Tag Archives: legal funding

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.

Three Things Every Plaintiff Should Do While Fighting Their Case

Fighting lawsuits can be overwhelming for plaintiffs. While in the middle of their case, it can be difficult to make financial decisions with a clear head. To lessen the stress, many plaintiffs use lawsuit loans, which allow them to use money from their settlement prior to resolution. While waiting for a case to resolve, there are certain financial priorities a plaintiff should have, and lawsuit loans can help plaintiffs focus on them.

Have a secure source of income. The “wait and see” game should not be played in this situation. While waiting for the case to resolve so that you can claim your settlement, make sure that you will have a way to pay bills in the meantime, because life doesn’t wait. This is often overlooked because plaintiffs can sometimes misjudge how much time it’s going to take. How long can you go without the settlement, if you’re not employed? Three months? A year? What happens if a settlement is never reached? Creditors won’t have the patience to wait for your case to resolve; they’ll want payment as soon as possible, and you don’t want to have to deal with them while you’re in the middle of your case. You need to be prepared for the long haul. A lawsuit loan is one option for plaintiffs in this situation.

Stay out of the red. Not only is it important to know that you will have a source of income, but plaintiffs really need to focus on staying on top of bill payments as well. It is actually a smart legal strategy as well as a stress reducer. If a plaintiff is injured and is dealing with a court case, or even just a court case, then their other duties usually take a backseat. Don’t get stuck in the legal world! Stay on top of household payments, medical bills, credit card bills, and any other bills you have, because if you get too deep in debt, you may be forced into accepting a lower settlement because you can’t afford to keep the legal battle going without settling your debt. Staying in a good financial position can also mean that you’ll have a clear head for your case. This is another reason why some plaintiffs choose lawsuit loans.

If you’re still employed, make sure to work with your employer concerning the time you’ll have to spend on your case, especially if the legal process is taking a long time. Many plaintiffs underestimate the time that they will have to dedicate to their case. They could be drowning in legal documents. They will have to spend time preparing for court. They will have to spend a lot of time with their lawyer. Make sure your employer is understanding of your situation and that you might have to take days off for court dates. To deal with the loss of income from working less hours, plaintiffs can again turn to lawsuit loans to stay afloat.

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.

Questions Plaintiffs Should Ask About Lawsuit Funding

Finding the right lender or type of lender for lawsuit funding is sort of like shopping—loan companies are all different in the products and services they have to offer. What you may not realize is that there are companies specifically for people who are going through a lawsuit. You don’t have to go to your bank for a loan if you are experiencing financial hardships during the course of a lawsuit or claim. There are a few basic questions plaintiffs should know the answer to before making any decisions.

When is the loan repayment expected?

This is an important question to ask, especially if you’re using a traditional loan. If a claimant takes out a traditional loan, then repayment might be expected before the trial reaches a settlement. There’s no way to know when you’ll be able to pay, but banks will expect payment on a certain date. This is a good question to ask before you take out any kind of loan, even if the answer looks like it should be obvious. An example is a paycheck advance: you know that you have to repay it when you get your next paycheck, but what about the fees? Will you be able to give up your next paycheck and then pay additional money for the fees? One of the great conveniences of lawsuit loans is that payment is expected after a settlement has been reached, which means that you know you’ll have the money when you need it during the course of a lawsuit or claim. Payment is expected whether or not you are awarded a settlement.

What exactly will the interest and other fees be?

Along with knowing when your payments are to be made, you should also know what your payments are. It seems obvious, but you would be surprised how many plaintiffs find themselves in hot water because they signed papers without being completely clear on what they will be paying. “Hidden fees” are a concern with consumers when it comes to cell phone carriers, gym memberships, and other services, and plaintiffs should be concerned when it comes to settlement funding as well. Make sure your payments are explained to you before you reach an agreement. Fees and the total loan amount are judged on a case by case basis, so it’s difficult to say what kind of fees you should expect, but the most important part is that you understand what you’re paying.

What can the money be used for?

