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 Settlement Loans
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At Mayfield Settlement Funding, we offer settlement loans to those who are waiting for a court case or the insurance company to settle, which often takes weeks or months. When you need to pay bills, medical expenses and other costs, the wait can seem interminable. At the same time, you may be unable to work due to your injuries and time spent in court, which makes your financial burden even more stressful. Settlement loans are an option that many who are involved in personal injury lawsuits consider for financial relief. If you are facing expenses that you do not have the money to pay while waiting for your settlement, a settlement loan may be just the solution. How do settlement loans work? The process is quite simple. This type of funding uses the estimation of your legal settlement as collateral; it is not necessary to provide physical collateral to guarantee repayment of the loan to the lender. Essentially, the lender is aware of the value of your settlement from the start, so your loan can be processed right away as there is no waiting to determine the value of your collateral as with traditional loans. The majority of lenders who offer settlement loans only collect repayment if you do win your case; should you not win and be awarded a settlement, you are not required to repay the loan. Settlement loans are not only beneficial for covering the costs of day-to-day expenses and medical costs, they are also useful for those who receive their money in structured settlement payments. When you are facing financial hardship a settlement loan allows you to receive a lump sum advance rather than receiving your money in smaller incremental payments. Once you begin receiving your payments, you can then use that money toward repayment of the loan. Settlement loans are beneficial for many reasons, but it is important that you shop around to find a reputable lender who offers reasonable interest rates; this way, you keep more of your own money. Many lenders prefer to work only with specific legal groups or attorneys; your lawyer may be able to recommend a funding company that he/she has worked with involving settlement loans successfully in the past. When you need money to cover medical bills, household utilities, legal fees and other expenses so that you can live comfortably while waiting for your settlement, count on Mayfield Settlement Funding.
Call us at (888) 800-8400 or visit our immediate service page to have one of our
Services rendered by Mayfield Settlement Funding are not to be considered lawsuit loans. The terminology “loan” and “loans” are not correct legal or financial terminology or definitions describing transactions that provide legal advances or legal funding. Loans require repayment, which is unlike legal funding. Legal funding only requires payment when the plaintiff receives a monetary award in their case and is disbursed out of settlement. |
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