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What is the Process for Approving a Lawsuit Loan? Does My Attorney Need to Approve It?

Calamities and problems can sweep you off your feet and hit you right where it hurts, your pockets. Have you filed a personal injury lawsuit, or are you expecting to get money from winning or negotiating a settlement? You might now know that the money does not come instantly. To help you during the lawsuit, fast and easy lawsuit loans are available. A sigh of relief? There is more to it.

You might wonder how exactly a lawsuit loan is approved and whether your attorney needs to approve it. Take a breath and relax. We are here to answer all your lawsuit loan approval queries. Keep on reading!

What are Lawsuit Loans?

Before we go further, let’s learn what lawsuit loans are? Lawsuit loans or pre-settlement loans are funds given to people who have gone through an injury or an auto accident and filed a lawsuit. Depending on the problem, any personal injury lawsuit takes about 12 to 20 months to settle.

Due to the injury, they cannot return to work, and they need funds for everyday essentials necessary in their life. At this stage, one can apply for Pre-settlement loans. Companies like Provident lawsuit loans, US claims, and many others are an option if you are looking for quick loans and safety withdrawals. 

Pre-settlement loans can also help heirs that are yet to get the inheritance. There are law firms that can help you settle your case in the best way possible.

Why are Lawsuit Loans Advantageous?

When you file a lawsuit, you are eager to get settlement offers. However, when you’re tight on budget, you do not have the luxury of waiting for more fair results; you have to settle for the first offer you get.

Due to the loan, you will not be financially exhausted and can take more time to negotiate. Just in case the defendant is not willing to negotiate, with a lawsuit settlement loan, you have the opportunity to go to trial.

Applying for a Lawsuit Loan

To apply for a lawsuit loan, follow the steps below:

  1. Check Your Eligibility

Before you apply for a pre-settlement loan, you must check if you qualify for one. Here is a list of cases where you are eligible to apply for a lawsuit loan.

  • It must be having a valid lawsuit
  • Must have an attorney
  • Must have a valid case such as outstanding medical bills, medical malpractice cases, dangerous product claims, loss of wage due to injury, employment law disputes

If your case is valid and you meet the abovementioned requirements, you qualify to apply for a lawsuit settlement loan.

  1. Apply Online

Before hoping for approval, you must first apply for the loan. Luckily applying for a loan is quite quick and easy; it is only a matter of a few minutes! Log on to our website and fill out basic information about your case.

You will also be required to give the contact information of you and your attorney. You can also contact us by calling on the given number. Usually, application for a lawsuit loan is nerve-wracking and takes forever but not with us. Just give us 5 minutes!

  1. Reviewing your Application

After you have applied, our case managers get to work. They study your case with the help of your attorney to understand your situation and claim better. This is a crucial step since it is a deciding point in your application.

  1. Approval of the Lawsuit loan

When your application is full-proof, you meet all the requirements for the loan. We will get in touch and get you your funds as soon as possible, almost within an hour of the approval. Approval for the cases is hassle-free and quick, and it usually takes 24 hours to get approval.

  1. Attorney’s Approval

All legal funding companies require you to have an attorney when applying for a loan. Your attorney must consent and approve the loan.

Why do you Need your Attorney’s Approval for the Lawsuit Loan?

Lawsuit loans are non-recourse financing arrangements that bear no harm to the borrower. The lender can not seize the borrower’s assets if they fail to pay back the loan, in this case, if they do not win the lawsuit.

Due to this risk and to not lose their money, lender companies require the consent of your attorney since having a legal representative on board shows that your case has merit and chances of winning.

Where to Find Lawsuit Loans?

In everyday life, we are bombarded with ads and commercials telling us what is the best source to find lawsuit loans. They are credible sources, but it is best to do your research and not fall for scams.

The best ways to find a credible source for lawsuit loans are:

Your lawyer

Your legal team comes in handy when choosing suitable lawsuit loans. They will most probably know reputable lenders. They may also go over the terms and conditions and assist in negotiating favorable deals. So, it’s right to say that your lawyer will be the first person to assist you in this regard. 

Legal Finance Association

The legal associations are present in each country that can give you a better overview of the choices you have. You will know about the terms and conditions and return rates as well. It is always a better choice to contact them for these details.

Knowing all the terms and conditions, you can now contact the lenders and associations offering lawsuit loans. Ask them about the interest rate, return rates and their policy to make a better and informed choice.

Ready to Apply?

Have you decided to go for a pre-settlement loan?

We will be happy to help you if you have checked your eligibility. Our case managers here at Provident lawsuit loans will approve your application as soon as possible. For us, plaintiffs always come first. Apply online or give us a call today!

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