Pre-settlement funding refers to a new and innovative way to get cash for your lawsuit without having to give up any of the settlement proceeds. This innovative form of lawsuit funding has quickly become one of the fastest-growing financial products in America. Because of the ease in obtaining a pre-settlement loan and its fast approval process, it’s easy to see why this new funding option is so popular among consumers.
1. Pre-Settlement Loans Are Easy To Get
You can get your pre-settlement funding within a few days of contacting a company like CashInYourAnnuity. And the process is so simple; anyone can do it. The bad news is that even though the application is easy to fill out, it still requires certain personal information that you might not be comfortable sharing with a loan lender. So before you locate your nearest pre-settlement lender and begin filling out a loan application, make sure only to share your most private financial information. With other types of loans, you might be required to provide bank account numbers and wage statements. But with pre-settlement funding, you’ll only be asked questions about the lawsuit you have pending.
2. Pre-Settlement Loans Are Quick To Approve
Once you submit your loan application, the pre-settlement lender will evaluate your information and begin notifying you as soon as they’re ready to offer a pre-settlement loan. It should only take up to three business days for your pre-settlement financing option to become available. And once it’s approved, you’ll get access to a few different options for getting cash.
3. Pre-Settlement Loans Are Available To Anyone
No matter what your financial situation is, you have the opportunity to get a pre-settlement loan. Borrowers can be of any age, from the elderly to the young. And you don’t need to have a certain credit score to get approved. Instead, your only prerequisite is that you have an active lawsuit that you’re awaiting settlement.
4. Pre-Settlement Funding Is Affordable And Flexible
While pre-settlement funding can get you the money you need to survive while you’re waiting for your lawsuit to settle, it’s also affordable. Unlike many other types of loan programs, a pre-settlement lender doesn’t have any hidden fees that will drive up the cost of your loan. You’ll only be asked to repay a percentage of your settlement proceeds to repay your pre-settlement funding. So you can rest assured that you’ll be getting a loan at a reasonable rate. And the best part is that you can borrow as much as you need.
5. Pre-Settlement Loans Are Fully Secured
Pre-settlement funding is secured just like other types of loans. In this case, your lawsuit is enough evidence that you have to repay the loan. Should you miss a payment, your lender will have the right to collect on the collateral.
6. Pre-Settlement Funding Is Tax-Free
When you borrow money from other financial organizations such as bank, there are tax implications. But when you get a pre-settlement loan, you won’t have to worry about ever having to pay interest taxes or any other fees associated with the loan. Your settlement funds will be available as soon as they’re needed. And you can use this money to pay off your pre-settlement debt without worrying concerning the taxes that would normally come from borrowing from a traditional lender. The only additional cost will be the one percent of your settlement proceeds you’ll have to pay back when you take out a loan.
7. Pre-Settlement Loans Offer Flexible Repayment Schedules
Once you take out a pre-settlement loan, you’ll be given a repayment schedule that will tell you when your monthly loan payments will be due. The repayment schedule will depend upon the settlement you receive in the lawsuit. But even if you can’t afford to make monthly loan payments, it’s not a problem. You can pay off your pre-settlement loan whenever you get some extra cash.
8. Pre-Settlement Funding Has Fewer Restrictions Than Other Types of Loan Programs
With pre-settlement funding, you can borrow as much money as you need. And unlike many other types of loan programs, there are no restrictions on how you choose to use the money from your pre-settlement financing option. Some lenders may ask that you use the loan to pay off other high-interest loans or bills. But with pre-settlement financing, you can pay off your loan whenever you need to.
If you have a lawsuit pending and need cash to make it until settlement, pre-settlement funding is a great opportunity to acquire the money you want quickly. With pre-settlement funding, you’re only asked to pay back a percentage of your settlement proceeds. And the approval process is easy.