The Importance of Cash Advances
Unfortunately, being injured is a relatively common occurrence in Michigan. Sometimes, it’s actually not the fault of the person who was injured, and a lawsuit against the person or entity that caused the injury is in order.
However, between finding the right lawyer to meeting in court over and over again, these lawsuits can take time. The problem is that many people who are injured aren’t able to work and bring home money to pay rent and buy basic necessities for themselves and their families. Cash advances are a great way of getting cash even before the lawsuit is settled.
Are Cash Advances Created Equal?
Because there isn’t much media coverage regarding cash advances and pre-settlement loans, the public doesn’t necessarily understand the intricacies of these loans, which leaves room for firms and companies to take advantage of plaintiffs, their attorneys, and their families.
These cash advances, also known as litigation loans, can benefit you greatly, but only if you get the appropriate deal and work with the right company. Make sure you understand the ins and outs of what you’re getting yourself into before signing on the dotted line.
TIP #1: Make Sure You Know How Much Interest You're Paying
Many companies aren’t necessarily as straightforward as they can be in explaining the interest rate of the lawsuit funding they are offering. As a rule of thumb, the less upront the company is about their rates, the higher they may be charging you in interest. When you call a company, before answering any of the their questions, find out what they charge for their funding. Try to speak to a lawyer, and better yet, a personal injury lawyer, who actually understands the intricacies of your case and can best provide you with an accurate number. If the representative can’t give a straightforward response, proceed with caution.
At Litigation Funding, LLC, we are so confident that we are offering you the best deal possible, that we will beat any written agreement for funding that you receive.
TIP #2: Don't Work With Brokers
When looking for the right company to get a loan, try to stay away from brokers who deal with lenders and take a cut of the profits. These companies with often take an unnecesary %15-%20 cut, which will be taken out of your settlement money. Try to find a well-known local company that doesn’t have significant overhead and marketing costs, so that they can provide the best rate to you, the plaintiff.
TIP #3: Understand the Intricacies of Your Case Before Applying
Before calling to apply for a lawsuit loan, make sure you understand all the facts about the lawsuit. Each question you know the answer to becomes one less question that your attorney will have to spend time answering to the litigation funding company.
TIP #4: Find a Detroit, Michigan Funding Company
Finding a local company for your case can be incredibly advantageous. Having a local company that knows the laws and, more importantly, the lawyers in the area, can make things go much quicker. The owner of Litigation Funding, LLC, Steve Wood, has been a personal injury lawyer in Michigan for over 40 years. He is recommended by more than 250 Michigan lawyers and has great relationships with each one of them. Almost all clients are able to receive their check within 24 hours.
TIP #5: Be In Touch With Your Lawyer
In order to speed up the pre-settlement funding process, let your lawyer know that you are considering funding so that they can start getting documentation prepared.
When preparing to apply for a litigation cash advance, make sure you remember these 5 tips. Receiving funding in Detroit, Michigan does not have to be complicated and definitely does not need to take a lot of time. Call Litigation Funding, LLC today for a free consultation. Send us a message or call us at (248) 353-8830.