Q. "What is the interest on a settlement loan?"
A. If it were a loan, you would have to pay a loan back no matter what. However, these are non-recourse advances. This means that, if you lose your case, the lender loses money. The lenders to which applications are submitted are not providing loans. Therefore, the lenders don't charge interest. In lieu of that, lenders charge a risk-fee. Risk-fees are determined on a case-by-case basis. If your case is approved for settlement funding, the contract will state exactly what will be owed before you sign anything.
Q. "What is the length of time required to obtain a loan settlement?"
A. It depends on your attorney. The broker will send a request for documents to your attorney, and must speak with your attorney as soon as possible. If the required information is obtained and the broker is able to talk to your attorney within one day, you may receive your settlement loan that same day. Therefore, you should notify your attorney that you're pursuing a loan settlement and that your attorney should supply all requested information to your broker as quickly as possible.
Q. "Do I have to pay for any thing up front?"
A. No up-front costs are required.
Q. "What is required for me 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 must I do to keep from providing either my date of birth or Social Security number prior to obtaining a lawsuit loan?"
A. No. This will not be necessary prior to issuing the lawsuit loan. However, once you are approved, you must provide that information prior to release of the lawsuit loan.
As you are aware, time is of the essence! Therefore, a good broker will follow up immediately with you via a phone call to ensure that the law firm with which you want the broker to communicate has received the document-request.
It is rare that attorneys themselves either prepare or submit the paperwork in response to a lawsuit loan request. Rather, it is customary for either a paralegal or secretary to 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 fails to cooperate with your broker, the broker will ask that you assist in obtaining the requisite documentation. It should be borne in mind that the attorney works for you. The clock is ticking! You want to obtain your settlement loan today, not next month!
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.
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