The answer for most companies would be that you can use the money however you want, but, depending on the company, there could be restrictions, so it’s a good question to ask before you reach an agreement. The company may face legal restrictions that you’re not aware of. Make sure you’ll be able to use the money for medical expenses, household bills, and other necessary ways to sustain your standard of living. If you’re utilizing lawsuit funding, you should be able to use your money for all of those things.

What’s required from me after the papers are signed?

The answer to this question will typically be: not much. But you should ask this question because loan companies have a vested interest in your case, so you should be prepared for update requests. Most reasonable requests include periodical calls to your attorney to find out the status of your case.

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.

Privacy Standards Plaintiffs Should Look for in a Lawsuit Loan

Privacy is becoming a more important and a more visual issue with the rise of social media. The legal process is no stranger to privacy invasion, where plaintiffs often find that every facet of their lives could be put underneath a magnifying glass, but there is one aspect that could offer plaintiffs relief—legal funding. A reliable lawsuit company will have the ability to put plaintiffs at ease when it comes to their privacy.

You shouldn’t have to write your autobiography just to apply. Look for a simple application. The kind of information you can expect to release will include basic personal information such as addresses and phone numbers, including those of your attorney, along with some information concerning you case. This could include a brief summary of the events of the incident that incited the lawsuit and some basic information about the defendant. The financial portion of a lawsuit loan application should be the most different from traditional loans. Rather than having to write up your life’s financial history, you could have to mention any benefits you might be receiving, such as Social Security or Medicare, whether you’ve taken out other loans, and how much money you’ll be seeking. Plaintiffs often choose lawsuit loans because the process is tailored to their unique financial situation and the application process mostly just concerns itself with the details of the case, so if you are buried in complicated paperwork and find yourself scrambling to find out what your great-aunt’s maiden name was just to fill out a legal form, you should probably rethink the company that you’re using.

You shouldn’t have to worry about the loan company delving too far into your personal life. Depending on the lender, applying for personal loans sometimes requires personal or professional references, and then you could find yourself writing your friend or coworker’s autobiography alongside your own. For the trial, you might even find that your personal social media accounts have been utilized for the defense or that your colleagues have gotten calls asking about your character. Throughout the legal process, the invasion of privacy can feel suffocating. Choose a legal funding provider that isn’t concerned about every facet of your personal life so that you don’t have to worry about privacy invasion when it comes to your settlement loan

Your financial history shouldn’t be an overwhelming factor in the application process. Lawsuit loans function differently than personal loans. Settlement advances allow plaintiffs to utilize a portion of their settlement before the trial is finished and then repayment is expected once the plaintiff has received the settlement. As we’ve said before, one of the great aspects of lawsuit loans is that the process mostly just concerns itself with the details of your case. That’s how a plaintiff’s eligibility is evaluated. If a lawsuit loan provider is performing credit checks or is considering something like employment when deciding eligibility, then you should ask some questions and reevaluate your options.

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.

Financial Roadblocks That Lawsuit Loans Help Plaintiffs Avoid

A lot of things could go wrong during a lawsuit for the plaintiff, but one of the easiest to avoid is problems with their finances. Lawsuit loans can help plaintiffs avoid a number of financial roadblocks, including:

Foreclosure and Evictions. Many plaintiffs suffer from lost wages due to wrongful termination, injury, or other reasons pertaining to their lawsuit. But before a settlement is reached, these plaintiffs are still expected to pay everyday expenses like rent. If the plaintiff isn’t receiving a regular income, this can become a struggle. Things like insurance can sometimes help, but even that isn’t always enough, meaning some plaintiffs could experience foreclosure or eviction before receiving their settlement. This often forces plaintiffs to accept lower offers rather than taking the time to keep the legal battle going. Lawsuit loans can help plaintiffs make these payments and avoid drastic measures like eviction or foreclosure.

