Pre-settlement loans are actually a cash advance that is extended to you during the period when your claim settlement case is in progress in a competent court of law. There are a number of intrinsic advantages that settlement loans have.
Settlement Lenders has over 30 years of experience in the pre-settlement funding business in Canada and has built a name as a trustworthy lender. You need to look no further to find a company that you can trust, and that truly cares about your situation. Start your research at www.settlementlenders.com as they have compiled a wide array of informative articles to answer just about any question you could have. They are the settlement loans experts in Canada.
Advantages of litigation funding
- Helps you tide over troubling times: A cash advance can help you take care of your daily expenses like your mortgage, electricity bills etc. It provides you financial support at the time you really need help.
- No pressure to pay immediately: Unlike traditional loans and debt financing, a settlement loan doesn’t require monthly payments.
- You won’t have to pay if you lose the case: There is a written agreement that the lender will forgo its claim on the money you have borrowed if your claim is denied by a court of competent jurisdiction.
Not being careful with the amount you borrow: There will be the lure of borrowing more than you really require for the essentials because they are offering you the money without any clause that tells you what you can do with it. However, do not take more than you need. In fact, it can be very helpful to create a monthly budget of your expenses and then only take enough money to cover those expenses. Settlement Lenders allows you to choose to receive monthly installments to help pay for your family’s living expenses while your case settles in court. The added benefit of choosing the monthly installment option is that there is less associated interest as a result.
Tips that will help you to take the right loan
- Ask clearly about the rate of interest and all applicable fees: At Settlement Lenders we strive to make the entire process completely transparent. There are no hidden fees, no mandatory insurances etc. Before agreeing to anything ensure you ask the company you are dealing with about the rate of interest and any fees before signing the agreement formally.
- Have all the case details ready: You can save a lot of time if you can give all the relevant details to the funding company at the time of application. They will find it difficult to approve the loan without getting all the details like hard evidence, demand paper, police report, medical reports, etc. Collect these from your lawyer and submit them for a quick processing.
- Stay on the same page as your lawyer: Ask if he can refer to a good settlement funding company like Settlement Lenders. Also, talk to him about the company that you finally choose and everything that transpires.