Tag Archives: lawsuit funding

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.

How plaintiffs can benefit from their lawsuit loan

When plaintiffs need to pay expenses before their lawsuit concludes, they often find themselves in a bind since they may be out of work or just can’t keep up with mounting expenses until the case is over. A useful tool available to them is a lawsuit loan, which allows them to borrow from their settlement to pay medical bills or other payments that can’t wait for the case to be over.

Lawsuit loans help plaintiffs reach a settlement on their own terms. Of course, no one has complete control over the legal battle, but plaintiffs often find themselves in a tough spot because of pressing bills. When medical bills or other necessary expenses need to be paid, the plaintiff is more likely to accept a lower settlement. This is especially true for plaintiffs who file a suit against a company or another party that has a bigger legal budget than the plaintiff and can afford to keep the proceedings going for longer. The same policy applies for when the plaintiff files a claim with an insurance company
to help pay for car repairs, medical bills, or other issues related to the lawsuit—insurance companies know that the longer it takes to process the claim, the more willing the plaintiff will be to accept the funding that they offer. Lawsuit loans make it easier for
plaintiffs to see a fair settlement.

They can also help keep the plaintiff focused on the lawsuit. Even for people who aren’t in a lawsuit, the state of a person’s finances can be a huge source of stress that causes a distraction from their job or home life. On top of this, plaintiffs have court dates, meetings with their lawyer, and they are also dealing with the effects of the incident for which they are filing a claim. This could mean something like healing from an injury, recovering from emotional stress, or overseeing repairs to their car or home. When plaintiffs aren’t spending their time worried about money, they can do all of this more
effectively. When they are focused on their lawsuit, they are less likely to get frustrated.

Some plaintiffs look for personal loans from banks to help them make payments during the lawsuit, but they must think about how this means a lengthy, complicated application process and monthly payments to worry about. With a settlement loan, there will be some communication between the lender and the plaintiff regarding the progress of the lawsuit, but since payment is expected at the time of the settlement rather than a time frame that a bank decides upon, the plaintiff is free to focus on their legal situation instead.

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.

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 and why insurance companies stall payments

Personal injuries, car accidents, and other instances that require that the victim works with an insurance company to cover expenses are a huge financial stress for some victims if their insurance company tries to stall processing the claim or making a payment. The company may stall by simple methods such as taking their time processing paperwork or by more severe methods like finding previous injuries in the plaintiff’s medical records, previous accidents on their car’s history, or other reasons to dispute the claim. In the meantime, the victim has bills to pay.

So, why would an insurance company want to stall payments? What’s the advantage of paying later?

They may be trying to stall until it’s too late to file a suit against them. The statute of limitations may differ depending on where the plaintiff lives, but plaintiffs who take insurance companies to court over denied claims only have a certain amount of time after the incident that they can do so. If the insurance company makes it seem like they are paying, at least for a while, they may be able to stall long enough to take legal action off the table in the future. If the plaintiff can’t dispute the claims in court, they may see a smaller payment.

They’re not paying. This one’s pretty simple—if the insurance company is not planning on paying at all, they may be stalling processing the claim in the hopes that the claimant will grow too frustrated or to just make it seem that the claim was very thoroughly processed before it was denied.

The longer a situation drags on, the more the need for the insurance money grows.
As these stalling tactics are being used, the bills will be stacking up, and the plaintiff could find their debt growing. Insurance companies know that after a while of stalling payments, plaintiffs might need the money so badly that they will be willing to settle for a lower payment then what they had expected.

That is why it is a huge advantage for the claimant to be stable financially, not only so that they can follow through to see their insurance payment but also so that if the insurance company denies their claim and they decide to pursue legal action, they won’t find themselves in the same position—desperate for a settlement. It’s a common tactic in court as well to stall until the plaintiff is desperate enough for a low settlement.

Many plaintiffs who take their insurance company to court use lawsuit loans to take this option off the table. Using presettlement funding can actually help them win their case, as the defense will not be able to use the need for money against them in court.

Plaintiffs can also use lawsuit loans to help cover expenses during lawsuits that aren’t against the insurance company but by the individual or company that is at fault for the injury in the first place, as they may still be having trouble covering their expenses until their 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.

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.

Three key points that every lawsuit loan applicant should understand

Even the age of information, miscommunications are still common between businesses and their clients. So when plaintiffs apply for a lawsuit loan, there are some key facts that they need to make sure are clear, especially since straightforwardness is a trademark of a reliable lender. Some key points that should be clarified before anything is signed include:

1. Fees. Getting clear information regarding the fees or interest that they will be responsible for concerning their loan is often a complaint of applicants. Less-than-reliable lenders will try to blur the exact amounts and timing of these fees, and as a result, plaintiffs find them as a surprise later on. Loan applicants will be expected to pay fees or interest for the service and it is essential to understand exactly how much they will be and exactly when they must be paid. The great thing about lawsuit loans is that since they are designed to be convenient for plaintiffs, there are no monthly payments. In fact, there are no payments until the case settles. During their case, the last thing a plaintiff should have to worry about is surprise payments on their loan. The whole convenience of a lawsuit loan is that it helps support the plaintiff during their lawsuit so that they can focus all their time and effort on winning their case.

2. The complexity of the application process.
Once applicants find a lender that they want to work with, they often jump into the application process without asking any questions first. Plaintiffs should know exactly what information will be required of them and what exactly the lender will be doing with that information. Is the process confidential? Will they be calling up references? What about a credit check? These are all questions that applicants need to ask before giving out any information, especially regarding the lender’s privacy policy. In addition, plaintiffs must keep in mind that they will be going through the legal process at the same time that they are applying for the loan, which most likely already involves a hefty amount of paperwork. Will the applicant be able to handle both? Simple, online applications can not only be easy but just as private as paper applications, and they can make the whole process run much smoother.

3. How long it takes to get approved. Plaintiffs apply for loans because they have pressing expenses like medical bills and other everyday expenses. So, they don’t have a whole lot of time to wait around and find out if their loan application was approved. When applying for a settlement loan, see if the lender makes a policy of letting applicants know whether they have been approved before too long.

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.

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.