Pending lawsuit loans are soaring in popularity among plaintiffs all across America. Plaintiffs in need of monies to cover living expenses or for their legal defense pursue this lawsuit funding option. Unfortunately, the vast majority of the media fails to mention this fact. Most mass-media outlets have limited focus on this industry, largely due to the fact that it is a (generally) expensive and time-consuming endeavor. As a result, few outlets will provide a link to plaintiffs who are seeking pending lawsuit funding.
Indeed, there is little coverage on the “petty” litigation industry by the mainstream media. Consequently, those plaintiffs who seek lawsuit funding find that the vast majority of (if not all) funding programs fail to make good faith efforts to adhere to both state and federal guidelines. Many of these schemes simply ignore plaintiffs’ rights, whether or not they are properly founded. And, while it is often assumed that these schemes operate at the county level, it is actually the federal courts that have authority to regulate (and even penalize) these schemes. This oversight is why it is so important for plaintiffs to understand their legal rights and how they can protect them before and during any lawsuit.
When pursuing either a lawsuit loan or pending lawsuit loan, plaintiffs should understand that they are essentially being extended unsecured credit. If a plaintiff were to default on such a loan, he could face dire consequences. One might assume that a loan program providing cash advances would be a safe bet. Not so. Most unscrupulous law firms provide inflated interest rates and/or exceedingly high processing fees that, if they are ever collected, will severely damage a plaintiff’s ability to retain the services of the law firm.
Typically, these cash advances are provided based on the volume of work already completed by the law firm. Lawsuit loans are typically paid out on an installment basis, with each installment due on a date certain. As with most cash advances, once the requisite amount has been paid, the entire balance can be paid in one, lump sum payment. In addition to the extreme convenience of such a payment plan, however, these cash advance agreements also carry significant risk for both the lender and the recipient of the settlement loans. The potential damage to a claimant’s credit is not unknown.
To avoid becoming another victim of unscrupulous lenders, it is necessary for plaintiffs to engage the services of a qualified and experienced debt relief organization. The task before any individual is to identify the right company, with the appropriate track record of successfully negotiating and settling cash advance loans. The right company is one that will not undertake further risk by requiring any more payment than is absolutely necessary. Moreover, the right company will also work diligently to ensure that the funds are repaid in full and on schedule. Such a company is the ideal solution for pending lawsuit loans.
The plaintiff need not wait until he or she receives the promised settlement in order to take advantage of a pending lawsuit loan. Plaintiffs who have sustained serious financial injuries as a result of sustaining injuries at work, tripping accidents at home, medical malpractice, or wrongful death, may benefit from the application of this concept. Such individuals may be able to recover lost wages, medical bills, and many other associated expenses that arise as a result of sustaining injury. If a plaintiff were to move forward with a pending lawsuit loan without engaging the services of a debt-relief organization, he or she would likely face the prospect of having his or her personal property seized, his or her vehicle repossessed, and other property being liquidated.
