With luck and proper representation, personal injury lawsuits can result in significant financial payouts to claimants. Unfortunately, the timeline for financial compensation can be drawn out over long periods. When someone has been injured badly enough that they cannot work, this can be especially challenging.
Injured people who are awaiting settlements or judgments are vulnerable. They can face being evicted, losing their vehicles, or having their credit destroyed. Fortunately, there are options. New York Pre-Settlement Funding provides lawsuit loans to people in difficult situations and financial relief until settlements or judgments are paid out.
New York Lawsuit Loans and Pre-Settlement Funding
Thousands of personal injury lawsuits are filed in New York every year. The vast majority of these suits settle out of court. However, legal proceedings can be lengthy, and lawyers and insurance companies often deploy underhanded tactics, like withholding payouts, as long as legally possible. In situations like these, pre-settlement funding is worth considering.
How Do NY Lawsuit Loans Work?
The first step to receiving pre-settlement funding is locating a reputable lender. Some buy billboards, others flyers, but most can be found online. Next, you’ll complete an application form. Once submitted, your application goes under review. During this time, your lawyer and the lenders will communicate directly. Approval or denial comes relatively quickly after the review. Once approved, the funds are placed in your account.
Repayment arrangements are ironed out with the lender before the loan money enters your bank account. Interest rates can vary depending on the details of the lending arrangement. There are no hidden fees or credit checks. Borrowers do not begin paying their loan back until the funds won in their settlement or judgment have been distributed to them.
Apply for Pre-Settlement Funding in New York
The decision to apply is sometimes more difficult than the application. If the circumstances of your legal proceedings have left you so your basic needs cannot be met, then this application is for you. You can request as little as $1500 or as much as $10,000 and more. The application process is simple and streamlined compared to traditional loans.
New York Lawsuit Funding Laws and Regulations
Lawsuit funding in New York has favorable legal circumstances. Demand is high, and the current legal climate allows for people to utilize lawsuit funding liberally. While there may be more regulatory oversight in the future, lenders and borrowers are currently free to do business with one another as they see fit.
Lawsuit Loans in New York That Work for You
When recovering from a personal injury it’s imperative that you make decisions that secure your basic needs and provide you with financial stability when you need it most.
However, when confronted with personal injury lawsuits and having to wait on funds with no way to earn money, a lawsuit loan offers a convenient solution for anyone experiencing hard times because of an accident injury.
