One type of settlement loan is the lawsuit pre-settlement loan. If you are waiting for the judgment from an injury or similar lawsuit or for an insurance claim to be completed, a settlement loan can help you to cover costs until you get the case completed.
A lawsuit settlement loan can be very valuable to certain individuals as it allows them to meet immediate needs while pursuing the case to the full extent of the law. For example when suing for unlawful termination from your job, it can be hard to meet household costs without a wage. In such cases a company may employ a strategy to delay the judgment as long as possible so that you are forces to accept a settlement on their terms. Luckily a lawsuit pre-settlement loan can help you pay your household bills as long as the case is in court. The same benefits could apply in the case of an injury or car accident lawsuit.
Settlement lenders will look at your case before making a decision whether to lend money or not. A settlement loan can be seen as cash advance since you do not have to make monthly payments on the loan. You will have to repay the loan amount plus a borrowing fee once the case has been completed. Be sure to check if there are any application fees or any hidden fees before you apply for a lawsuit settlement loan.
Settlement lenders can also help you turn your amortized payments into a lump sum cash amount. You do not have to wait to get your cash over a period of time. These settlement loans can help you cash out on different types of payments such as annuities, structured settlements and lottery payments.
Structured settlement loans can allow you to cash out your settlement. A structured settlement is usually the outcome of a legal case where you are paid a settlement for an injury or harassment suffered. A structure settlement means you will be getting payments over a period of time to help sustain you in a time of trouble. However if you have an emergency expense such as medical bills, you can use a structured settlement loan to cash out on the judgment.