’t enough to make ends meet. The problem is, lawsuits usually take a long time, time that might be spent unemployed or injured. This often results in the case settling early due to pressing bills that the plaintiff feels can’t wait. It is also common for the defense to use this to their advantage—stalling a case in order to pressure the plaintiff into settling can be cheaper than paying the plaintiff what they deserve.

Stay focused. Just as a plaintiff wants to stay organized, it’s also important for the plaintiff to have a clear mind. If a plaintiff grows frustrated by the lawsuit’s progress, they are more likely to settle sooner rather than keep fighting. Part of staying focused involves the plaintiff’s finances as well. If they have pressing bills at home, they may feel too stressed to wait any longer.

One strategy that can help plaintiffs stay focused, organized, and financially stable is using presettlement funding. This type of funding lets the plaintiff use their settlement to help them during the lawsuit, which can actually be seen as an investment for a fair settlement in the way that it takes away the financial and stress-related pressure to settle early. Lawsuit loans are just for plaintiffs, so the process is quick and easy to avoid even more stress and hassle.

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.

Common concerns answered by lawsuit loans

When plaintiffs struggle financially, one option open to them is a lawsuit loan–an advance on their settlement that helps with finances while the case is in progress. There are many reasons to utilize this funding, especially if the following situations apply:

Are you unable to work?

This is a common issue for plaintiffs since many are pursuing legal action because of an injury or a workplace incident, such as discrimination or wrongful termination. With discrimination and wrongful termination cases, plaintiffs are often physically able to work but find that they are suffering from too much emotional distress to find a new job, must work less hours to make time for their case, or might be having trouble finding a new job in the same industry as their previous company. If lost wages are causing a plaintiff to see red, then they should look into a lawsuit loan to help make ends meet until they can get their work situation settled.

Are you feeling pressure to settle too early?

There are lots of reasons why plaintiffs settle instead of fighting longer for what they believe is fair. The plaintiff may become frustrated with the legal process and want to move on, but the main source of pressure is financial–if the plaintiff has pressing bills, then they may think they have no choice but to settle in order to pay off expenses that just can’t wait. When plaintiffs seek financial retribution for an injury or another expensive incident, they will typically be responsible for covering expenses, such as the medical bills, themselves until a judgement is made. This only makes obtaining fair reimbursement more difficult. This pressure is especially felt if the defendant is a company or organization with a big legal budget, which can be overwhelming for the individual plaintiff. If a plaintiff is feeling the heat but wants to keep fighting, lawsuit loans can offer another option. Using the money from their settlement to fight longer can be seen as an investment in the way that it gives them time to work towards what they deserve.

How soon do you need lawsuit funding?

Once plaintiffs realize that they need some financial help, the first type of funding that comes to mind is usually a traditional loan. The problem with this is the lengthy, complicated approval process: traditional loan lenders don’t streamline approval just because the plaintiff needs funding right away. Common plaintiff situations such as lost wages and medical bills call for funding fast, and so they need a type of funding designed for the plaintiff. With lawsuit loans, plaintiffs fill out an easy application and will receive funding promptly.

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 smart lawsuit fighting strategies for plaintiffs

The procedures and paperwork involved with a lawsuit can be overwhelming for plaintiffs, and so it is easy for them to forget certain strategies that seem simple but can actually have a huge impact on their case. A few smart strategies to keep in mind include:

Keep records of all communication. This is true for both public and private communication. The plaintiff may need to present evidence of communication with the defendant or even general communication around the time of the lawsuit to help back up facts and develop a timeframe. The plaintiff needs to be prepared in case the defense presents their own documented communication by having their own records to make sure the conversations are being accurately presented. Plaintiffs should keep copies of letters, emails, and other conversations because they can never be sure what could be used to help or hurt them.

Make sure the all the facts can be clearly represented. Along with keeping records of communication, plaintiffs should carefully document dates and other important details, no matter how confident they are in their case. Lawsuits can drag on for years, so plaintiffs can’t be sure what direction the case will go in and what they will need to present as proof. A year into the lawsuit, the plaintiff could find that they need a certain document that they didn’t think was important when the lawsuit started and if they can’t locate it, their case may suffer. Before the lawsuit even starts, all pertinent information should be gathered and kept in a safe place.

Stay out of the red. Another huge and often overlooked strategy is making sure that all bills are kept up with and that the plaintiff isn’t struggling to keep afloat financially. It is overlooked because many plaintiffs don’t understand not only how the stress of struggling to pay bills can distract them from focusing on the lawsuit, but that they want to be able to have the financial freedom to fight the lawsuit to a satisfying and fair conclusion. The plaintiff shouldn’t be pressured into accepting a lower offer just because they have medical bills or other necessary expenses hanging over them.

One financial option available is a lawsuit loan. When plaintiffs use lawsuit loans, they are taking an advance on their future settlement to help make payments as the case progresses. A common situation for plaintiffs is that they are out of work because of a personal injury or workplace related incident and are relying on the lawsuit to help pay the damages. Even if the plaintiff isn’t out of work, medical bills and other expenses can put a stress on them during the lawsuit. But until the case concludes, life’s necessities must still be taken care of—grocery bills, car and mortgage payments, utilities—on top of expenses related to the accident. Lawsuit loans can provide plaintiffs with financial relief and help them focus on their lawsuit.

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.

Tips for finding a lawsuit loan company online

The internet is a fantastic tool that connects businesses and consumers, but even with all the resources that can be found online to help consumers make informed decisions, there are still sketchy and unreliable businesses that masquerade as legitimate businesses online. When shopping for lawsuit loans, which are loans that plaintiffs can take out against their future settlement, there are plenty of websites to utilize—but it is important to remember when dealing with businesses online, especially for financial reasons, to be careful and to make sure that the website and company is reliable.

