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Some Benefits in Getting Lawsuit Loans 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. 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. 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, 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. The funding entity will advance about 10% of the estimated value of the underlying claim, if deemed acceptable. 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. Another advantage is that you are not required to pay for the advanced pre-settlement loan even if you do not prevail in the underlying case. 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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Another great benefit in obtaining a lawsuit loan is that you are not forced to settle the underlying lawsuit even at a very small amount since you cannot continue to pursue your claim against the individual who harmed you. 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. 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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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. Some people will suspect that their lawsuit will be affected if they get a litigation funding, but this is not so. On the contrary, with such funding the plaintiff is likely to have more confidence as to the estimated value of the underlying claim. Whatever is the case, just talk it over well with the plaintiff’s attorney.