In the unfortunate occurrence of an accident that results in an injury, the injured party is usually awarded a sum of money to help with medical bills, lost wages, and to replace any property that may have been damaged. While this is the typical plan for the money, these plans may have to be halted until the funds are received. At this point, the injured party will have to figure out a way to pay for the many expenses that have accumulated during their recovery. There are a number of options available to quickly get money, but the two most common are lawsuit loans and lawsuit cash advances. At Tribeca Lawsuit Loans, we have financial plans that can help you take care of your expenses until you receive your settlement.
Lawsuit loans
One of the options available for individuals waiting to receive a settlement is a lawsuit loan. A lawsuit loan is similar to a conventional loan where a borrower requests money and pays it back with an added interest rate. However, it’s different in that it only has to be paid back if the lawsuit is settled in favor of the borrower.
Lawsuit cash advance
Another option to consider is a lawsuit cash advance. This form of borrowing entails that the lender will place a lien on the settlement of the borrower. The lender will be entitled to receive this amount if the case is settled in favor of the borrower. If not, the borrower will not be responsible for repaying the borrowed amount.
Which option to choose?
Every situation is different and a person’s life background will determine which option is the best for them. If the injured party prefers to pay back the borrowed money in installments, then a lawsuit loan would likely be the best option. However, if the case is settled in their favor, and they wish to quickly take care of the amount owed to the lender, then a lawsuit cash advance would be more suitable.
The details of each form of borrowing can be complex and an injured party may not know which would be best for them. The professionals at Tribeca Lawsuit Loans can explain how each option works and help you choose which is best for you. Contact them today for more information.
