A settlement loan based on an upcoming settlement might be a good choice for you if you need money now. Settlement loans, sometimes called lawsuit loans, litigation loans or legal cash advances put cash in your pocket quickly while you’re waiting for money from a lawsuit settlement. The money you receive can be spent on holiday shopping and preparations as well as used to meet bills and other obligations.

In this Litigation Guide article we discuss personal injury settlements and how to get the cash you need now.

Where to Get a Settlement Loan

There are lenders that specialize in lending money on a short-term basis to those who are awaiting a cash settlement. These lenders can be found by searching online. You’ll find dozens of companies. However, a better way to find the right lender for a lawsuit might be to ask the litigation attorney who handles your case. He or she will be able to direct you to a settlement loan lender that has a good track record for integrity and fees that are not excessive.

How to Get a Lawsuit Loan

If you’ve already received a judgment in a case or have agreed to a settlement in your favor, but have to wait for the settlement to be sent to you, then getting a settlement loan is quite easy. You’ll simply need to make application to the lender and fax them the settlement documents in the case.

If you have filed a lawsuit that has not been decided, getting a loan can be slightly more difficult. The lender will want to review all documents in the lawsuit in order to determine the chances you have for winning the suit. In addition, the lender may want to speak with your attorney. If so, your attorney may charge you for the time spent discussing your case with a potential lender.

If you have a good case, and the lender agrees, you’ll likely be offered a loan. Keep in mind that these lenders don’t make any money if they don’t make any loans, so they are always looking for potential borrowers who have a solid case they are likely to win.

What Happens if you Don’t Win your Lawsuit?

In most cases, if you don’t win the lawsuit, you won’t have to repay the lawsuit advance loan. The lenders take that risk. Be sure you understand the terms, however, before you accept any settlement loan.

Using the Settlement Loan

Many recipients of these loans need some of the money to pay medical bills, mortgage payments or rent, utilities and more. However, above and beyond those things, the money is yours to use as you see fit. Having the money before the holidays will allow you to make this a merry holiday season for you and for those on your holiday list.

For more information on personal injury lawsuits, class action lawsuits, medical malpractice, or how to secure funding while waiting on a settlement, visit the other areas of our website.