About Post Settlement Loans

If your lawsuit has a jury than you’re more than likely to have the defendant appeal the verdict in a higher court if it’s in the plaintiffs favor. This is common practice with non-arbitration lawsuits; an arbitration lawsuit is when there is no jury and a judge makes the ruling and neither the plaintiff nor the defendant can apply it. This is why some lawsuits being overseen by a jury can take years to finally settlement. It’s not uncommon for a plaintiff to wait 5 to 15 years to receive any cash settlement. However, there might be a light at the end of the tunnel for someone in this situation; a post settlement loan.

A post settlement loan works the same way as a regular lawsuit pre-settlement loan, instead this loan is given when a lawsuit case has reached a positive verdict in favor of the plaintiff and is being appealed by the defendant. Post settlement loans are usually easier to get approved for if the verdict was in the plaintiffs favor. However, you can still obtain one if the verdict was in favor of the defendant. Just like a lawsuit pre-settlement loan you are receiving a cash advance on your future settlement; in lieu of interest and any applicable fees. If you win the appeal you’ll pay back the original loaned amount, plus interest and fees; however if you lose your appeal you aren’t required to pay back anything.

The approval process of a post settlement loan is practically the same as a lawsuit pre-settlement loan. The lender will review your current case and the jury ruling and determine if they can give you a cash advance. Your credit history, employment record and current income level play no deciding factor in the approval process. Post settlement loan lenders do tend to look at past results of cases like yours, including the results of appeals regarding them. Remember, they are taking a risk that they might loan you money and never see anything in return.

Deciding if you should apply for a post settlement loan isn’t an easy decision. They aren’t the next best thing to slice bread. Just like a lawsuit settlement loan they charge a monthly interest rate on the loaned amount; this interest can range from 5% to 15% depending on the amount. Usually the higher the amount the lower the interest rate, there are also one-time fees attached to post settlement loans. These fees vary from each provider and you’ll need to ask them prior to applying to know all fees that may be included. Usually the fee is "not" charged interest; however this varies between providers.

You really should only apply for a post settlement loan if you really need the money. If you’re in a situation where you might lose your house, car or need to declare bankruptcy than a post settlement loan is an excellent intervention method. It’s not uncommon for plaintiffs to go through financial hardships during a lawsuit; especially if its injury, accident or wrongful death related. Just make sure you’re making the right choice when applying for a post settlement loan.