If you are currently attempting to receive a settlement for an accident, you are probably out of work and facing financial hardship. Whether or not you need to pay your bills or put food on the table, you may be searching for ways to receive an advancement on your settlement, leading you to wonder whether receiving a lawsuit funding loan may be right for you. If so, below are answers to a couple of questions you may have about qualifying for such funding.
1. Are You Eligible for the Loan?
The first question you may have about receiving a loan against your future settlement is whether or not you are even eligible for it. Unlike other types of loans that look at your bank records or credit score, one that funds a lawsuit has certain criteria that revolve around your personal injury case, with two being the most prominent.
First, the injuries that you sustained must be serious enough to alter your lifestyle and ability to work for the long term. Second, the accident must not have been caused by you, but instead, the result of a third party's negligence. Even if this has not been proven without a doubt as of yet, the evidence must strongly indicate the fault of another individual.
2. Can You Pursue the Loan by Yourself?
Another question you may have about pursuing lawsuit funding is whether or not you can apply for the loan yourself. With this type of loan, the financing company must have some assurance that the settlement has a good chance of winning, so you will need to have an attorney help you with the application process.
In the eyes of the financing company, if you are representing yourself, there is a greater chance that the settlement will not be reached because you do not have proper legal counsel. Also, you will need to already have an attorney on retainer with the lawsuit filed before you can even be considered for the loan. Your lawyer can help guide you on the best time to begin the application process.
If you believe you are eligible for a loan, talk over the process with your attorney first to decide whether this type of financing can help you while you wait for your lawsuit to settle. If you both feel this is the way to go, contact a financing company that offers lawsuit funding loans to learn more about the process for applying for the funds.