Filing litigation is time consuming and an expensive event. You may be required to pay fees for filing documents, fees to hire a lawyer, and court fees. These costs can be compensated with the cash reward received by winning any case, however many people go into debt before final decision is given by the court. Here comes the role of legal loans. Legal financing is basically a loan which is provided to someone in a civil lawsuit. This cash assistance is basically meant to pay individual’s bills and legal fees until a settlement can be reached. There are no restrictions over the receiver where he or she can utilize the money received in the form of legal loan. Generally, this money is used for winning the lawsuit and is repaid from the settlement cash rewards.
Procedure Involved In Filing For A Legal Loan Is:
Application – The first step is to begin with filing an application by providing some personal information and details of lawsuit. You are required to specify circumstances under which you have filed for a lawsuit. Basic paperwork which is required to file for such cash assistance is police report or incident report, damages and insurance information. After compiling all the documents, you can send your request via fax or email to the funding company’s office.
Analysis –Company will analyze all the paperwork precisely. Basically, the loan renderer will try to assess merits of your case. In most of the cases, the company speaks with the applicant’s attorney about the chances of applicant’s winning the case. They will also see in how much time applicant will receive the settlement money.
More Paper Work – In many instances, the documents sent by the applicant are not sufficient to grant a loan. It might be a case where the applicant does not possess necessary documents. The company will ask the applicant to complete the documentation to move further with processing of the loan.
Contract – Once application for your legal loan is processed and paperwork is approved, your file will go to the accounts department to get final approval. An agreement will be created between the receiver and the company. While designing the agreement, special care is taken to ensure amounts, dates, captions, names, and all other material terms are right.
Funding – The funding company makes use of different means to transfer money to the clients. Wire transfer, direct deposit or wire houses are popular modes that are used for transferring funds. Wiring funds is the most efficient manner for money transfer and also very simple to do.
Payment – After the lawsuit is solved or settlement is made, the receiver pays back money to the funding company. The legal loans are basically non-recourse loans. It means that in case you lose the case, you are not required to pay any money back to the funding company.
Are you fighting a civil litigation? Do not worry, search for a reputed lawsuit funding solution today and get your financial assistance at ease. You can get more information about these companies online.