Tag 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.

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.

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.

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 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.

Why some workplace related lawsuit plaintiffs struggle, and how lawsuit loans can help

The plaintiffs of workplace related lawsuits are in a special situation because if they aren’t receiving a steady source of income, fighting a legal battle can become difficult. The plaintiff is most likely not being paid wages by the defendant during the lawsuit and this can put a real strain on the plaintiff because executing a lawsuit requires adequate funding. Here’s some financial traps that a lot of these plaintiffs fall into, and how lawsuit loans can help:

1. They might struggle to obtain a personal loan because they aren’t employed. These kinds of plaintiffs don’t have any income because of the incident that resulted in the lawsuit. In order to execute this lawsuit, they need a source of income to support themselves while they wait for a settlement to be reached. However, in order to get this funding, they must pass a credit check and may be denied the loan if they aren’t employed. Sadly, many lawsuits fall through because the plaintiff couldn’t get together funding or they’re forced into taking a lower offer than they were hoping for because of mounting debts. When plaintiffs take out a lawsuit loan, they are borrowing from their future settlement. Lawsuit loan applications mostly concern themselves with the details of the case and not the plaintiff’s financial history or employment.

2. They might not be able to find another job while they wait for their settlement. The plaintiff could be unable to find a new job if they’re injured or may have trouble finding an employer that isn’t intimidated by the plaintiff’s legal battle— in an already tough job market. Many employers won’t want to work around a plaintiff’s court schedule and if they do, the plaintiff has to deal with all of those lost hours spent in the courtroom instead of the workroom. A lot of times it’s just easier to hire an applicant with no legal baggage instead. This can be frustrating for plaintiffs who are relying on this source of income to support themselves during the lawsuit. Many plaintiffs in this situation find that lawsuit loans provide a lawsuit funding solution to help them get by while they await their settlement.

3. The defendants are typically larger companies with the time and the resources to drag out the case. Workplace injury and wrongful termination cases are fought against companies who can afford the best lawyers—they may even have their own legal team—and can also afford to drag the case out for a long time. These defendants are in a completely different financial situation that gives them a legal edge. They may have even fought similar lawsuits in the past and won. Plaintiffs need to not let themselves get intimidated by the resources of large companies and know that they have resources of their own to rely on. Using a lawsuit loan can take away the defendant’s legal edge and allow the plaintiff to fight the legal battle longer and get the settlement that they deserve.

About the Author: Steven Medvin is the Executive Director of SMP Advance Funding, LLC, which provides lawsuit funding to individuals who need a lawsuit loan for pending lawsuits. For more information please visit www.smpadvance.com.