Losing collateral. With other forms of borrowing, plaintiffs must offer some sort of collateral, such as a house or a car, in order to get the loan. But if you get behind on payments, then you could end up losing your collateral. This would lead to even more financial strain, as many people depend on their car to make it to work, and the pain of losing a house doesn’t need to be explained. When you take out a lawsuit loan, the case is the collateral.

Mounting interest rates and inconvenient payment schedules. The problem with personal loans and credit cards is that you can’t be sure how long your lawsuit will last. The longer the lawsuit lasts, the longer you’ll have to wait to pay the loan, which means that the interest is just adding up. Even worse, banks or other lending institutions might require a payment before the lawsuit concludes and a settlement is received. Would you be able to make a payment without your settlement? With lawsuit loans, you’ll know beforehand exactly what fees you’ll be paying, and payment is required at the time of the settlement.

Credit and Employment Checks. Banks and other lending institutions will go through your financial history when considering your loan application. If you have bad credit and/or aren’t currently employed, it can get difficult to get banks to lend to you for manageable interest rates. Applicants for presettlement funding are judged base on the strength of their case, not their financial history. This means no embarrassing credit checks.

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.

Six Reasons Why Plaintiffs Choose Lawsuit Loans

Many plaintiffs find themselves struggling financially, and there are a few options out their to solve these problems. There are certain advantages to a lawsuit loan, which allows plaintiffs to use cash from their lawsuit before settlement, that you may not find with personal loans or other funding options.

1. You don’t have to worry about putting your car or house up as collateral. With traditional loans, banks require that you put up collateral in case you can’t make payments. However, with lawsuit loans, the collateral is the case. Many plaintiffs find themselves in a difficult situation because they when they can’t pay back a personal loan, possibly because banks may expect payment before the plaintiff reaches his or her settlement, they lose their collateral. If this collateral is a car, then they might have problems getting to work. If they can’t get to work, they’ll suffer financially, which is why they couldn’t pay back the loan in the first place. When the collateral is your case, you don’t have to worry about that kind of situation.

2. Unlike personal loans, the approval for lawsuit loans doesn’t depend on your financial history. The lawsuit loan company will not run a credit check or an employment verification. If the plaintiff’s case has to do with personal injury or is workplace related, then they might not even have employment in the first place.

3. Lawsuit loans can get you cash fast. When the bills are adding up—living expenses, medical bills, mortgages, car payments—you may not have the time or convenience to wait for the lawsuit to reach a settlement. The duration of a lawsuit is unpredictable, and some last years.

4. You don’t repay the loan until settlement. As stated earlier, banks may expect payment before the case settles. Would you have the means to repay a personal loan without the help of your settlement? Choosing a lawsuit loan instead means that plaintiffs don’t have to stress about repaying their loan until they can be sure they have the means to do so. Repaying at the time of the settlement is convenient and stress free.

5. The process is confidential. A good lawsuit loan company will promise privacy and confidentiality. While banks may delve into your life to determine approval, lawsuit loan companies only look at the details of your case. Even with the lawsuit, you may not have that same security. The defense may dig into your private life in order to fight against you.

6. You can apply for a lawsuit loan even before filing your suit. All you need is enough information for the lawsuit loan company to evaluate the case with. This is convenient for plaintiffs whose bills are mounting even before the lawsuit starts.

Lawsuit loans allow plaintiffs the time to fight for what their case is worth. Every plaintiff should weigh their financial options carefully and may find that a lawsuit loan is the best 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 Plaintiffs Deal With Stressful Defense Tactics

Lawsuits are hard enough on plaintiffs—they have to deal with the legal process and whatever painful incident spurned the lawsuit in the first place. However, what most plaintiffs don’t prepare themselves for are certain defense tactics that can put a strain on the plaintiff. Lawsuit loans can help deal with tactics and can make proving their case less stressful. So, what are some defense tactics to look out for?

