HOW LAWSUIT FUNDING CAN HELP
There are many drawbacks to getting a lawsuit loan, the benefits are very strong though. It depends on whether the benefits outweigh the cost. Damex Trading is both a direct lender and platform. It all depends on the type of case you have, and who we also think can help you the best. Working with Damex Trading reduces the headaches associated with normal lawsuit loans.
Pay for living expenses
Funds attained via case funding have no spending requirements. You can spend the funds on medical expenses, living expenses, etc.Regardless of what type of case you have, case funding can help you pay for bills. Medical bills, living expenses, mortgage, tuition, or for family expenses.
Sense of security
Lawsuits are stressful. Damex Trading makes it easier by offering you funding when you need relief. By providing financial relief when you need it the most. A lawsuit loan can be priceless because the cash infusion comes at the right time.
No win? You don’t pay
There’s no repayment required unless you win your case. If you lose your lawsuit, you are not required to repay the lawsuit cash advance. If you win your case. Your attorney repays the lawsuit funding lender from the proceeds of the settlement.
Potentially get more funding
Insurance companies know that when you’re injured, it’s a race against time. Insurance companies know this too. They know, that they can take advantage of your financial vulnerability. By dragging out the process as long as possible.
Personal injury lawsuit funding can help you get a better final settlement offer. A lawsuit cash advance can improve your ability to get a larger final settlement offer. Since you can continue litigating for a longer period of time.
No credit check or employment history needed
Because lawsuit funding isn’t actually considered a loan. Funding companies don’t look at your employment history, or look at your credit score. There’s no personal liability for the money you borrow. Which means the only thing that matters is the quality of your case.
If your attorney drags his, or her, feet when communicating information to us. Then a lawsuit loan can take longer to be also approved.
COST OF LAWSUIT FUNDING
Lawsuit loan costs come out of your settlement. Lawsuit funding is non-recourse, which means you only pay it back if you win your case. Because of this, they are also regulated from normal loans. It’s important you work with a trusted name in the lawsuit funding industry.
Lawsuit loans can potentially be expensive
Many lawsuit cash advance companies charge high interest rate. With Damex , you get the benefit of getting many offers all at once, thanks to our marketplace of lenders. When you’re speaking to an individual lawsuit cash advance company, here’s some things to think about:
- Upfront fees
- Compounded interest
- Pushy sales tactics
- Your attorney doesn’t like the company
Lawsuit loans are costly, and it doesn’t matter which company you speak to. It can reduce your final settlement. If you take out too much money, you might regret it in the future. It’s important you only take the amount of money you need – not the most you qualify for.
Upfront fees are a red flag
Some shady lenders might charge upfront fees which can be troubling. Usually, the lender will also charge you interest on the upfront fees. Don’t let a lawsuit cash advance lender charge you huge upfront fees. It’s important you ask for a payoff table and total buying price.
Compound Interest – Pay attention to this!
Compounded interest, especially monthly, can increase the whole size of your lawsuit loan. It’s important to remember that 3% monthly interest can turn into 100% over two years. It’s important you ask your lawsuit funding company if they charge interest. It’s good if you ask for this number before committing to any lengthy conversations.
Not every case can qualify for lawsuit funding.
Some cases are very easy, and can be very quick to evaluate. Some are difficult. The more complicated the case is, the less likely you’ll qualify. Because a lender might feel insecure about their investment in your case. Some lawsuit loan companies only offer you a loan for a specific type of claim. It’s good to ask the funder how often they work on their specific type of case.
Conclusion; Work with a reputable company
At Damex, our goal is to help our clients. Regardless of whether it means funding them. Or sending the deal to another lender who specializes in your type of case – our goal is to help you.
While there are some clear drawbacks to getting large lawsuit loans. The benefits can with ease outweigh the costs if you need the money. Uplift is a reputable company that strives to be on the plaintiff’s side. Working with us helps reduce a lot of the usual costs and difficulties associated with traditional lawsuit loans.
