A. The lenders to which brokers submit applications don't charge interest because they're not providing loan. If it were a loan, you would have to pay the loan back, no matter what. These are non-recourse advances. Therefore, if you lose your case, the lender loses money. Because of that, lenders charge a risk-three. A risk-fee is determined on a case-by-case basis. If you're approved, the contract will state exactly what will be owed before you sign anything.
Q. "How long does it take to obtain a lawsuit loan?"
A. Your attorney plays a big role with respect to this issue. Your broker will request documents from your attorney. Your broker must speak with either your attorney or a legal representative as soon as possible. If the broker is able to talk to your attorney within one day and the required information is obtained within one day, you may obtain your settlement loan that same day. It is imperative that you notify your attorney that you're seeking a loan settlement and that your attorney should forward all requested information to your broker as quickly as possible.
Q. "Are there any up-front costs to obtain a settlement loan?"
A. No, there are no up-front costs to obtain a settlement loan.
Q. "What must I do to obtain the requested lawsuit loan?"
A. At your election, you may have the lender FedEx a check to you overnight. Furthermore, if you wish, the lender can wire the money directly into your checking account. If you opt for the latter, there will be a pre-determined fee.
Q. "What if I don't want to give my birth-date or Social Security number prior to obtaining a pre-settlement loan?"
A. You won't be required to initially. However, if you are approved, you will need to provide that information prior to obtaining the lawsuit loan.
Please note that because time is of the essence, a good broker will follow up immediately with you with a phone call to ensure that the law firm with which you want the broker to work has received the Request for Documents.
Seldom do the attorneys themselves either prepare or submit the paperwork in response to lawsuit loan requests. In most instances, either a paralegal or secretary will both prepare and submit the paperwork to you.
Brokers must quickly establish contact in order to obtain the requisite documentation. If your broker is diligent, and if the paperwork is not received within 1-2 days, the broker will follow up with the law firm and request documents once again.
If your attorney is being uncooperative, the broker will ask that you assist in obtaining the requisite documentation. Remember the attorney works for you and the clock is ticking for you to obtain your settlement loan!
A good broker will never suggest that you retain a new attorney, even if you have a particularly uncooperative attorney. However, without your attorney's cooperation, you will be unable to obtain the lawsuit loan. To obtain the settlement loan both your cooperation and your attorney's cooperation will be essential!
If your attorney requires a signed Release of Medical Records prior to releasing medical records to your broker, your broker will obtain the requisite form, submit it to you, and request that you sign it and return it to your broker as quickly as possible.
Ideally, your attorney will submit the documents following the initial contact. Once the documents are received, the broker must review the documents received to determine which broker may be most appropriate for your lawsuit loan request. Once that information is obtained, a competent broker will select a funding-source most applicable to obtain your pre-settlement loan.
Want to find out more about obtaining a lawsuit loan? If so, please visit our site on how to choose the best lawsuit loans for your needs.
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