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What are Lawsuit Loans and Its Uses? There are said to be five benefits in obtaining lawsuit loans. Lawsuit loans are not loans in reality but an advance on the potential settlement that you can obtained in your current lawsuit. First there is a review of the merits by litigation funding providers about the underlying case, then they make a determination if according to their evaluation the case deserves the funding asked. Therefore, let us discuss briefly some of the benefits that you can get. One is that neither settlement or lawsuit loans need a background check about your credit or criminal history. In a pre-settlement loan, the merits of your case will be reviewed by an underwriter, afterwards he or she will submit the findings to a funding entity that could have interest to give funds for the underlying lawsuit. Once approved, the funding entity will give approximately 10% as an advance against the value estimated of the underlying claim. To emphasize again, it is the merits of the underlying case, not your credit history, that will be given basis by the funding entity on whether funding will advanced. The second benefit is that if you do not prevail in an underlying case, you are not required to pay the pre-settlement loan you have advanced. This is actually the most beneficial aspects in obtaining 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. Most of the time, the person who had injuries cannot continue their employment plus other time consuming factors involved with the litigation. You can use the funding to continue paying for your medical expenses, in making auto payments on schedule, in making timely mortgage payments and making other payments on time to avoid affecting your personal credit history.
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The next benefit is that although you can get the 10% of the estimated value of the underlying claim, it is not necessary for you to get that whole amount through forms of 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. Some people will suspect that their lawsuit will be affected if they get a litigation funding, but this is not so. 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.