Disclaimer: Consumer legal fundings and advances are not loans under applicable financing laws. Rockpoint’s products are non-recourse, meaning if you don’t win your case, you don’t have to pay us back. Receiving financial support in connection with a legal case is typically (and oftentimes incorrectly) referred to as a “lawsuit loan” or “loan.” Therefore, for the ease of search references, these terms may be used in this context to refer to our funding products, but we maintain our separateness from consumer loan products in all legal aspects.
People are sometimes surprised to hear how long they must wait to receive settlements in personal injury cases. Lawsuits typically take at least a few months and often upwards of a year or more to settle — and even after a settlement is reached, a check might not land in a plaintiff’s hands for several weeks. Taking out a loan on lawsuit settlements can help them avoid having to remain patient for such a long time.
Does a lawsuit loan sound like a good option for you? Before deciding whether you should apply for one, learn more about what it is, how it works, and what it can do to benefit you during the legal process.
What Is a Lawsuit Loan?
A lawsuit loan is often referred to as legal or litigation funding. It’s a type of “loan” that isn’t a loan at all since it’s technically a form of non-recourse funding. This means that if you receive this loan but don’t earn a settlement or judgment in a personal injury case, you aren’t required to pay it back.
Anyone currently involved in a personal injury case, a medical malpractice case, or a wrongful death case can apply for a lawsuit loan. You can receive it as:
- Pre-settlement funding: Funding that is sent before a settlement is worked out in your case
- Post-settlement funding: Funding that is sent after a settlement is reached in your case but before a settlement check arrives
Either way, these loans can bridge the gap for those awaiting settlements and looking for cash to keep their financial affairs afloat in the meantime.
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How Do Lawsuit Loans Work?
If you’re interested in taking out a lawsuit loan, ensure you’re clear on how one works first. This is the process you’ll go through while applying for legal funding:
- You begin by finding a reputable lender, like Rockpoint Legal Funding, who will allow you to apply for this funding.
- You apply for a loan online in a matter of minutes and receive an answer about whether or not you’re approved for it quickly.
- You compare the interest rate attached to this type of funding to interest rates offered by other lenders.
- You accept a loan and agree to repay a lender a specific percentage when you receive a lawsuit settlement.
- You receive your funds from a lender within days and use them however you see fit.
What Are the Advantages of Lawsuit Loans?
Taking out lawsuit loans can provide people with many benefits. Some of the key advantages of securing this type of loan are:
- You can use this loan to cover medical bills, legal fees, and even everyday expenses.
- You won’t have to repay this kind of loan if your personal injury lawsuit is unsuccessful.
- You can apply for a loan without worrying about a credit check or putting up any collateral.
There are a few disadvantages of these loans that should also be on your radar. Taking out a loan through the wrong lender could lead to you paying high interest fees and cutting into your settlement check more than you might like. This highlights the importance of choosing the right lender when applying for a lawsuit settlement loan.
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Who Can Provide a Lawsuit Loan?
With more personal injury loans being filed these days than ever, many lenders have come out of the woodwork to offer lawsuit loans. This has made it challenging for those seeking these loans to decide which lenders they should trust.
If you wish to take out this type of non-recourse funding, don’t just opt to use the first lender you can find. Instead, go with an option like Rockpoint Legal Funding, which brings a wealth of experience and knowledge to the table when extending these loans.
With Rockpoint Legal Funding’s assistance, you can:
- Apply for a loan online without taking much of your time
- Find out whether you’re approved for a loan within 24 hours in many cases
- Receive cash fast in as little as just a few hours in certain instances
You can also rest assured knowing you won’t have to pay back your loan if your personal injury lawsuit doesn’t go as you hoped. Rockpoint Legal Funding will only collect compensation from you if you’re awarded a settlement or judgment.
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How Can You Use a Lawsuit Loan?
You can use a lawsuit loan for just about anything. Some people pay off outstanding medical bills with these loans, while others use them to account for the lost wages they’ve had to deal with in the aftermath of accidents.
You can even use a loan to take a vacation, buy holiday gifts, or throw your child a birthday party. Rockpoint Legal Funding won’t put any restrictions on the cash you accept.
See If You Qualify for a Lawsuit Loan Today
Qualifying for a lawsuit loan through Rockpoint Legal Funding won’t offer many challenges if you face any at all. Many people involved in personal injury cases may qualify for them almost automatically, depending on the strength of their case.
Consider taking advantage of lawsuit financing if you could use a little extra financial support sooner rather than later. It could extend the cash you need to work your way through a lawsuit without experiencing stress at every turn, giving you more leeway to put your life back in order.
Schedule a free consultation with Rockpoint Legal Funding by calling (855) 582-9200 today.
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