Get Fast Funding for Lawsuits
You must have heard of the term funding for lawsuits. It refers to the financial help granted by lending institutes to plaintiffs pursuing a lawsuit. Herein, a certain sum of money is handed over to the person based on certain factors. The amount of money is decided by the lender and is arrived at after carefully considering a number of determinants. Some lawsuit funding companies help a plaintiff fight his legal case by advancing them money. This kind of funding enables the borrower to carry on with the case. On hindsight, the money can also be used to meet other personal or non-personal expenses.
However, funding for lawsuits is different from a loan. A loan is a debt which comes with a sense of responsibility and a burden of liability. It is a risky proposition for the buyer who must repay the money within a stipulated time frame. Non-repayment out of unwillingness or incapacity puts the lender in a position to legally charge him. In extreme scenario, the borrower may even have to sell his assets and clear the loan unless he is declared insolvent.
But, funding for lawsuits carries no such risk or liability. Money is loaned on the terms that the borrower shall repay after he wins his case. Thus, when he wins his case, he would receive money from the court, which will be used to make the repayment. But in the eventuality that the plaintiff loses his case, he won’t be held personally liable. He gets absolved from all liabilities and does not require selling his assets or properties. Hence, the payment must be made only if he wins the case, and after he wins the case.
Also, funding for lawsuits is not barred by any time frame. Unlike a conventional loan wherein the borrower is required to repay the sum after a specified time period, herein the person needs to repay only after winning the case. The case may take many months or even years to come to a conclusion
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