This guide will cover how to choose a lawsuit funding company that is right for you. The lawsuit loan industry is still mostly pre-regulation, meaning there are not a lot of rules that lawsuit loan companies must follow. This means that they can charge very high rates and get away with it. Knowing how to choose the right lawsuit loan company can make all the difference.
How to Start the Lawsuit Cash Advance Process
By reading this article, you’re on the right track! Go online and read what you can about the process, things to look out for, pros and cons of lawsuit loans. Read articles written by non-lawsuit funding companies.
Ask your paralegal or attorney about other options. If there are no other options, ask them about responsible, reasonable lawsuit funding companies. Apply to the ones they recommend, but apply online to others as well.
Apply to for Several Lawsuit Loans and Ask Questions
Once you’ve finished reading this article, go online and apply for several lawsuit loan companies. Ask them questions about interest rate (simple or compounded interest) and fees. Don’t settle for a range, get an actual number and then write it down Ask them if they are a broker or funder.
If the employees are rude, hang up! Don’t ever let anyone pressure you. Rude employees just means that the company doesn’t care about you.
I’ve Applied to at Least 3 Lawsuit Loan Companies, What’s Next?
Now that are only left with a few companies based on rates and culture, urge your attorney to get each one the information they need. Tell your attorney that you are shopping around a little, and ask if they have any additional recommendations.
Wait for each company to get back to you with approval and a contract. If you get approval for all three, decide which you like best and then have your lawyer review and explain which he or she likes best.
This is one of the only contracts you sign where an attorney reviews it for you for free! Take advantage of this!
Choosing the Right Case Cash Advance Contract
You should look to make sure that the contract rate is the same they told you at the outset. Immediately alert the funding company if it is different, and don’t settle for no.
Make sure the contract is clear. If you don’t immediately understand what you will have to pay back when your case settles a year down the road, that’s a bad sign!
Choose contracts that are clear. If something is unclear ask your lawyer to explain it to you. Don’t sign anything until you know exactly what you will be paying back based on when your case settles.
Look for hidden fees. Fees can quickly increase the amount you will have to pay back. Make sure any added fees are clear, and make sure they are all on the first page by looking through the entire contract.
Start Early and Don’t Settle for a Loan Shark Lawsuit Loan Contract
Make sure you start early. Don’t wait until rent or mortgage is overdue. Give yourself time to have choices.
The last thing you want is pressure to sign a contract that will leave you with basically nothing after your case settles. It happens daily. Make your own choice with the help of your lawyer.
If you get a contract, and its pretty close to what you want then bargain! Often, this is not a final contract. You can ask for a lower rate or lower fees. You have the power.
If you only get predatory lawsuit loan contracts, apply elsewhere!
Uplift Legal Funding
Uplift Legal Funding’s case managers are happy to answer any questions you have about lawsuit funding or finding the right company. We like helping clients find a good lawsuit funding match. Give us a call today at (800) 385-3660.