Before we get into the benefits of litigation funding, let’s first understand litigation loans, pre settlement funding, and their working. If in case your income gets stopped due to an unexpected incident like termination of job or an accident, you definitely need funds to get out of the financial pressures. But what if your claim doesn’t approve on time? Of course, it will further depress you and there will be no peace of mind. At that time, you can benefit from litigation settlement loans that can help you fulfill your financial obligations.
Ongoing litigation can put you in financial pressures, but nothing to worry as you can get help from litigationfunding in Calgary. The best thing about litigation funding is that you can get immediate cash advance upon approval of your settlement loan. Not just the settlement loan is quick, it is also affordable.
A litigation funding is considered an advance loan that is provided against your settlement. The lending company will contact your lawyer for obtaining information regarding your current claim and then make a viable lending decision. Once the loan is approved, the amount is advanced into the bank account either as a line of credit or lump sum. Unlike other bank loans in which you have to pay back the loan in monthly installments, there are no such obligations in litigation settlement loans. You have to pay back the loan when your claim is decided by the lawyer.
Let’s discuss the benefits of litigation funding in detail.
- Instant cash advance
Unlike common bank loans, there are no up-front payments, like collateral requirements or a deposit in settlement loans. Once the loan is approved, funds are directly deposited into the applicant’s bank account.
- Use of funds is not restricted
The receiver of loan can use approved funds for any expenditures of their choice. The expenditures can be of any nature and may include medical bills, rental/mortgage payments, groceries, or automotive financing payments. There are no restrictions on the use of funds, however, it is strongly recommended to use funds for necessary expenditures.
In most of the litigation funding cases, a plaintiff may feel forced to agree for the initial settlement offer that may not sufficiently reimburse for the damage sustained. But with a personal damage loan, more time can be leveraged by a plaintiff for structuring negotiations without oppressing about their present financial condition.
The following types of litigation funding are covered by most of the lending companies.
- Personal injuries
- Motor vehicle accidents
- Dog bite
- Slip and fall
- Wrongful dismissal
- Estate and inheritance
- Sexual abuse
- And more
How to obtain a litigation settlement loan?
Settlement of a lawsuit case can take much time and may result in financial pressures. But nothing to worry as you can get a litigation settlement loan instantly. You don’t need to wait for days or months as you can obtain a litigation cash advance now. Make sure to contact a renowned settlement loan company so that you can get litigation funding quickly to manage your pending expenditures.