Pros and Cons of Lawsuit Loans for DUI Accident Victims
If you or someone you love is the victim of a drunk driving accident, the aftermath can be life-changing. While a lawsuit may be in the works to pursue compensation for your injuries and suffering, litigation is not a quick process. What are you supposed to do while you are waiting for your day in court and the bills keep piling up? For some, legal loans for victims of DUI accidents might be the solution.
What are Lawsuit Loans?
A lawsuit loan is a non-recourse cash advance that can be taken against a verdict or settlement that is expected in favor of the plaintiff. The plaintiff can get the money before the case is completed, providing them with much-needed cash to pay medical bills or make up for lost wages. Once the case is decided or settled, the balance of the cash advance is due, including a fee for the loan. If the case does not end in the plaintiff’s favor, no money is paid back.
Advantages of Lawsuit Funding
There are a number of reasons to consider lawsuit funding if you have been the victim of a DUI:
- Lawsuit loans provide you with the money you need, when you need it. You do not have to wait for the legal process to complete its course before you handle the financial obligations that commonly occur after any type of injury accident. If the accident took the life of a loved one and primary bread-winner, the funding can be essential to help a family remain on its financial feet until litigation is completed.
- Lawsuit funding is typically easy to apply for and can be obtained within a matter of days. No payment is due until you receive a positive ruling or settlement. If your case is not decided or settled in your favor, you do not owe anything to the lending institution.
- Lawsuit funding can buy you valuable time as you are negotiating a possible settlement. Some plaintiffs will settle too quickly because they are in desperate need of funding to pay medical bills or other bills that occur after the accident. The ability to wait out the negotiations often means a higher settlement amount.
Drawbacks to Lawsuit Funding
While legal loans may provide benefits to many plaintiffs that have been victims of drunk driving accidents, there are also times when this type of cash advance may not be beneficial. For example, not every lawsuit filed will qualify for funding, since companies tend to grant these loans to plaintiffs that are likely to win their case or negotiate a settlement.
The balance of the lawsuit loan is due once litigation is finalized, as long as the verdict or settlement is in the plaintiff’s favor. An interest payment is typically added to the final balance, which can be expensive. However, shopping around for your lawsuit funding will reduce the fee you must pay, since companies that provide this service might have vastly different fee structures.
Are Lawsuit Loans the Right Choice for You?
If you are a victim of a DUI accident considering a lawsuit loan, it is important to select a company that will offer you a fair deal for your cash advance. At LawStreet Capital, we offer a free application process and fast approval. Once your loan is approved, you will receive your funding within 24 hours, wired directly into your checking account to be used as you need. All LawStreet Capital funding is non-recourse, which means if you do not win your case, no money is owed.
Do not struggle under the financial burden of accident injuries and mounting bills. LawStreet Capital can help you get back on your feet so you can deal with the accident consequences without concern about your bank balance. To learn more, contact us toll-free at 1.866.FUND.662.