Should You Get a Cash Advance on Your Personal Injury Case?

personal injury lawyer

Not many people know, but it's actually possible to get a cash advance in a personal injury case. Basically, this is a loan that is taken out against the settlement amount that is expected. Keep in mind, there are some things that you want to think about and you should discuss your thoughts with your personal injury attorney. With that being said, keep reading to see some of the advantages and disadvantages for these types of loan.

Advantages

The first thing we need to look at are the advantages of getting a case advance on your personal injury case. These are some of the reasons why it could be a good idea. Keep in mind, these are only a few advantages and your attorney can discuss more with you.

Possible Larger Amount

For starters, since the loan amount is being taken against the amount that the settlement is expected to be, there's a chance that you can get a higher loan amount. This is especially true and very helpful if you need a higher amount that most traditional loan providers don't usually offer.

Easily Accessible

Another advantage is that the funds are easily accessible. Depending on what type of personal injury case you have, you should have pretty high chances of getting approved. This is because the loan is being taken against the possible settlement amount. Make sure you find a company that specializes in these types of loans and isn't going to try and pull one over on you.

Supplement Income

Being able to get a decent loan can help supplement your income while your case is still going on. This is especially true if the injury made it so you couldn't work. You'll have enough to worry about, so you don't have to also worry about how the bills are getting paid or how your getting fed.

More Negotiation Time

One final advantage is that having the money to help hold you over can make it so you won't be rushing into an agreement just because you need money. This means that there's more time to come to an agreement and there's a chance that the settlement amount could end up higher than what was originally expected.

Disadvantages

Now we need to look at the disadvantages. There are always going to be some negative things that happen in any situation and this is no different. These are just a few disadvantages and many more could come up, which your attorney should discuss with you.

Hidden Costs

The first disadvantage is that these types of loans can end up having a lot of hidden fees that you might not be aware of at first. Before signing any papers, make sure you thoroughly read everything and, if possible, let your lawyer read it over.

Bad Regulations

Another disadvantage is that these loans tend to have bad regulations. Since they don't work like other loans, the regulations aren't the same. They can have things like higher APR and higher interest rates. Make sure you know what you're signing up for before actually doing it.

Some Cases Don't Qualify

There's also the fact that some cases don't qualify for these types of loans. It will differ from company to company, but you want to make sure that your case qualifies and that there aren't any special rules that would affect it.

Different Settlement Amount

Finally, there's always a chance that you end up getting a lower settlement or not one at all. This will throw everything off because you borrowed based on how much you were expected to get. If the loan you took wasn't a non-recourse loan, then you'll still have to pay it back regardless of what the outcome of your case is.

Even though you know about some of the advantages and disadvantages, you want to make sure you discuss it with your personal injury attorney. They can help make sure that you don't get into a situation that isn't good and they'll be able to help you figure everything out.

Author Bio: Douglass Pitassi is a freelance writer and small business blogger.

Credit Unions vs. Banks: 4 Differences to Help You Decide

If you plan on borrowing some money or opening an account, there are several different options available to you. Banks and credit unions are two of the more popular institutions to which you can go. But how can you choose between them? Part of making that choice is understanding the differences between the two. Here […]

Continue reading...

7 Advantages Of Using An IPad POS System

When evaluating your point of sale (POS) options, you might think that an iPad POS system cannot compete with the level of depth that a full, PC-based system offers. This is a misconception. Many restaurant POS systems are designed especially for iPads. They may be called the unsung heroes of the retail industry actually, as […]

Continue reading...

How to Get an Unsecured Auto Loan With Bad Credit

Car loans come in varied types, but there are two main ones: secure car loans and unsecured car loans. Unsecured car loans have lesser restrictions with the make and model of the car. You also have the option to ask for more money in covering the insurance, plus other costs during the loan process. All […]

Continue reading...

Auto Loans - What is 'Buy Here Pay Here'?

What Is a Buy Here Pay Here Auto Dealership? Buy Here Pay Here auto dealers are different from traditional auto dealerships. Where traditional auto dealerships fund purchases through a finance company that lends money to the buyer based on their credit history and score, BHPH dealerships finance buyer purchases themselves. Since they want to sell […]

Continue reading...

How to Determine the Value of Your ECommerce Store

Running an ecommerce store can give you a lot more freedom than a traditional brick and mortar store, but you still may want to sell it one day. Before you can sell your business, you need to know the value of the business. While it is true that your business is worth what the market […]

Continue reading...

Tips for Building Your Savings When You Live One Paycheck at a Time

While you know that you need to have an emergency account for things like car repairs, medical costs, a sudden job loss or something similar, you may have a hard time-saving money if you live paycheck to paycheck. We have outlined five steps you can begin taking now to build up your savings. Keep in […]

Continue reading...

