Have you filed a personal injury lawsuit and due to the loss suffered you are in need of cash, then you should consider getting on board to acquire a pre-settlement loan? Lawsuit funding companies advertise pre-settlement loans on various commercial, Tv, radio and on the internet so as a personal injury plaintiff you might receive numerous lending offers.
It might be daunting to find a reputable pre-settlement funding company with very good terms. There is need to be keen to land into a pre-settlement scheme that is quite expensive of which you may not well understand the costs. For consultation purposes, your attorney will be resourceful whereby he can give opinions on a list of pre-settlement lenders to approach and the ones to avoid. Additionally, he will help you negotiate the best terms possible.
Have you heard of Mayfield Settlement Funding? one of the best companies to give you a pre-settlement loan to you at the right time with no hidden costs at all. Unlike most lenders, Mayfield publishes a list of its terms on pre-settlement loans, the best practices which members need to abide by, guidelines of how instantly apply for lawsuit funding, the nature and types of lawsuits they cover in their funding and so much more.
Important things to check out in Pre-Settlement Loans
You ought to get several recommendations from your attorney in regard to what a funding company does when it comes to advancing to pre-settlement loans. Here are some of the essential things to feature on your checklist: –
- How are the Interest Rates?
Normally, pre-settlement loans are characterized by favorable interest rates of 2% – 4% per month which some funding companies refer to as funding fees. Ask the settlement funding company to give you information in relation to the rates. Although funding first would evaluate your lawsuit then give you a quote.
- How much are the application fees?
This might be different depending on the funding company since some may charge you just to consider an evaluation on your case. On the other hand, some companies offer a free application for the pre-settlement loans.
Check if the Interest is Compounded
Funding companies do compound the interest rate on a monthly basis while others compound on short time intervals time or weeks. When the interests on pre-settlement loans are compounded more often, you are deemed to pay more when the case is concluded and get the award. It is wise to take your humble time and choose a pre-settlement company whose mode of compounding is in your favor and also the attorney advice.
Always Make a Confirmation of What You Are to Pay After Settlement
It is usually on the earlier agreed terms of the pre-settlement loans in most cases but confirming that you only pay the funding company up to the settlement amount awarded to you is important. It is a way of enhancing transparency, being content, with no panic as your lawsuit hearing goes on.
Here Is a Great Tip
Mayfield Settlement Funding company provides the plaintiff with all the correct information they ask for or need to make some decisions. In addition, they are fast to answer all the questions that come up either from you or the attorney during the application process. Once satisfied you can go ahead and sign the given paperwork as well as make commitments with the funding company where it’s their turn to give the most awaited for pre-settlement funds. These funds are guaranteed to make lawsuit expenditures and personal bills manageable as you wait for the award day.
How to Qualify for a Pre-Settlement Loan
So as to qualify for a pre-settlement loan, you need your attorney to help fill out an application that well describes the case pending hearing in a court of law. In most cases, companies offer pre-settlement cash for persons involved in injury lawsuits so it is key to establish that this person got injured due to the actions of another person who might be the defendants in that case.