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What are Lawsuit Loans and Its Uses? In obtaining lawsuit loans, there are said to be five benefits. Even if the term loan is used, it is not actually a loan but on the other hand an advance of the possible settlement to be acquired in the on-going lawsuit. The litigation funding providers will evaluate the underlying case and make a conclusion as to in their opinion, the lawsuit is justifiable to be funded. Let us present briefly some benefits that one can get. First is that both settlement or lawsuit loans do not require a background check about your credit or criminal history. In a pre-settlement loan, an underwriter will review the merits of your case and submit his or her findings to a funding entity that can be interested in advancing your requested funding for your case. If approved, the funding entity will advance around 10% of the estimated value of the underlying claim. Know again that it is the merits of the underlying case that will determine whether funding can be advanced or not, and not our credit history. In case you do not prevail in the underlying case, another benefit is you do not have to pay your pre-settlement loan that was advanced. This is actually considered as the best advantage in getting a litigation funding. It is actually when you prevail in your lawsuit that you are required to pay the funds advanced based on the agreement.
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The third benefit in obtaining a lawsuit loan is that if you cannot continue to pursue your claim against the person who did you harm, you will not be forced to settle the underlying lawsuit even at a very small amount. Usually, the person cannot continue working because of the injuries acquired during the incident, not to mention other time consuming elements related to the litigation. The funding that you get will help you in the payment of medical expenses, in making auto payments, in paying your mortgage and other payables that will avoid affecting your personal credit.
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Another advantage is that an individual is not necessitated to obtain the whole amount of the 10% estimated value of the underlying claim even through lawsuit loans or settlement loans. The next benefit is that settlement loans and lawsuit loans do not adversely affect in any form or fashion your underlying lawsuit. Others may suspect that because they obtained a litigation funding, it will adversely affect the result of their lawsuit, but this will not happen actually. On the other hand, if you get the funding, the plaintiff will have greater confidence as to the estimated value of the underlying claim. In any case, discussing thoroughly with the plaintiff’s lawyer is a wise idea.