How Settlement Cash advances Can Assist You
Settlement cash advances are referred to as funding that a person may be eligible for if they are awaiting compensation for a matter that has been settled in court or have a case waiting to be heard. Quite often in these situations, people may be seeking compensation or awaiting a payment that has already been awarded because they are in a position where they are not able to earn their regular income. In order for them to get by financially they may require a cash advance payment.
There are essentially two different types of settlement cash advances. These can be pre settlement cash advances or post settlement cash advances. Pre settlement loans are given generally by law firms to clients before their case is heard in court. In these situations the law firm will assess their clients chances of winning a compensation amount and will offer cash loans that will then be repaid by the client when they receive their payout. When pre settlement cash advances are given, repayment is only required if the client wins their case in court. For this reason these loans are rather expensive, as if the case is lost the client is under no obligation to repay the loan.
People may have successfully been awarded compensation for some kind of litigation or personal injury claim but the compensation amount may be held up for some reason or another. In some cases a person may not actually receive their payout for months after it has been awarded. Post Settlement cash advances can be given to people who need money urgently and cannot wait for their settlement to be cleared through legal channels.
Many companies can provide settlement cash advances for amounts ranging from as low as $500 up to $25,000. Settlement cash advances are perhaps the most expensive cash loans offered but, for many people who are experiencing severe financial hardship because of another's negligence, these loans may be their only option.
In many cases settlement cash advances will be obtained by people through their legal representatives, however there are a growing number of private companies who offer these types of loans. A little research online will provide you with a list of possible companies to enquire with about the best rate on a pre or post settlement loan.
If you are weighed down with expenses due to a lawsuit or have medical bills piled up that can't wait until you receive your compensation payout, then you may wish to consider settlement cash advances as a way of covering these expenses immediately.