Lawsuit Loan Requirements

Requirements to get a Lawsuit LoanThere are several requirements for you to be able to obtain a lawsuit loan. The concept of this guide is to give you an idea of what is required to be able to get a lawsuit settlement loan. You may not meet one or more of the requirements but may still be able to get a loan. We recommend that you learn more about the costs of a lawsuit loan and the process of a lawsuit loan before you attempt to apply for one. You want to make sure you know everything there is to know about this type of loan before you try to get one.

  • You need a pending civil lawsuit Ė In order to be eligible for a lawsuit loan you need to have an active, pending civil lawsuit in a state that allows lawsuit loans. Learn more about lawsuit loan laws.

  • You need certain lawsuit case types Ė There are several types of cases that you are eligible to get a lawsuit loan on. You should learn more about lawsuit loan case types to get an idea how it can affect the amount you borrow and the interest rate.

  • You need a large probable monetary award Ė No lender is going to borrow you money if you donít have a decent probable monetary award. If this is a small lawsuit then a lawsuit settlement loan isnít right for you.

  • You need to pay a lot of a lawsuit loan Ė Because a lawsuit loan is non-recourse you have to pay a high interest rate due to the lenderís risk. Interest on a lawsuit settlement loan is compounded monthly and that amount may also include any fees associated with your loan.

  • Your case needs to be in a allowed state Ė A couple states have laws outright banning lawsuit loans while a few others have limitations on them. You case cannot preside in a state that has banned lawsuit loans or that has limitations that say your case isnít eligible.

Lawsuit Loan RequirementsThere are several other factors that come into play when it comes to the requirements of a lawsuit loan. However, you need to talk directly to a lender since it varies between them all. We suggest that you contact a few different lawsuit loan providers, tell them your situation and see what they say. Remember, information is power and with enough of it you can make the right choice on this type of loan product.