How to Obtain a Loan Toward My Medical Litigation Process
If you have a personal injury or medical-related lawsuit, you may start to fall behind on your bills if you are unable to work. This is especially true if your case drags on for a long time. In some cases, it is possible to take out a loan against the money you may receive when you win your case.
- Speak to your attorney once you have retained his services. It is illegal for an attorney to promise you financial assistance to get your business. As such, you should only bring up the issue of a loan once you have formally hired an attorney. Once your attorney is hired, he can help you to find an ethical company to give you a loan against your litigation.
- Talk to friends or family members who have been in a similar situation. If anyone you know got a loan against medical litigation, find out if she was pleased with the company she used.
- Contact companies that offer loans against lawsuits. These companies usually offer a non-recourse loan. This means that you get the money upfront, but if you lose the case, you don’t have to repay the money. Because of this, companies that offer loans against legal proceedings have very strict requirements concerning who they loan money to. Have your attorney’s name and phone number handy, as you will have to provide these so the loan companies can get copies of your documents needed to approve or deny a loan.
- Compare the offers from several companies. Look for the origination fees, interest fees and other fees. Any fees associated with the loan will decrease the amount of money you get to put in your pocket. Some companies require a processing fee upfront. Be wary of those unless your attorney or someone you personally know has done business with that company, as payment in advance is often associated with scams. Also, you must read the terms carefully. Some loans state that if you accept a settlement of less than you borrowed from them without going through any and all legal options to get a larger settlement, that you must repay the difference. Additionally, some loan companies stake a claim to the entire amount of your settlement, even if the settlement is more than you borrow.
- Contact the company you want to work with and complete the paperwork to secure the loan. You will either get a check or a bank-to-bank transfer for the amount due to you for the loan.