Have You Been Wondering Whether a Lawsuit Loan is Right For You? If So, Where Do You Begin? Part 1

Have you found yourself in the throes of a lawsuit and wondering if you're going to be able to survive financially? This is, unfortunately, a very common occurrence. It is a frightening thing to have been injured due to someone else's negligence and, through no fault of your own, you now find yourself unable to pursue a lawsuit against that individual due to limited finances. Although little-known, a lawsuit loan is often readily available for individuals who have sustained such injuries.

This article has been written to help individuals in precarious financial positions, contemplating whether they can afford to pursue litigation as a result of injuries sustained. Hopefully, this article will greatly assist such individuals in navigating the lawsuit-loan process. Applicants are often relieved to learn that, once the documentation is received, notification of either approval or denial is often received within 24 to 72 hours.

The first step that you need to take once you've applied for a lawsuit loan is to contact your attorney. Notify your attorney of your desire to obtain financial-assistance to proceed with your litigation.

Applicants should be aware of the fact that litigation-funding experts will be required to contact your attorney to obtain documentation regarding your pending-lawsuit. If you have already notified your attorney of your desire to obtain such funding and of the need for the funding-expert to contact your attorney to discuss this process, this will greatly expedite receipt of required-documentation. This will also give you an opportunity to complete requisite documentation for the attorney prior to release of the requested information.

Step two in the process is to identify reputable litigation-funding experts. The simplest way to do this is to rely on major search engines.

There is no close-second-place winner to Google. Google is certainly the most respected of the search engines. Therefore, when beginning your research, it is preferable for you to start there. You may begin your search simply by entering relevant search terms such as "settlement loan," "settlement loans," "lawsuit loan," etc.

Once you've performed a search of the relevant terms, identify a few of the websites that you would like to contact and spend a little bit of time reviewing the information contained on each of those sites.

Please note that you significantly decrease the likelihood of obtaining the lawsuit loan you seek when you submit multiple-applications. Although it may seem like a good idea at the time, there is a relatively limited number of funding-entities to which applications are submitted. The submission of multiple applications is a red-flag to the lenders due to the fact that time and effort expended in researching the merits of the lawsuit will be a waste of time due to the fact that other lending-institutions are also looking at this application.

Step three is to assess the lawsuit loan expert's reputation. Much information will be gained upon a careful review of the response received once an application is submitted. A timely-response from the litigation-funding entity suggests both experience in the process and an attention-to-detail that is required to obtain the funding you seek as quickly as possible. A delayed-response to the submission of your application suggests that the applicant is working with inexperienced individuals who are unlikely to be able to obtain the funding they seek.

The fourth step that the applicant must take is to thoroughly discuss inherent-risks of the case with both the attorney and the litigation-funding expert. Although most applicants are curious to know what the interest rates are that will be charged for the lawsuit loan obtained, there are no interest rates with such funding. The fees that are charged are contingent on the inherent-risk in any particular lawsuit. The greater the risk, the higher the fee!