Tag: Settlement Loans

Can Comedians Qualify for Pre-Settlement Loans?

The truth is that whether you are a comedian or not, regardless of your profession you may find yourself in a legal case. Most of the time the legal process is normally lengthy and may be inconvenient to you. Despite the legal process, life in a way has to move on. And you may find yourself in a financial need. In some cases, you may have a settlement that you are banking on which may take a long time. That is where pre-settlement funding comes in. The best part about pre-settlement loans is that even comedians who have a case can still qualify. The companies that give pre settlement loans will assess your situation then give you a loan accordingly. They don’t use credit checks or other procedures to determine whether to give you the loan or not. Some of the things worth noting about pre-settlement loans include:

They don’t do credit checks

Companies that offer pre-settlement funding for personal injuries do not rely on credit checks to determine whether you are eligible for the loan. They instead assess your case to know your probability of winning and the settlement funding that is expected. Normally the funding company normally gives 15-20% of the anticipated amount. They will not give you the full amount.

You don’t have to pay back if you lose the case

Unlike other kinds of loans, for pre-settlement loans if you lose out on the case you are not obliged to pay back. I know it sounds too good to be true but it is the truth. Perhaps that is the reason why they charge high interest rates because they are putting themselves at big risk by lending you money with the hope that you will not lose out on the case.

They charge high-interest rates

Unlike regular loans from financial institutions, pre-settlement loans charge a high-interest rate. That is because they are not even sure if you will win or lose out on your case and if you lose out on the case, they are the ones that will suffer the loss.

They do not take a long time to process

Contrary to popular belief, lawsuit loans do not take a long time to process. For most companies that do the funding, they take a maximum of 48 hours for you to get the funds. That clearly indicates that they are pretty convenient.

It is important to note that there are many companies that deal with pre settlement loans and they all have their terms and conditions. It is better to research deeper in order to choose the best company possible. The first step should be defining your needs then consulting with your lawyer to know more about your case and your probability of winning and settlement funding. Going through reviews of different companies helps a great deal as it helps you to know the experiences of other people with the company. If many people had a good experience with them, then you are likely to follow suit.