Bank Funding vs Lawsuit Funding
on الثلاثاء، 4 مارس 2014
If you have been involved in a personal injury lawsuit and need some financial assistance, getting a lawsuit advance is a great option.
A lawsuit advance works a little bit different than a bank loan. With a bank loan you apply for the loan and the bank will look at your credit score and collateral and decide if they can lend you money and how much. In today’s markets, it’s pretty tough to get a loan from a bank unless you want to sign personally. Everything has to line up perfectly for the bank to step up and lend money which is why a lawsuit advance makes a lot of sense in some situations. With a lawsuit advance, the only thing (collateral) required to get funding is a good case. And the great thing about a lawsuit loan is if you end up losing your case, you owe nothing back. With a bank loan, if you end losing, the bank will go after your home, car, etc. With a lawsuit advance, LFS is taking a bet on your case and your case winning. If you lose the case, you keep the money you borrowed from Lawsuit Funding Solutions.
The amount Lawsuit Funding Solutions can lend you is based on the strength of your case. If you have a good case and have a strong attorney/firm, you are likely to qualify for a lawsuit loan from LFS. The way LFS determines how much we can lend is based on how much our underwriters believe your case is worth. For instance, if we believe your case is worth $100,000, then the loan amount would range from $5,000 to $15,000, or 5% to 15% of the case’s value. In most cases, the cash advance process is fast and easy and is usually completed within 48 hours.
Then why would anyone ever get a bank loan over a lawsuit advance if everything points to a lawsuit advance being 100% easier. Simple, bank loans are a much cheaper option. Read my other blogs and you can see that lawsuit advances aren’t cheap. The national lawsuit lenders don’t want me to tell you that but it’s true. Lawsuit Funding Solutions charges between 2-3% per month and we are the cheapest option out there. Some of the national companies will charge rates from 4-9% per month!!!! Make sure you check what you are getting charged before you sign anything.
But, not everyone will qualify for a bank loan especially in the current banking world we live in. Therefore, if you need money to pay the rent, mortgage, expenses, kid’s tuition, then call us or fill out our simple 1 page application. Lawsuit Funding Solutions is here to help. Ask us any questions you may have. We would love to make your life easier in your time of financial need.
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