Questions You Should Ask When Looking for a Lawsuit Loan
31 May 2024
9 min
Simon Mosheshvili
Co-Founder of the MedResolve and Ovecus Financial
Leading the Way in Personal Injury Pre-Settlement Funding
Ovecus Financial is a prominent and rapidly expanding platform for personal injury pre-settlement funding. We provide plaintiffs with cash advances secured by the anticipated proceeds of their pending personal injury cases. Utilizing proprietary risk management algorithms and top-notch underwriting, Ovecus Financial delivers the fastest funding approvals in the industry.
When you're considering a lawsuit loan, it's crucial to ask the right questions. Here are five essential questions to help you make an informed decision about pre-settlement funding.
How Do Your Lawsuit Loans Work?
Lawsuit loans differ significantly from traditional bank or credit union loans. While conventional loans depend on your income, credit score, and other financial factors, lawsuit loans are based solely on the expected proceeds from your lawsuit.
You may be eligible for pre-settlement funding in various types of cases, including:
• Personal injury
• Car accidents
• Defective medical devices
• Labor law violations
• Workplace injuries
Ovecus Financial can guide you through the details of pre-settlement funding. To start, reach out to us, and we'll review your funding request and discuss your options.
Which Is Better: A Lawsuit Loan or a Loan from a Bank or Credit Union?
Lawsuit loans often present a more advantageous option compared to traditional loans from banks or credit unions. With a standard loan, repayment is mandatory regardless of the outcome of your situation. In contrast, pre-settlement funding is non-recourse, meaning you only repay if you win or settle your case.
If your case is unsuccessful, you owe nothing, and you get to keep the money without any penalties. If you win, the repayment amount is deducted from your settlement, and you receive the remaining funds.
How Much Money Can I Get from a Lawsuit Loan?
The amount you can receive through pre-settlement funding depends on several factors:
• The strength of your case
• The anticipated settlement amount
• The expected timeline for case resolution
Ovecus Financial provides personalized quotes based on these factors. Our specialists are available to answer any questions, ensuring you have all the information you need to decide about proceeding with pre-settlement funding.
What Are the Requirements to Get a Lawsuit Loan?
The requirements for obtaining a lawsuit loan are generally less stringent than those for traditional loans. You need to have an attorney and be involved in an ongoing lawsuit with a potential settlement.
Your attorney will manage the entire process, acting as a liaison between you and Ovecus Financial. They will keep us updated on your case and ensure you complete the application process correctly, helping you secure your lawsuit loan promptly.
Why Should I Get a Lawsuit Loan?
Here are some compelling reasons to consider a lawsuit loan:
• Immediate Funds: The application process is quick, and you can receive funding within days.
• Lower Interest Rates: Our interest rates are typically lower than those of standard loans, with transparent terms.
• Flexible Options: We offer various pre-settlement funding options tailored to your needs.
• No Monthly Payments: You don't need to make monthly payments; repayment is contingent on winning your case.
• No Risk: If you lose your case, you owe nothing.
Partnering with Ovecus Financial ensures you're in capable hands. We are dedicated to educating our clients about lawsuit loans, helping them determine if pre-settlement funding is the right choice.
Ovecus Financial makes the process of obtaining pre-settlement funding straightforward. For more information, please contact us today.