Tag Archives: settlement loan

What not to expect from a lawsuit loan

The legal process can be a financially straining time for plaintiffs. When plaintiffs choose what type of funding they need, they often overlook issues that can complicate the loan process, issues that they wouldn’t find with a lawsuit loan. A few road blocks to look out for:

Credit and Employment checks. The traditional personal loan application process will likely involve a credit and employment check. This can create problems for plaintiffs, who are often out of work and pursuing a case involving personal injury, wrongful termination, or another incident that results in lost wages. Even if the plaintiff isn’t out of work, it is common for plaintiff’s credit to suffer under the financial strain involved. Credit and employment checks aren’t required for a lawsuit loan, which is approved based on the plaintiff’s case, not their financial history or current status.

Monthly payments. The legal process requires a lot from plaintiffs—court dates and preparation, meetings with their lawyer—while they maintain their life outside of the lawsuit as well. The plaintiff must keep up with monthly bills like utilities and car payments along with medical bills or other expenses related to the incident. If the plaintiff chooses a traditional loan with a monthly payment plan, these financial responsibilities can grow overwhelming. Another concern here is that the plaintiff may have to make monthly payments before the lawsuit concludes, without help from their settlement. The loan applicant should think about how many monthly payments they could make before the case settles, especially if they are unemployed. However, with a lawsuit loan, no payments are made until a settlement is reached, so plaintiffs don’t have to worry about monthly payments.

A long, complicated application process. Plaintiffs are already overwhelmed with paperwork from their legal case. They shouldn’t have to hold court to get a loan as well. If a plaintiff chooses a personal loan, they should expect to wait before receiving their funding. Banks and other personal loan lenders don’t tailor to the specific needs of plaintiffs, who often need access to the loan quickly to pay pressing expenses. The lender will take time processing the plaintiff’s personal information, credit history, and employment. If the plaintiff’s funding involves a home refinance or another mortgage related matter, then the bank may perform a home appraisal as well. But a settlement loan gives plaintiffs their funding fast, and the easy application can be filled out online.

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 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.

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.

How lawsuit loans can help relieve plaintiffs of financial pressure

Many plaintiffs don’t realize what affect their finances have on their lawsuit. It is common for plaintiffs to struggle financially since they are often out of work, have medical bills to pay, or maybe they were experiencing hard times before their claim was even filed. Plaintiffs can cover these expenses with their settlement, however, bill collectors and creditors aren’t going to be waiting patiently for the lawsuit to conclude and will likely expect payment before the plaintiff receives their settlement. If the defendant is under too much financial stress, then they may accept a an unfair offer just to have the cash to pay bills immediately.

In this case, the plaintiff can use a lawsuit loan to help cover expenses until a settlement is reached. Lawsuit loans are taken out against the plaintiff’s settlement, and so the plaintiff can actually use their settlement to help take the pressure off of both their finances and the legal case.

A few specific instances that put financial pressure on plaintiffs:

The defendant is a company or an organization rather than an individual. Plaintiffs are responsible for their own legal fees, which can make other financial responsibilities even more stressful. But this creates even more of a hardship if the defendant isn’t also an individual. When the case is against a company–such as a slip and fall case against a restaurant or department store–then the plaintiff is fighting against a defendant with a bigger legal budget and no personal financial responsibilities. Since the defendant likely has the financial means to keep the case going for as long as necessary, this means that time is on the defendant’s side. Often, stalling the case in order to pressure the plaintiff into accepting a lower settlement is cheaper than a fair settlement. With a lawsuit loan, the plaintiff can take care of their personal expenses without jeopardizing their legal case.

The plaintiff must repay loans before receiving the settlement. If the plaintiff chooses to use credit cards or personal loans, they run the risk of having to make payments on them before the case reaches a settlement. Especially if they are out of work, this may not be a realistic option. Repaying a lawsuit loan is much more convenient for the plaintiff since the loan is repaid once the plaintiff receives their settlement.

Insurance isn’t enough to make ends meet. Plaintiffs aren’t always totally on their own—maybe insurance is helping to cover the medical expenses, or they are receiving help from another type of insurance while suffering from lost wages—but even this often isn’t enough to make ends meet, or isn’t dependable. If the plaintiff is heavily relying on insurance, then they can run into troubles if the insurance company denies coverage, which is common when the details of the injury or incident are being argued in court. With a settlement loan, the plaintiff can get the financial help they need quickly and they know exactly how much money they can count on.

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.

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.

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.