They’ll try to dig up dirt. Depending on the scale of your lawsuit, the defense will most likely look into your personal in order to discredit you. They’ll try to talk to family, friends, and people who maybe aren’t so friendly towards you and don’t mind talking about it. Also, the rise of social media has played a big role in the legal process—all kinds of courtroom battles are bringing in evidence from social media sites such as Facebook and Twitter. The defense can use these sites to discredit you by using things you may have posted and insinuate things about your frame of mind around the time of the incident in question. You should never let this tactic intimidate you from going through with your lawsuit, but be prepared to have your personal life dissected. Lawsuit loans can help deal with this because having your personal life on display like this can be incredibly stressful—and then you have financial stresses to deal with as well. This level of stress can wear on a plaintiff and make them accept a lower offer just to get the ordeal over with. Getting funding from your settlement can help the plaintiff stay financially afloat and therefore more confident to face the defense.

They’ll try to drag the lawsuit out. Defendants are typically companies or individuals who have more money and patience to fight out a lawsuit than the plaintiff. No matter what type of lawsuit, court battles can be financially straining on plaintiffs. Personal injury plaintiffs may have medical bills or wrongful termination plaintiffs may have to deal with lost wages. The defense will take their time arguing things like negligence in the case of a personal injury lawsuit, issues of fault, or other facets that can take some time. Why? Because the longer the lawsuit drags out, the more financial strain the plaintiff faces. Lawsuits can last years. Would you be financially prepared to battle in court for this long? Defendants will count on this strain to force the plaintiff to either accept a low offer or even dismiss the lawsuit. How a lawsuit loan can help is that it allows plaintiffs to use the money from their settlement to help pay these bills. This way, a plaintiff can take the time they need to get a settlement they deserve.

Staying financially healthy is always a smart legal strategy. Every plaintiff should make sure to weigh their financial options before going into a lawsuit, and a lawsuit loan could be the best 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 a Lawsuit Loan Can Help Your Slip and Fall Lawsuit

One of the most common types of personal injury lawsuit is the “slip and fall.” This is when the plaintiff has suffered an injury from falling in a place of business or even a private property. The struggles ahead of slip and fall plaintiffs include proving negligence and dealing with medical bills and lost wages. Lawsuit loans can help plaintiffs accomplish these tasks.

In court, the biggest hurdle a plaintiff will face is proving that the fall happened because of the owner’s negligence. The owners of these properties, whether they are a public place like a restaurant or department store or a private home, may be considered negligent if a person suffers an injury because of an unsafe situation. The owners cannot be held responsible in every situation, though. In order to be considered negligent, the injury must have occurred under specific conditions.

One of these conditions is that the owner of the premises, or one of their employees, caused the unsafe environment. This means that they spilled liquid on the floor or directly created the unsafe environment in another way. Another situation is that even if the owner or employee didn’t cause the unsafe environment, they knew of its existence and did nothing to prevent the accident from happening. When determining this, the court expects the employee or owner to have done what a reasonable person would have done in the same situation.

This is where things can get tricky. Also, it is usually taken into account whether the plaintiff was careless in any way. The issues of reason and carelessness are often the most disputed aspects of slip and fall cases and it is often what causes lawsuits to drag on for a long period of time. One of the complications of a long lawsuit is that the plaintiff is often suffering from medical bills and may not be able to work in order to pay these bills along with their everyday expenses. Oftentimes, defendants will count on the plaintiff’s financial constraints and will present a low offer. Unfortunately, plaintiffs often feel that they have no choice but to accept.

This is where lawsuit loans can help. In not only the case of slip and fall lawsuits, but in any lawsuit in which the plaintiff experiences financial difficulties, lawsuit loans give plaintiffs an advance on their settlement. This means that they can pay medical bills, mortgages, groceries, car payments, and some other expenses. Even better is that it gives plaintiffs the financial freedom to fight out their lawsuit as long as they need to and obtain the settlement 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.

