It is quite common for individuals to come to us asking how much it will cost to obtain either a lawsuit loan or lawsuit funding. This question arises due to a misunderstanding as to the manner in which obtaining a pre-settlement loan may be perceived. In this article, we will discuss ways in which obtaining settlement loans will become a cost that is shifted to the defendant, in its entirety!
It is certainly understandable that many of the clients who come to us are concerned about the rumors they’ve heard about the high-cost of obtaining settlement loans. Due to the rapid-growth and ignorance regarding this industry, rumors and myths abound, suggesting that such funding could actually be the wrong course of action for a plaintiff to pursue. The situation is made more problematic by the fact that many plaintiffs’ attorneys are unaware of the fact that such financial assistance exists. Were these attorneys aware of such financial assistance, they would likely recommend it to their clients to enable their clients to continue to pursue litigation when, but for the financial-assistance, their clients would be forced to abandon their claims prematurely.
In addition to the ignorance surrounding the industry, the Insurance industry is certainly not eager to make plaintiffs aware that such financial assistance is readily available. The insurance carrier will do everything in its power to prevent the plaintiff from being able to obtain sufficient financial assistance to enable them to continue to pursue litigation until such time that the plaintiff is able to obtain a fair settlement. The insurance carrier’s primary goal is to simply make the plaintiff go away as quickly and as cheaply as possible. (Certainly, from the insurance carrier’s perspective, it is preferable that the plaintiff walk away with nothing.)
It is extremely unfortunate that many plaintiffs who suffer at the hands of either careless or reckless individuals simply lack the ability to continue to pursue litigation due to financial-constraints. These individuals have little knowledge as to where they may be able to turn to obtain assistance. If the Personal Injury attorney is running a “mill,” the plaintiff is unlikely to achieve the attention required to obtain the settlement they deserve. Retaining a competent Personal Injury attorney is vital in such cases!
Now, the real question is, “How am I able to obtain either a lawsuit loan or lawsuit funding at no cost?” Certainly, plaintiffs will be unable to do so if the purpose of obtaining settlement loans is to go on a vacation, go on a spending-spree, etc. However, if the need for such financial assistance arises out of necessity (e.g., you’re now unable to pay your utility bills, you’re now unable to pay your mortgage, you are now unable to pay a loan on your car, etc.), these may justifiably be considered damages. Remember, such damages may be pled in a Court of Law. If such damages are awarded, those are now-costs for which the Defendant becomes directly-liable. Therefore, in such instances, the pre-settlement loan would be a cost borne by the Defendant, not the Plaintiff.
In just a few paragraphs, I’m certain that all of the concerns regarding this issue have not been addressed. However, the plaintiff must ask, “Does obtaining either a lawsuit loan or lawsuit funding cost or pay?” Only the plaintiff will be able to answer the question.
Looking for more information about lawsuit funding? Please allow us to provide more information regarding lawsuit settlement loans. Please stop by today, and you may either apply online for a lawsuit settlement loan or review our lawsuit funding frequently asked questions archive.
