We have all seen the commercials targeted at recent settlement winners. You request to borrow some of the money to use for your expenses. What is the catch? Let us look at how these loans work in the State of California and the associated pros and cons.
What is a pre-settlement cash advance, and how do I qualify?
If you have an active personal injury case in California, you can apply for a specialized loan to help meet your financial needs while your lawyer works to settle your claim. Of course, the chance of winning your case will be assessed when you apply, and if your submission is accepted, your loan is approved, and your funds are sent out.
What is the application process, and how long does it take?
Applying for a lawsuit loan is a simple process. First, get prequalified by submitting an online application. Next, your loan processor will speak to your attorney before reviewing your case. Once approved, a contract is sent to you and your lawyer for completion. After returning the contract, the cash advance is deposited into your account.
What are the advantages?
Everyone has had financial troubles from time to time. Most people are skeptical about getting loans to hold them over due to predatory lenders. However, there are some advantages to getting an advance.
- Pre-settlement cash advances can help to meet immediate financial needs. This lowers your risk of facing collections or hardships due to your inability to pay bills.
- Taking out a pre-settlement…
