It is quite common for individuals to come to us asking how much it will cost to obtain either a lawsuit loan or lawsuit funding. This question arises due to a misunderstanding as to the manner in which obtaining a pre-settlement loan may be perceived. In this article, we will discuss ways in which obtaining settlement loans will become a cost that is shifted to the defendant, in its entirety!
Understandably, clients are concerned about many of the rumors that they hear about the high cost of obtaining financial-assistance to pursue litigation. However, there are many fundamental myths and misunderstandings revolving around this particular topic. Unfortunately, the problem is compounded by the fact that many plaintiffs' attorneys are totally unaware that such a financial instrument even exists, preventing them from assisting their clients in ways that would be beneficial to them as they wend their way through the litigation-maze!
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The problem is also worsened by the fact that the insurance carrier that is on-the-risk for damages their insured caused, will do everything in their power to keep plaintiffs from learning what it is they need to know about obtaining either a lawsuit loan or lawsuit funding. Naturally, insurance carriers are going to want the plaintiff to settle the claim as quickly and cheaply as possible. In fact, the insurance carrier truly just wants the plaintiff to go away in the dead-of-night.
Sadly, many plaintiffs do not have the financial wherewithal to withstand the cost of ongoing litigation. Therefore, they are very likely to abandon their lawsuit prematurely. Many attorneys, antsy to obtain a quick and easy settlement, will often do very little to assist their clients in pursuing such litigation. Contrariwise, there are many plaintiff attorneys who were extremely effective in assisting their clients in obtaining a fair-and-equitable settlement. Make no mistake about it! A good Personal Injury attorney is absolutely essential in such cases!
Okay, how do you obtain either a lawsuit loan or lawsuit funding at no cost to you? Keep in mind, if the purpose of obtaining a pre-settlement loan is to go on a spending-spree, a vacation, buy a new boat, etc., the costs that arise from obtaining such settlement loans are not likely to be costs shifted to the defendant. However, if the need to obtain either a lawsuit loan or lawsuit funding arises out of necessity, these costs may easily be translated into damages. Such damages, if awarded, are likely to be assessed against the defendant. Therefore, the cost for obtaining settlement loans in scenarios such as the latter, are likely to be costs borne by the defendant!
In just a few paragraphs, I'm certain that all of the concerns regarding this issue have not been addressed. However, the plaintiff must ask, "Does obtaining either a lawsuit loan or lawsuit funding cost or pay?" Only the plaintiff will be able to answer the question.
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