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This Loan isn't like a Traditional Loan
Unlike the common term used (settlement loan, lawsuit loan, etc) they are in fact not considered loans at all; as far as legal terms are concerned. They are really called non-recourse loans or non-recourse debts. A non-recourse debt is a secured loan back by collateral. With a settlement loan the collateral is actually your future settlement. You do not make monthly payments on a settlement loan; instead you pay back the loaned amount, plus interest and fees in full if you win your lawsuit and when you receive your settlement. Usually the agreement between the provider and the plaintiff\lawyer has the money directly sent to them; prevent the plaintiff from actually every touching it.
When it comes to lawsuit settlement loans there are some facts that every plaintiff needs to know prior to deciding if they should apply for a settlement loan and which provider to apply with. Proper research and education into a settlement loan will help the plaintiff make the right choice, as with any type of lending product. This article is designed to allow the plaintiff to learn all the facts regarding settlement loans.
This Loan isn't like a Traditional Loan
Unlike the common term used (settlement loan, lawsuit loan, etc) they are in fact not considered loans at all; as far as legal terms are concerned. They are really called non-recourse loans or non-recourse debts. A non-recourse debt is a secured loan back by collateral. With a settlement loan the collateral is actually your future settlement. You do not make monthly payments on a settlement loan; instead you pay back the loaned amount, plus interest and fees in full if you win your lawsuit and when you receive your settlement. Usually the agreement between the provider and the plaintiff\lawyer has the money directly sent to them; prevent the plaintiff from actually every touching it.
Loan is only Repaid "only" if You Win
One of the major benefits of this type of loan is the agreement on repayment. If the plaintiff doesn't win their lawsuit they are not required to pay back the loan. That's correct; the plaintiff needs a verdict in their favor and receives a settlement. If you don't win your case you aren't required to pay back anything. However, if you do win your lawsuit you must pay back the settlement loan in full, plus all interest and fees. This makes settlement loans a no-risk loan during a pending lawsuit.
Bad Credit Doesn't Affect the Approval Process
If you have bad credit you don't need to worry; your credit history, employment and income amount have no deciding factors in the approval process. The decision to provide the plaintiff with a loan is based on the plaintiff's case.Auto and home insurance quotes online If you have a strong, solid case you'll always be approved for a lawsuit loan. However, frivolous lawsuits almost never get funding, this protects the settlement loan providers since they don't get paid back if the plaintiff loses their case. Don't let bad credit prevent you from applying; it has no bearing on your approval chances.
No Restrictions on Spending Auto and home insurance quotes online
You can spend your funds on whatever you'd like. You can use it to pay medical bills, make mortgage payments, buy a new house,Auto and home insurance quotes online go on vacation or even invest it in the stock market. Once approved you have no limits on what you can spend your money on. Unlike with traditional loans you do not need to give details on what you plan to use the money on; you're free to spend it as you please.
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