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Click on the questions to view the answers.
How do I know if I will qualify for a lawsuit loan?
You will not know until you have applied. However, there is no cost to apply, the process is completely confidential, and there is no risk. If you apply and receive a lawsuit loan, you have cash to cover your living expenses while you wait for your lawsuit to settle. If you do not qualify, you are just out the few minutes it took you to complete the application.
Who will know that I applied for a lawsuit loan?
Other than our client services representative who processed your application, and the underwriter who reviewed it, the only other people who will know are your attorney and anyone at the law firm who found the documentation we requested and sent copies of it to us.
What effect will a lawsuit loan have on my credit rating or credit score?
No effect at all. We do not run a credit report on applicants for lawsuit loans, and we do not report lawsuit loans to the credit agencies because they are really not loans, and only traditional loans and other types of credit are reported to the credit agencies. In fact, if you’ve fallen behind on your bills, and you use the proceeds of your lawsuit loan to get current with your creditors, a lawsuit loan can help you restore damaged credit and actually improve your credit score!
If there are no monthly payments, how does a lawsuit loan get re-paid?
When you finally win your lawsuit at a trial, or you and the defendant reach an out-of-court settlement, the proceeds of your settlement will go into a trust account administered by your attorney. Your attorney will pay himself from the trust fund, then he will pay off any lien holders, and that includes us. Once the attorney and all lien holders are paid, the balance of the settlement is remitted to you.
What are the restrictions on how I can spend the money from lawsuit loan?
There are no restrictions, but the money should be spent judiciously. It should be used to pay critical living expenses such as the rent or mortgage, car payment, utility bills, and so on. If you have money left over after paying your past-due bills, put the remaining money in the bank so you have it to pay the next month’s bills.
What do I do when the lawsuit loan money is gone and I still have bills to pay?
You can apply for an additional lawsuit loan by repeating the process. However, securing a second lawsuit loan will not take as long as securing the first one because we already have paperwork on your case. We just need an update from your attorney.
Have additional questions? Submit your question, and we will respond immediately!
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