People that have been involved in an accident will eventually need money for unexpected expenses. They turn to their local bankers for loans based on those needs and the promise of a settlement. Yet this can be a horrible experience since the bank needs to know personal information about the incident the filed lawsuit and personal information leading many people to divulge information that can be quite uncomfortable even embarrassing. There are other means to get the much-needed money for expenses that will remove the embarrassing details and still provide the funds for the expenditures. The option used by many people in the same situation is called lawsuit funding.
There are means of applying for the loans in a private and confidential manner such as online settlement companies specializing in such matters. The process is the same with the online companies such as them needing the details of the pending lawsuit the incident the parties involved the attorneys for both sides the amount of the lawsuit and personal information yet since the companies specialize in the funding they are well acquainted with the processes to use and the sensitivity to use for their clients.
The lawsuit Funding funding is a structured amount or percentage of the total lawsuit amount based on the type of lawsuit and the potential for the individual to win the suit. Based on the merits of the case the companies will make the decision to provide the funding in a short time to provide the needed case.
The funding is not based on the credit history of the individual. It is based solely on the lawsuit and the potential of their client winning the suit. Most companies do only need the legal documentation readily available by the clients attorney without the need of involving other lenders or individuals removing any levels of stress for the funding.
Since the loan is based on the outcome of the lawsuit if the individual does not win the suit they are not obligated to repay the money to the lender. The lender has guaranteed the risk is solely theirs. If the individual loses the lawsuit the lender writes off the loan as a debt without any repercussions to the borrowing individual.