What You Need to Obtain a Lawsuit Loan
Many types of pending legal claims qualify for a lawsuit loan. A simple definition of a lawsuit loan is a financial transaction whereby a plaintiff uses his/her pending settlement as collateral for a cash advance. It is important that you provide the necessary information and documentation to the finance company when applying for a lawsuit loan. Below is a checklist that will help you prepare for the application process.
Liability
This is the most important factor in determining whether you qualify for a lawsuit loan. Any facts and or documentation that clearly shows that the defendant in the lawsuit was at fault for the damages are will help you secure a lawsuit loan. If you suffered injuries due to a car accident then a Police Report showing that the defendant was at fault would be very helpful. If the defendants’ insurance company paid for your car damage then they are essentially admitting that their “insured driver” was at fault. If you were injured at someone’s property then provide the incident report, witness statements or some fact that shows the property owner was negligent in providing a safe environment.
Accurate Information
The correct spelling and contact information of the lawyer and law firm that represents you. It is very important that you provide the finance company with your lawyers’ information and not just the name of the paralegal. Finance companies rely on the strength of a law firm to determine the likelihood and amount of your potential settlement. Make sure this information is correct since it is a critical piece of obtaining a lawsuit loan.
Your Contact Information
Be sure to provide your mailing address, email address and all phone numbers you can be reached at. It is very important that you are accessible to the finance company as they may have questions throughout the underwriting process. If you are not available then they may spend more time with potential customers that are accessible. The application for a lawsuit loan can be very fast paced and is often complete within a few days. Be available and your chances for approval go up.
Medical Treatment Details
Be prepared to share specific information about your medical treatment. Here are some of the questions you will be asked: Did you go to the Emergency Room? What additional treatment have you had? If you know the total amount of your Medical Bills then this information is very important but make sure it is accurate, if not then it may hurt your chances of approval for a lawsuit loan.
Economic Losses
Did you miss any work that was directly related to the injury you sustained? Make sure to have the economic implications of this available and make sure it is accurate. If you missed 15 days of work and you were making $100 per day then that is an “economic loss” of $1,500.
This checklist should provide any plaintiff that is looking to obtain a lawsuit loan against their settlement with a clear roadmap for success. Make sure to have all of the information that you may be required to provide before you apply and your chances of success in receiving a lawsuit loan will be significantly increased.
Glofin provides cash advances on pending personal injury, workers compensation and medical malpractice cases. Cash advances are based on the merits of the case and repayment is contingent on the case settlement. There are now credit checks or income verification, and if your case is lost, you owe nothing. Our intent is to provide you with financial assistance while helping you make it through the difficult time of having to wait out the defendant and obtain a fair settlement amount.
