What Is a Pre-Settlement Loan? ANSWERS FROM ANDREW KRYDER, ESQ.

Описание: The Kryder Law Group, LLC Accident and Personal Injury Lawyers
Leading Chicago Personal Injury Law Firm
https://www.kryderlaw.com/faqs/what-i...

A pre-settlement loan is a way to get financial help while waiting for your legal case to be resolved.

Pre-settlement loans are not technically loans. They're more like a cash advance based on the potential settlement or verdict you're expecting from your lawsuit.

If this is something you're considering, you might be wondering, "What can I use the money from my pre-settlement loan for?"

It's your money to use however you need. Most injured clients use their pre-settlement cash advances to cover things like rent, utilities, food, medical bills, or other everyday expenses while waiting for their case to settle.

Before taking a pre-settlement loan, consider what happens if you lose your case. Will you need to repay the loan?

Some lenders don't require repayment if your claim is unsuccessful. Make sure to read the terms carefully and choose a lender that won't charge you if things don't go your way.

When considering a lawsuit loan, also take into account things like your lawyer's advice, the loan term, the interest rate, the value of your lawsuit, the strength of your case, and your current financial situation.

It's also important to consider the drawbacks of lawsuit loans.

While they're quick and easy to get, they often come with higher interest rates than traditional loans, so it may be worth exploring other options and asking for advice from your attorney before choosing a pre-settlement loan.

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