Q. “What is the interest on a lawsuit loan?”
A. The lenders to which brokers submit applications don’t charge interest because they’re not providing loan. If it were a loan, you would have to pay the loan back, no matter what. These are non-recourse advances. Therefore, if you lose your case, the lender loses money. Because of that, lenders charge a risk-three. A risk-fee is determined on a case-by-case basis. If you’re approved, the contract will state exactly what will be owed before you sign anything.
Q. “How long does it take to obtain a lawsuit loan?”
A. The extent to which your attorney cooperates will play a big role with respect to this issue. Your broker will contact your attorney, requesting documents. It will be necessary for your broker to speak with either your attorney or a legal representative as quickly as possible. If this transpires within one day and the required information is obtained simultaneously, you may obtain your settlement loan that same day. You are encouraged to notify your attorney that you’re seeking a loan settlement and that he/she should forward all requested information to your broker as quickly as possible.
Q. “Are there any up-front costs to obtain a lawsuit loan?”
A. No, there are no up-front costs to obtain a settlement loan.
Q. “What must I do to obtain the requested lawsuit loan?”
A. The lender can FedEx a check to you overnight, or the lender can wire the money directly into your checking account for a pre-determined fee.
Q. “Must I provide either my birth-date or Social Security number prior to obtaining a pre-settlement loan?”
A. It will not be necessary to provide this information prior to issuing the lawsuit loan. However, prior to release of the lawsuit loan, viz., once you are approved, you must provide that information.
As you are aware, time is of the essence! Therefore, a good broker will follow up immediately with you via a phone call to ensure that the law firm with which you want the broker to communicate has received the document-request.
In most cases, the attorneys themselves neither prepare nor submit the paperwork in response to lawsuit loan requests. It is customarily a paralegal or secretary who will 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 is being uncooperative, the broker will ask that you assist in obtaining the requisite documentation. Remember the attorney works for you and the clock is ticking for you to obtain your settlement loan!
If you have a particularly uncooperative attorney, a good broker will never suggest that you retain a new attorney. However, it is important that your attorney cooperate if you are to obtain the lawsuit loan. Without both your cooperation and your attorney’s cooperation, the settlement loan will never be obtained.
If your attorney requires a signed Release of Medical Records prior to releasing medical records to your broker, your broker will obtain the requisite form, submit it to you, and request that you sign it and return it to your broker as quickly as possible.
Ideally, your attorney will submit the documents following the initial contact. Once the documents are received, the broker must review the documents received to determine which broker may be most appropriate for your lawsuit loan request. Once that information is obtained, a competent broker will select a funding-source most applicable to obtain your pre-settlement loan.
Want to find out more about obtaining a lawsuit loan? If so, please visit our site on how to choose the best lawsuit loans for your needs.
categories: lawsuit loan, lawsuit loans, settlement loans, loan settlement
Related posts:
- How To Apply For A Lawsuit Loan
- Lawsuit Funding And Settlement Loans: When Will I Get My Money?
- Here Are The Keys To Getting Lawsuit Loans Accepted!
- Lawsuit Loan: Five Keys To Getting Your Settlement Loan Application Approved
- Have You Been Injured In A Car Wreck? Are You Feeling Pressured To Settle Your Lawsuit As Christmas Approaches? A Lawsuit Loan May Be Just What You Need!
