In recent years people who have
been involved in personal injury accidents have discovered that they can
receive a lawsuit cash advance against the proceeds they ultimately receive
from a personal injury accident settlement. For the person who is injured enough
from an accident so as to be unable to work and earn a living, a lawsuit cash
advance can provide a very timely financial solution to the cash flow problems
the person may currently face. Nevertheless it is always wise to know
beforehand what a person is getting them into before they apply for a lawsuit
cash advance.
A lawsuit cash advance is a
participation in a personal injury legal settlement but is not a loan and the
company that provides the lawsuit cash advance receives nothing for whatever
reason doesn't receive a cash settlement from their case, if the injured victim
who receives the lawsuit cash advances they owe nothing . This means that, the
provider of the lawsuit cash advance like any underwriter must determine what
the likelihood is of ultimately receiving payment for the cash they advance and
charge accordingly. Normal interest rates will not apply because of the nature
of the lawsuit cash advance. So, for the lawsuit cash advance than a
traditional lender would the provider wills most likely charge more.
Significantly the fees charged
for lawsuit cash advances can vary. Typical fees for medical malpractice cases
5.5% per month and for automotive cases are 3.0% per month. For some companies
to charge a low entry fee to get business through the door nevertheless it is
not uncommon. To the personal injury accident victim they then charge
additional, hidden fees.
Within 24-48 hours, many
companies say they will provide a funding for lawsuit cash advance but are
subject to the extent of the documentation required from the personal injury
accident victim along with other factors and actual application times can vary
greatly. And it is important to realize that to compensate for their less than
stringent underwriting requirements a company that approves an application too
quickly may be charging the client through the roof.
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