Pending Lawsuit Loans: 8 Facts & Tips Plaintiffs Should Know

An Overview of Loans on Pending Lawsuits

Loans on pending lawsuits are becoming increasingly popular. Unfortunately, some companies will waste your time for weeks with the review process. Often, legal funding companies will provide little insight as to why you still have a pending lawsuit loan request and no cash in your pocket.

While lawsuit loans can benefit you greatly, it is important to choose the right funding company so you’re not left wondering what’s going on. Before you start applying anywhere, it is best to research the process so you know what will work best for you. Continue reading to learn how to get the most cash as quickly as possible and at the lowest interest rates.

Tips for Plaintiffs

Loans on your pending lawsuit (otherwise known as lawsuit loans) require extensive research, especially for beginners. The following is a list of tips to help you, the plaintiff, get the best possible deal.

1. Ask upfront what the interest rate is. Many companies who charge high interest rates can be a little squeamish when asked this directly. To avoid wasting time and getting tricked into applying, ask the representative the first question: “What do you charge?” Any hesitation or lack of clarity should be a red flag.
2. Make sure you’re not being overcharged for brokerage services. Lawsuit loan brokers can add an additional 5-20% cost to your transaction and can be slower when dealing with your case.
3. Be sure to talk to your attorney before applying. That way, your law firm will have time to prepare any documents necessary to show your funding company. The better prepared your attorney is, the faster the process will be so you can get the advance.
4. A good place to start would be to ask your attorney if they know of any reputable pending lawsuit loan companies. If they already have a working relationship with one, that saves a lot of hassle. However, be sure to check the company out yourself. At the end of the day, you should decide which company works best for you.
5. Ask the legal funding company how long they expect the process to take. If they cannot give you a good answer, you will likely end up stuck with pending lawsuit loan requests at a few different companies. This could leave you waiting a long time for funding when you need it most.
6. Prepare the case documents to keep the process moving quickly. Before applying, get this information from your attorney:
   1. Filed complaint
   2. Key medical reports
   3. Demand letter
   4. Liability documents (police report, incident report, witness statements, etc.)
7. You can ask your attorney for the approximate value of your case before applying. This will help give you an idea of the probable amount of your loan. Keep in mind that loans are typically 10-20% of your case’s total value. It’s also important to know how long your pending lawsuit will take. This will help you better understand how much legal funding you need for your lawsuit.
8. Once you qualify for a lawsuit loan, it is probably best to only take the minimum amount you need. Since loans on pending lawsuits can be expensive, we recommend you only use this money for living expenses and other necessities. Don’t let any funding company tell you they will cancel your pending lawsuit loan contract if you do not accept or sign within a certain amount of time. This is a standard high-pressure tactic that dishonest companies use to make you take a bad contract. Instead, send the contract to Uplift and we’ll get you approved for a lower rate, with no nonsense.

Uplift Legal Funding

Uplift Legal Funding is here to offer financial support to personal injury plaintiffs so they can go up against the defendant. This levels the financial playing field between the plaintiff and the defendant. Uplift Legal Funding essentially claims a portion of the plaintiff’s lawsuit winnings, and we only collect if the plaintiff actually wins the case.

We provide reliable customer service and are readily available to guide you through our three-step application process. With us, plaintiffs will experience complete transparency and fast cash transfers. It’s time to take control of your legal journey. Any questions? Call us anytime at (800) 385-3660.