Dealing with a lawsuit can be time-consuming and stressful, especially if you’re anxiously awaiting the settlement money you need to pay off your medical bills, cover your other bills and debts, and achieve financial stability while you recover. To make matters worse, it can take several weeks to receive your settlement money, ultimately increasing your stress and adding uncertainty to your life.

One of the best options available to you is a lawsuit loan, sometimes called a settlement loan or pre-settlement funding. Through a lawsuit loan provider, you can get access to immediate cash; in exchange, you’ll be responsible for paying the loan back when your settlement arrives (plus a small fixed fee for the service).

That said, a lawsuit loan isn’t going to instantly resolve all your financial concerns – nor will it resolve them permanently. You’ll have to work proactively and thoughtfully if you want to get the most out of your funding.

Estimate How Much You’ll Be Getting

First, work to figure out how big of a settlement you’re going to get – and how much of a lawsuit loan you may qualify for. Your lawyer will help you figure out how much money you’ll have coming your way (though this isn’t a guarantee). Different lawsuit loan providers may be willing to offer you different amounts, based on these estimates.

Choose the Best Lawsuit Loan Provider

Not all lawsuit loan providers are equally beneficial in helping you get a loan. Shop around and consider variables like:

• Loan availability. How easy is it to get a loan from this provider? What requirements do you need to meet? In most cases, you can fill out and submit an application in just a few minutes; then, a loan specialist will review your case and talk to you about the possibilities.
• Loan size. How much of a loan will you be able to get? If you talk to different loan providers, you might get different answers.
• Loan immediacy. How soon can you get the loan? If you’re like most plaintiffs in this situation, you’re interested in getting the money as soon as possible – preferably within the next few days, rather than the weeks or months it is going to take for your settlement to come in.
• Fees and interest rates. How is this provider charging for the loan? High interest rates can put you in a bad financial situation, but a modest fixed fee could be more in your favor.  Capital Now Funding is the only lawsuit loan company that doesn't charge recurring interest.  In fact, with Capital Now Funding your payoff is fixed for the life of your lawsuit.
• Terms and conditions. What other terms and conditions are associated with this provider? For example, what happens if you don’t receive a settlement?
• Communication. How easy is it to get in touch with a loan specialist? Does this company seem like it would be easy to work with?

Establish Your Top Priorities

If you’re like most people looking for a settlement loan, you probably have many different bills to pay – and uncertainty about the right way to pay them. The truth is, some bills are simply more important than others, and they deserve your attention first.

• Basic living expenses. Your basic living expenses, such as the groceries you need to survive and the fuel you need to drive to work, should be your highest priority. These are the items and services you need on a daily basis to continue existing, and not paying for them could have severe consequences.
• Home expenses. Your home expenses generally need to come next. You can miss a couple of payments on your mortgage or your utility bills, but it’s only a matter of time before your utilities are shut off or the bank takes action.
• Medical bills. Medical bills may seem like they’re a top priority, but they’re not nearly as important as your living expenses and home expenses. If you have enough to start paying them off, feel free – but don’t prioritize them over your other needs.

Don’t Take Out Additional Loans (If Possible)

When you’re in dire financial straits, you may be tempted to take out additional loans or take on other forms of debt. For example, you might take out a credit card and use it to pay for some of the things you need. While credit cards and loans may be a decent way to get out of an emergency situation, they tend to cause more financial stress in the long run. These financial maneuvers are typically associated with high fees and high interest rates, which can cause you to take on even more debt in the future – and become trapped in a loop that you can’t easily break.  Lawsuit loans however provide a non-recourse alternative to traditional debt.  Lawsuit loans are typically non-recourse, meaning they only have to be paid back if you win your case.

Put Together a Strict Budget

From the moment you start shopping around for a lawsuit loan to the months following your repayment of that loan, you should have a strict budget in place. A simple budget is one of the best financial planning tools you can utilize – and it has the power to completely reshape your financial life. Your budget can help you decide what to prioritize in terms of monthly expenses and set a course for fiscal responsibility, debt repayment, and eventually, wealth accumulation. If you don’t already have a budget in place for your personal life, now’s the perfect opportunity to put one together.

Remember Your Repayment

Finally, remember that you’re going to be responsible for repaying this loan eventually. If you’ve chosen the right provider, you won’t have to pay anything back if you don’t receive a settlement. You also shouldn’t have to repay the loan until your settlement comes in.

Overall, a lawsuit loan has the power to relieve your stress and anxiety, stave off debt collectors, and put you in a much better financial position. Make sure you review your options carefully and make financial preparations before moving forward. If you’re ready to take the next steps, you can apply for a lawsuit loan now with Capital Now Funding!