Q. "What is the interest on a lawsuit loan?"
A. There is no interest on this funding. If it were a loan, you would have to repay the loan, irrespective of your outcome. These are non-recourse advances. A non-recourse advance means that if you lose your case, the lender loses money. Therefore, the lenders to which applications are submitted are not funding loans. Thus, the lenders charge no interest. Lenders charge a risk-fee in such cases. Risk-fees are contingent on the circumstances in each case. The contract will state exactly what will be owed prior to you being required to sign anything once your case is approved for settlement funding.
Q. "What is the length of time required to obtain a lawsuit loan?"
A. It depends on your attorney. The broker will send a request for documents to your attorney, and must speak with your attorney as soon as possible. If the required information is obtained and the broker is able to talk to your attorney within one day, you may receive your settlement loan that same day. Therefore, you should notify your attorney that you're pursuing a loan settlement and that your attorney should supply all requested information to your broker as quickly as possible.
Q. "Do I have to pay for any thing up front?"
A. There are no up-front costs.
Q. "What must I do to obtain the requested lawsuit loan?"
A. It is possible to have the lender FedEx a check to you overnight, or, if you wish, the lender can wire the money directly into your checking account. The latter will be for a pre-determined fee.
Q. "What must I do to keep from providing either my date of birth or Social Security number prior to obtaining a lawsuit loan?"
A. You won't be required to initially. However, if you are approved, you will need to provide that information prior to obtaining the lawsuit loan.
Because time is of the essence, a competent broker will follow up immediately with you via a phone call to ensure that the law firm with which you want the broker to establish communication has received the Request for Documentation.
It is rare that attorneys themselves either prepare or submit the paperwork in response to a lawsuit loan request. Rather, it is customary for either a paralegal or secretary to both prepare and submit the paperwork to you.
Brokers must find out very quickly with whom they need to establish contact in order to obtain the requisite documentation. Rest-assured, a diligent broker, if the paperwork is not received within 1-2 days, will follow up with the law firm and request documents once again.
If your attorney fails to cooperate with your broker, the broker will ask that you assist in obtaining the requisite documentation. It should be borne in mind that the attorney works for you. The clock is ticking! You want to obtain your settlement loan today, not next month!
Even in the worst case scenario, a good broker will never suggest that you retain a new attorney. However, keep in mind that without your attorney's cooperation, you will be unable to obtain your lawsuit loan. It will take a collaborative effort, involving both your and your attorney to obtain your settlement loan!
If your attorney will not release medical records without a signed Release of Medical Records form, your broker will obtain the requisite form, submit it to you, and request that you sign it and return it to him/her as quickly as possible.
Under ideal circumstances, your attorney will submit the documents following the initial contact. Upon receipt of the documents, the broker must review the documents to determine which broker may be most appropriate for your lawsuit loan request. A competent broker will select a funding-source most applicable to obtain your pre-settlement loan once that information is obtained. - 29904
A. There is no interest on this funding. If it were a loan, you would have to repay the loan, irrespective of your outcome. These are non-recourse advances. A non-recourse advance means that if you lose your case, the lender loses money. Therefore, the lenders to which applications are submitted are not funding loans. Thus, the lenders charge no interest. Lenders charge a risk-fee in such cases. Risk-fees are contingent on the circumstances in each case. The contract will state exactly what will be owed prior to you being required to sign anything once your case is approved for settlement funding.
Q. "What is the length of time required to obtain a lawsuit loan?"
A. It depends on your attorney. The broker will send a request for documents to your attorney, and must speak with your attorney as soon as possible. If the required information is obtained and the broker is able to talk to your attorney within one day, you may receive your settlement loan that same day. Therefore, you should notify your attorney that you're pursuing a loan settlement and that your attorney should supply all requested information to your broker as quickly as possible.
Q. "Do I have to pay for any thing up front?"
A. There are no up-front costs.
Q. "What must I do to obtain the requested lawsuit loan?"
A. It is possible to have the lender FedEx a check to you overnight, or, if you wish, the lender can wire the money directly into your checking account. The latter will be for a pre-determined fee.
Q. "What must I do to keep from providing either my date of birth or Social Security number prior to obtaining a lawsuit loan?"
A. You won't be required to initially. However, if you are approved, you will need to provide that information prior to obtaining the lawsuit loan.
Because time is of the essence, a competent broker will follow up immediately with you via a phone call to ensure that the law firm with which you want the broker to establish communication has received the Request for Documentation.
It is rare that attorneys themselves either prepare or submit the paperwork in response to a lawsuit loan request. Rather, it is customary for either a paralegal or secretary to both prepare and submit the paperwork to you.
Brokers must find out very quickly with whom they need to establish contact in order to obtain the requisite documentation. Rest-assured, a diligent broker, if the paperwork is not received within 1-2 days, will follow up with the law firm and request documents once again.
If your attorney fails to cooperate with your broker, the broker will ask that you assist in obtaining the requisite documentation. It should be borne in mind that the attorney works for you. The clock is ticking! You want to obtain your settlement loan today, not next month!
Even in the worst case scenario, a good broker will never suggest that you retain a new attorney. However, keep in mind that without your attorney's cooperation, you will be unable to obtain your lawsuit loan. It will take a collaborative effort, involving both your and your attorney to obtain your settlement loan!
If your attorney will not release medical records without a signed Release of Medical Records form, your broker will obtain the requisite form, submit it to you, and request that you sign it and return it to him/her as quickly as possible.
Under ideal circumstances, your attorney will submit the documents following the initial contact. Upon receipt of the documents, the broker must review the documents to determine which broker may be most appropriate for your lawsuit loan request. A competent broker will select a funding-source most applicable to obtain your pre-settlement loan once that information is obtained. - 29904
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