The Unexpected Effects of a Lawsuit and How a Lawsuit Loan Can Help

It would be wonderful if the stresses of the legal battle stayed in the courtroom, but, unfortunately, plaintiffs in lawsuits often find their entire lives are effected by their lawsuit. Anyone who thinks plaintiffs have nothing to lose have it very wrong—lawsuits take a toll on plaintiffs’ finances, even ones unrelated to the lawsuit, and are emotionally draining. Lawsuit loans, however, can make the process easier. A few unexpected effects of lawsuits on the plaintiff include:

You could lose your job. Lawsuits take time and effort. You will probably have to take off time from work and your work performance may suffer under the stress. How will your employer react to this? Sure, the perfect boss would be understanding, but they also have a company to run. You should check the employment laws in your state, but there aren’t usually the same protective measures in place to protect plaintiffs as there are for employees who miss work for jury duty. Especially with lawsuits that take years, many plaintiffs choose to reduce hours or resign with their future settlement in mind, and lawsuit loans allow them to get cash from their settlement in the meantime.

Your personal loan provider could expect repayment before the lawsuit concludes. At the start of your lawsuit, there is no way you can know how long it will take to reach a settlement and banks aren’t exactly known for their understanding nature. When you deal with a lawsuit loan company, you deal with a company that knows what a plaintiff goes through in the legal process. Lawsuit loans are repaid after the settlement, so you don’t have to worry about the pressure to repay the loan while the lawsuit is still going.

You could lose your home, car, or anything else that you either put up for collateral or can’t make payments on. If you use your house or car as collateral for a loan, what happens if you lose and can’t repay the loan, or, as previously mentioned, the loan company expects repayment before you can afford it? Not only will you lose the settlement but a valuable possession, too. With lawsuit loans, the collateral is the case.

You could accumulate crippling amounts of credit card debt. With the stress of a lawsuit going on, many plaintiffs use credit cards for an easy, short term fix that could hurt them in the long run. Unless credit card debt or a personal loan is paid off when your creditor expects it, your credit will suffer, which is difficult to shake from your financial history and can affect loan applications in the future.

Getting through this legal process is demanding, but lawsuit loans can help plaintiffs power through.

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.

Signs of a Reliable Lawsuit Loan Company

There are lots of lawsuit loan companies to choose from, but there are certain signs of a reliable company to look out for. Being involved in a lawsuit or claim can be very stressful and a reputable lawsuit loan company can help ease some of your financial troubles. Here are some some signs you can look for when applying for a loan.

An easy application. A simple application means you are dealing with a company that understands how difficult the legal process is. Sure, some good companies will have complex applications, but what does that say about their customer relations? If the application is easy, it shows that the company understands that plaintiffs are already loaded with tons of paperwork and other hoops to jump through, which is a sign of a lot of experience in the business and good customer service. An experienced business will only make the application as difficult as it needs to be. You can apply for your loan using our online form found directly on our website.

Fast approval and funding. If you’re applying for a lawsuit loan, that means you probably have pressing financial matters that need to be taken care of soon, like medical bills, mortgages, and other expenses that just can’t wait. Personal loans can take time, and one advantage of lawsuit loans is that they are a faster process for getting cash. If a lawsuit loan company takes more than 48 hours to send you your funding, then this is a red flag. SMP Advance Funding sends plaintiffs their funding between 24-48 hours after approval.

A company that bases its approval decision on your case. This is an industry standard for lawsuit loans. While personal loans may look at employment and other financial history, lawsuit loan companies look solely at your lawsuit for approval. If a company is basing the loan on other factors such as employment history or credit, this is another red flag.

A company whose fees vary case by case. You might be thinking that a company that offers a low fixed rate sounds better, but the decision to vary fees is actually a mark of smart business. When ever case is different, as well as every settlement, does it sound logical to charge the same fee for every case? No, and you wouldn’t want to do business with a company that does otherwise.

A company that thoroughly explains your payment and then your repayment, too. Sadly, many companies try to take advantage of stressed plaintiffs through their fine print. You need a company that doesn’t skim over what they require of you before you sign. Plaintiffs have already experienced some sort of negligence, so the last thing they need is a company that is supposed to be on their side taking advantage of them. Make sure you know what exactly your fees are and when you’ll be expected to pay them.

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.