Never pay back your lawsuit loan if you lose your case
Lawsuit Loans from Uplift Legal Funding
Pros and Cons of Lawsuit Loans
Benefits of Case Funding
While there are some clear drawbacks to taking out a lawsuit loan, the benefits can easily outweigh the costs if you need the money. Uplift is a reputable company that strives to be on the plaintiff’s side. Working with us helps mitigate a lot of the usual costs and difficulties associated with lawsuit funding.
Help cover living or other expenses
Case advances have no spending restrictions; you can use them for medical or living expenses.
If you have been injured, are out of work, and really need the money, a lawsuit loan can be a life saver.
Whether you need the money to cover rent, a mortgage, tuition or anything else, having the extra cash in a time of need can be a breath of fresh air.
Help you fight against early settlement pressure
Insurance companies know your injury has changed your financial plan. Often, they try to take advantage of this by settling early and for a small amount.
Personal injury case loans can help you get a better settlement if you would otherwise have needed to settle early to cover living expenses.
An advance on your settlement can give you bargaining power against the defendant insurance company because your attorney will be able to spend more time seeking the full value of your case.
Peace of mind
Personal injuries are stressful. Lawsuits are stressful. Lawsuit loans can help relieve the financial burden your injury has placed on you by enabling you to get back to life as-usual. Sometimes, this alone can be worth more than gold. Being freed from financial woes can help you focus on what’s important – your recovery.
Non-recourse / risk free
There is no repayment unless you win your case. If you lose the case, you will not repay a cent of the money advanced to you by a lawsuit funding company. If you win your case, your attorney will pay us back from your settlement proceeds.
No credit or employment checks and a fast, easy process
Because advances on your lawsuit are not actually considered loans, funding companies typically do not check credit nor employment history. Because there is no personal liability for the money borrowed, the only thing that matters for their investment is the quality of your case.
If your attorney can quickly furnish the requested information to a funding company, you should be able to get approved fast. If your attorney has sent across the required information, and a company is taking too long, look somewhere else.
Settlement Advance Drawbacks
There are many drawbacks to lawsuit loans. Because lawsuit loans are non-recourse (only pay if you win your case), their regulation is different from normal loans. This means that lenders charge much more interest, and often become predatory.
Good things to look out for when taking out a lawsuit advance are upfront fees, compound interest, and a trusted name in the lawsuit funding industry.
Funding can be Expensive
A lot of funders charge whatever rate they want. There is little oversight of their rates and fees because pre settlement funding is not a loan.
What to look out for
- Large upfront fees
- Compound interest
- Unclear contracts
- Rude employees
Loans can bite into your settlement
Lawsuit loans are always costly, no matter which company you get them from. If you take too much money out, you will regret it later.
Remember to only take what you need, not the maximum you qualify for.
Compound interest, especially monthly can quickly balloon your lawsuit loan. Remember that 3% monthly interest is really 43% in the first year and gets to 100% by year two!
Ask if the settlement funding company is charging simple or compound interest. Ask them to give you numbers in dollars, not obscure percentages. If there isn’t a clear payoff table on the contract, don’t sign it!
Upfront fees usually incur interest. Don’t let lawsuit cash advance companies charge you large upfront fees. Ask to see a payoff table and a calculation of total purchase price
Not all cases qualify
Some cases are easy for settlement loan companies to review. Some are very difficult. The more complicated your case is, the less likely you will qualify for funding.
Some lawsuit loan companies only offer car accident lawsuit loans. Ask the funder how often they work on your type of case to save you time.
Tough to find good, honest lawsuit loan companies
It really is tough to find an honest lawsuit loan company. At Uplift Legal Funding, we strive to be the “good guys” of the pre settlement lawsuit loan industry.
The Uplift Guarantee
Uplift uses state-of-the-art software to quickly process your claims. Our data-driven approach to case evaluation allows us to get the some of the best rates for clients.
We’re helpful and courteous with clients. No rude employees here.
We urge plaintiffs to take a less-is-more strategy when it comes to lawsuit funding. Take only what money you need at low rates, with no upfront fees.
But it doesn’t stop there. If you’ve spoken to other funders in the industry, you understand that they can be very unfriendly and even rude to clients.
We’re a little different.
At Uplift Legal Funding you will get the the help you need with the service you deserve.
Give us a call at (800) 385-3660 or apply online to discuss your case and the injury advance options available.