settlement cash advance
If you've been injured in an accident and have hired an attorney, chances are that you're eagerly looking forward to the moment when you receive your settlement check. However, the legal process can take much longer than you expect, and the bills are piling up in the meantime. A settlement cash advance can provide you with the financial relief you need while you wait for your settlement money.
A settlement cash advance is a type of loan that is based on the amount that you expect to receive from your settlement. Organizations such as Oasis Financial offer settlement cash advances to people awaiting settlements. The amount of the loan is usually a percentage of the total settlement amount, and the terms of the loan can vary.
A settlement cash advance is not technically a loan, but rather a type of legal financing. When you apply for a settlement cash advance, the company will review your case to determine the likelihood of you receiving a settlement. If the company decides that you're likely to receive a settlement, they may offer you a cash advance based on a percentage of the expected settlement amount.
Once you've accepted the cash advance, the company will be entitled to receive a portion of your settlement in exchange for the cash advance. The percentage that the company takes can vary, but it's usually around 10-15%. Additionally, the company may charge fees for the advance, which can also vary.
To be eligible for a settlement cash advance, you must have a pending settlement from a legal case. This can include personal injury cases, medical malpractice cases, and other types of legal cases that involve a settlement. You must also be represented by an attorney who is willing to work with the company offering the settlement cash advance.
The amount of the cash advance that you're eligible for will depend on the details of your case and the likelihood that you'll receive a settlement. In general, the stronger your case, the higher the amount of the cash advance you'll be eligible for.
One of the biggest benefits of a settlement cash advance is that it can provide you with the financial relief you need while you wait for your settlement. This can be especially important if you're unable to work due to your injury and are facing mounting medical bills.
Another benefit of a settlement cash advance is that it's typically easy to qualify for. Since the loan is based on the likelihood of you receiving a settlement, you don't need to have good credit or a lot of collateral to qualify.
While a settlement cash advance can be a great option for many people, there are some risks involved. One risk is that if you don't receive a settlement, you'll still be responsible for repaying the cash advance. Additionally, the fees and percentage taken by the company offering the cash advance can be high, which can eat into the amount of your settlement.
A settlement cash advance can be a helpful option for people who are awaiting a settlement but need financial relief in the meantime. If you're considering a settlement cash advance, be sure to carefully consider the terms of the loan and the risks involved before accepting the cash advance. As always, it's best to consult with your attorney and financial advisor before making any decisions.