Many plaintiffs find that they need to use money from their settlement before the settlement is actually reached in order to pay medical bills, car repairs, replace lost wages, and other expenses, and so it is is a huge convenience to the plaintiff when the lawsuit loan process is fast and easy. However, online shoppers must still be on their guard. Here are some tips for finding a legitimate loan company online:

Be careful what information you give out. If you are asked to fill out sensitive information right off of the bat, then you should definitely ask why the information is needed and what exactly will be done with it. The plaintiff will need to fill out some personal information on the application, but questions regarding things like social security numbers and bank account numbers are highly suspect. Lawsuit loans typically have a different application process than traditional personal loans—most companies won’t do a credit check—so if you are asked to fill out financial information, be sure to ask why.

Look for a privacy policy. Identity theft is a real concern when filling out information on the internet. Will the plaintiff’s information be shared with any third parties? Trust your information with a company that has a legitimate confidentiality policy so that you won’t have to worry about things like getting spam mail or even worse.

Talk to a real person. While most fact-finding can be done online, look for a telephone number that you can call to try and get an idea for who you are working with. Not every company will have a 24-hour help line, but if you cannot find a number or if the number listed goes unanswered every time, then that is a red flag. When finances are involved, it could be a good idea to call the company’s phone number and ask even general questions like how long the company has been around, where their headquarters are located, etc., so that you can further establish legitimacy and confidence in the company that you are trusting.

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.

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.

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.

How monthly loan repayments affect plaintiffs

Many plaintiffs seek funding during their lawsuit, and the forms of this funding is often structured to be repaid monthly. Monthly payments can be an inconvenience for a lot of reasons, a few of which include:

Plaintiffs may have to start making these payments before a settlement is reached. Every form of funding is different, but those structured to be repaid monthly can be incredibly inconvenient for a plaintiff. That’s because those repayments may be expected when the lawsuit hasn’t been resolved yet. Since lawsuits vary in the amount of time it takes to reach a settlement, going from weeks to years, lender’s aren’t going to wait around until repayment is convenient. Monthly payments without the help of their lawsuit settlement can wreak havoc on a plaintiff’s finances and then what happens if the plaintiff loses the lawsuit? Lawsuit loans, however, are structured differently. Repayment is expected at the time of settlement, so plaintiffs don’t have to worry about monthly payments, and the lawsuit itself acts as collateral.

Plaintiffs already have other monthly payments to worry about. Plaintiffs that seek lawsuit funding often do so because of lost wages relating to the lawsuit, such as if they have an injury from an accident or the lawsuit is workplace related. They use loans to make payments like medical bills, utilities, mortgage, car, and other living expenses, and making a loan payment on top of that every month can be difficult, especially considering the reasons the loan was taken out in the first place. We previously posed the question of how plaintiffs are supposed to make loan payments before a settlement is reached, but another good question is, how are they supposed to pay these everyday expenses and repay the loan monthly if the lawsuit hasn’t even been settled yet? Using lawsuit loans instead means that you only have to worry about other monthly expenses until a settlement is reached.

The interest will add up and the plaintiff’s credit could suffer. So, along with those loan repayments comes how the lender makes their money: interest. The longer a plaintiff takes to pay, the more interest they’ll add up, and even low small interest rates can take a big chunk out of the lawsuit settlement. And for each monthly payment that is late or missed, their credit could suffer or their collateral could be repossessed. Using a lawsuit loan can protect a plaintiff’s credit and they wouldn’t have the same concerns about mounting interest, as everything is paid when they have their settlement money.

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 ways debt can affect plaintiffs and how lawsuit loans can help

While fighting their lawsuit, plaintiffs often find that they need help paying for necessities like household and medical bills. There are a number of ways that plaintiffs can get funding during a lawsuit, including insurance benefits and personal loans, but this sometimes results in debt regardless. Lawsuit loans, which can be obtained quickly and are repaid when a settlement is reached, often provide a better answer.

Debt is both a financial and emotional detriment to a plaintiff in the following ways:

It creates stress that takes focus away from the case. Whether a person is fighting a lawsuit or not, debt is a kind of stress that is always at the back of one’s mind and affects other facets of a person’s life. This is even worse for plaintiffs, who are already dealing with legal stress as well. Plaintiffs need to be able to focus on their lawsuit so that they can receive the money to repay those debts. But obtaining funding can also be stressful—personal loans often require repayment before the plaintiff has the settlement money and insurance companies sometimes use delay tactics or other methods to avoid paying. Using a lawsuit loan to pay pressing bills as soon as possible can make the situation less stressful.

It could force plaintiffs to accept a lower settlement. It’s actually a legal strategy of some defendants to drag out a lawsuit in the hopes that the plaintiff will run out of both the money and the will to keep fighting. If a plaintiff has debt collectors demanding payment as soon as possible, then they may have no choice but to accept a low settlement. But what plaintiffs need to understand is that they do have a choice. Lawsuit loans allow plaintiffs to use money from their settlement during the case, which can be seen as an investment for a better settlement. It takes away the defense’s financial edge by allowing the plaintiff to make ends meet so that they can fight until they see a fair settlement.

It could mean eviction or loss of collateral. Another thing that plaintiffs need to understand is that if debt is left standing for too long, creditors will use other ways to repay the debt. This means an action like repossession or eviction. If it’s a personal loan that must be repaid, and the plaintiff offered their house or car as collateral, then the plaintiff could lose it even if they are expecting to receive a settlement soon. Using a settlement loan to repay debt could prevent the situation of finding oneself without a home or a vehicle.

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.