October 19, 2011

Pre Settlement Funding in Asbestos Cases

Asbestos cases can last longer than you would have expected. A pre-settlement loan for a personal injury or asbestos litigation claim can help you to obtain the financial funding needed in order to bring your case to a successful end. Lending companies provide tailored lawsuit loans if you meet their qualification profile. The advantages of working together with an accredited lawsuit loan funding company are:
  • the majority of them offer so called non recourse funding
  • very fast approval process
  • competitive rates that you can benefit from as a client
  • a broad variety of different funding models
  • they work directly with your attorney to save you the administrative hassle
  • offers can be declined with no additional costs at any time
In summary, if the lending company approves your application, you will receive a cash advance. Once your case has reached a settlement, you will be requested to pay back the loan. However, if you don't win your case, you don't have to pay back anything. A pre settlement funding loan can be a considerable option especially for asbestos victims. Dealing with an asbestos induced disease means that you have to keep up with a whole myriad of expenses, including hospital bills, medical costs, loss of wages, costs for physical therapy, mortgage, rent, car payments and so forth. And I do know what I am talking about. My wife and I were both diagnosed with cancer in 2009, so when I talk about incurred expenses, I know too well the dimensions of financial stress that comes along with a diagnosis of a serious health condition.

However, when we talk about credit institutions and borrowing money, we know that there is no such thing as a freebie. When you consider signing an agreement for a pre settlement funding loan for your asbestos case, make sure that you fully understand the terms and conditions of the contract. Insist on full disclosure of all potential fees and charges that may apply. Do the math. What is the interest rate?

Of course, the notion of a non recourse settlement loan is enticing; however, it might not be the best possible option for you. Sometimes it turns out to be more beneficial to apply for a regular loan. There are a lot of factors at play during a negotiation for a pre settlement funding loan, and therefore it is highly recommendable to consult with your attorney on that topic before you approach a lender. 
Source : Asbestos wiki