What Is a Mix of Credit?

There are many different factors that play a role in your credit score, and one of those is having a diverse mix of credit on your report. While this factor makes up only about 10 percent of your credit score, according to Remitly, that’s still a fairly important chunk. So what does it mean to […]

Continue reading...

4 Tips That Will Help You Get a Loan Even If You Have a Low Credit Score

  If your credit score is not perfect, there’s still a possibility of getting a personal loan. However, the choice of lenders available to you may be limited, and the rate of interest for such loans could be high. If you require money but cannot wait for your credit to improve, shop around for loans […]

Continue reading...

The New Horizon of Quick Personal Loans for Bad Credit Holders – Things to Know!

Bad credit might have accumulated during your loan period owing to some unforeseen calamities in families and careers unsettling your personal circumstances. But basically, you, the borrower need not be dubbed to be bad or untrustworthy. More chances are to be given for resurrection in life. Financial firms including banks in large numbers stud the […]

Continue reading...

Planning Your Finances: When Is the Right Time to Apply for a Loan?

Applying for a loan can be incredibly stressful and frustrating if you don’t know what you’re looking for or what you’re doing. There are so many things to think about, and so many facts and figures to pay attention to, it’s no wonder so many of us get lost. One of the most common considerations […]

Continue reading...

Smart Financial Decisions: These 5 Personal Loan Mistakes Could Cost You Money

If you are thinking about applying for a personal loan, then you need to know that you aren’t the first, and will certainly not be the last. A lot of people have gone through this phase before, and some actually succeeded in getting whatever they wanted from their personal loans. However, there are so many […]

Continue reading...

3 Side Hustles You Can Start to Help You Get Out of Debt Quicker

In the era of the gig economy, the side hustle has become a popular way for workers to start their own businesses. Unlike previous decades, there are many opportunities for side hustles, including online businesses, consulting, and the sharing economy. When people start side hustles they feel passionate about, they often find a way to […]

Continue reading...

Rate Rundown - An Introduction into Term Deposit Accounts

  You are year five into a ten-year plan to save for that rustic cottage near the ocean, or better yet, you save almost enough to put a hefty down payment on that cute little trendy condo in the city. However, you are short by some thousands of dollars - okay, maybe the whole sum. […]

Continue reading...

How to Win a Good Scholarship?

Education is something that is very expensive, especially a college or university education. Many organizations give attractive scholarships although they are tough to get. If you wish to increase the chances of getting a scholarship, then continue reading on to find out more. Give The Scholarship Sponsor What They Want When you see a scholarship […]

Continue reading...

Things You Should Know About Bankruptcy

People who become insolvent for one reason or another usually look to bankruptcy as a last resort solution to their problems. However, bankruptcy is a serious issue and the decision to go through with it shouldn’t be taken lightly. Before you decide that bankruptcy is the best option for you consult experts like attorneys at […]

Continue reading...

Above Water – 5 Ways to Avoid Being Caught in the Credit Trap

Get my credit score up

  Photo by nikko macaspac on Unsplash Credit is designed to be convenient. It’s so easy to pull out a credit card and pay for that dress you’ve been eyeing or that video game you’re just dying to play. Unfortunately, the convenience of credit cards is precisely what makes them such a problem for many […]

Continue reading...

7 Qualifications for Most Small Business Loans

Running a business requires a certain amount to keep things operational such as meeting payroll, paying utilities, leasing premises, and many other expenses. While entrepreneurship is rewarding, keeping everything afloat is not a small feat. Furthermore, you may have plans to expand the business by adding a new product line or setting up shop in […]

Continue reading...

On the Dotted Line: 3 Loan Types and How They Affect You in Times of Need

A loan is defined as a lump sum of money that you borrow with the intention of paying back. Loans are typically a fixed amount. However, the exact amount you receive, and the interest rates you get will depend on your income, debt, and credit history. Open-Ended and Closed-Ended Loans Open-ended loans are loans that […]

Continue reading...

How Private Lenders Can Help You Build a Real Estate Empire

real estate private lenders

When it comes to investing in real estate, money does make the world go around. However, the function of money in real estate might come as a surprise to most casual observers. For most people taking out a loan to buy a property usually means heading down to the bank to apply for a mortgage. […]

Continue reading...

Do You Know Where to Go to Get Your Property Management Permit?

Are you thinking of becoming a property manager? If you live in the state of Nevada, there are a wide number of options for you to consider. There are many different types of properties, private and public, that you can be put in charge of. However, before you can think of taking the reins of […]

Continue reading...
Do NOT follow this link or you will be banned from the site!