Whenever you sustain any personal injuries, the first person you are likely to contact is your attorney. Personal injury attorneys play an integral role whenever you have a personal injury. When injured, not only will you have to deal with the mounting hospital bills, but you will also have to find ways of attending to your daily needs.
In a bid to combat the injuries, pain, and financial implications that you have suffered after sustaining an injury, the best thing you can do is to file for a lawsuit. This is where your injury attorney will come in handy; there’s so much that your lawyer can do for you.
It’s important to note that lawsuits take a lot of time. You shouldn’t be surprised if your lawsuit takes years to complete. During this time, you will have to pay for your medical and household bills out of pocket. Since your finances will be dwindling fast, the next best option is to go for a pre-settlement loan. But, can your lawyer help you through how to get a pre-settlement loan?
Role of an Attorney in Your Pre Settlement Loan
As mentioned above, there’s so much that a personal injury lawyer can help you in a lawsuit. And, when it comes to securing a pre-settlement loan, they are essential in that process. But, why?
When you go for a pre-settlement funding loan, it is not based on your credit like other loans. Rather, it is based on the predicted outcome of your case and the overall worth of your case. Your lawyer needs to be involved in the pre-settlement funding process, as they help in “signing” for the loan and essentially become executor of the funds. The loan essentially processes through them and they distribute the money as needed, holding some reserve for their fees, interest, and medical liens, etc. They then return the rest to you to cover your other out of pocket expenses you can’t afford while injured.
About Monthly Compound Interest Loans
Although the pre-settlement loan industry is quite new, it is growing quickly. Due to this, you will find different lenders offering different types of interest rates. While some are reasonable, some of these rates can be devastating to you.
Since your injury lawyer is well acquainted with the best interest rates, he should advise you to steer clear of lenders that charge monthly compound interest because such interest rates will devour your compensation package once the case is over.
About Pre-Settlement Loan Brokers
Just like the banking industry, the pre-settlement loan industry is filled with numerous brokers. While brokers will give you your desired amount of money, the broker’s fee coupled with the interest rates you will be given can deal a financial blow into your compensation package. Your attorney will be instrumental in identifying such brokers and warn you against them.
Assist in Understanding the Lawsuit Loan Contract
Just like any other agreement, a lawsuit contract is a legally binding agreement between you and the lender. Likewise, these contracts can be drawn in jargons that can be difficult for you to understand. However, with the help of your attorney, you will be able to understand what each clause of the contract means. Your attorney will go further to ensure that all the details of the loan are spelled out in the agreement.
Help You Find a Reputable Lender
Since the lawsuit loan industry is very volatile, different lenders come and go. To be sure that you will get the best terms possible, you should always go for a reputable lender that has been in business for more than ten years. Your lawyer will play an integral role in helping you identify such a lender with ease.
Get the Financial Help You Need
After filing a lawsuit, a pre-settlement loan can help you in dealing with all your financial issues. While a lawyer cannot deny you from getting a pre-settlement loan, he can only be instrumental in giving sound advice. It’s for this reason that you should always rely on your attorney’s advice when looking for a lawsuit loan.
