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Having to deal with a lawsuit can put a significant dent in your finances, leaving you highly vulnerable to those seeking to take advantage of your predicament. Unfortunately, the number of lawsuit funding schemes has increased over the past few years, putting an undue strain on the shoulders of the already financially vulnerable. The best way to safeguard yourself and your assets is to arm yourself with knowledge of the warning signs and take preventative action when faced with a potential scam. This post will equip you with information to help you stay safe and choose wisely when pursuing lawsuit funding.
Do Some Research On the Lawsuit Funding Firm
Do your homework to ensure a lawsuit funding company is legitimate before signing contracts. Verify that the company has the proper registration and licensing to conduct business in your region. Investigate their website, check their references, and read reviews from satisfied customers to learn more about their reputation and achievement rate. Any trustworthy business will have no problem giving you this data and addressing your inquiries.
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Know the Terms and Conditions
It is crucial that you read the lawsuit funding agreement thoroughly and get a firm grasp on all of the terms and conditions contained within. The fine print includes the annual percentage rate ( fees and repayment terms). If you have any questions or concerns about the agreement, consult a lawyer before moving forward. Keep in mind that a credible lawsuit funding service will be upfront and detailed in its explanations of the terms.
Don’t Pay Money Up Front
The need for immediate payment is a red flag that could indicate a lawsuit funding scam. Until your case is concluded and you receive your money, most reputable lawsuit funding organizations will not require any fees from you. Be wary of any business that requires you to pay a cost upfront, whether it’s an application fee, a processing fee, or anything else. Trustworthy service providers will deduct their expenses from the final settlement total before making payments.
Watch out for Pressure Techniques
Con artists commonly use high-pressure methods to get you to act quickly. They may stress the importance of acting swiftly and provide finance in overly favorable conditions. Since they are familiar with the legal system, legitimate lawsuit funding companies will not rush you into signing a contract before you have had a chance to explore all of your choices carefully. Don’t rush into anything; ensure you fully understand everything before moving forward.
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Do Not Proceed Without Your Attorney
You may be told by a lawsuit funding business that you don’t need to involve or involve your attorney in any part of the process. The presence of your lawyer can help both you and the lawsuit loan company legally; therefore, this action is questionable. Consult with your attorney and get their professional opinion on the lawsuit settlement advance contract before signing it.
When entering into a contract, it is essential to fully understand the terms and your rights in the event of a disagreement. No attorney has the authority to prevent you from obtaining a settlement loan, but they should provide you with sound counsel on how to proceed. You still need to make that contact if you have already signed the contract without the presence and feedback of your lawyer and you find yourself stuck along the way. Your lawyer will then be able to advise you on your next steps in the legal process.
Don’t Hire the Provider’s Attorney
Keep in mind that the lawyer representing the lawsuit loan funding company is acting in the corporation’s own best interests. This implies that it is not a given that your interests will be considered. For this reason, you should consult with your lawyer before agreeing to the lawsuit settlement advance. As the client, you are confident that your counsel will be for your benefit and no one else’s.
Avoid Guarantees That Are Too Good to Be True
Exaggerated claims of funding, regardless of the outcome of your case, are a red flag for potential scammers. Never forget that lawsuit funding is an investment based on the prospective outcome of your lawsuit and not a guaranteed loan. Funding choices are made based on the merits of your case by reputable sources. Be wary of any company that guarantees money without a thorough analysis.
Beware of Enticing Advertisements
There is a plethora of advertisements that promote lawsuit funding companies. Ads promising “fast and easy cash” to plaintiffs are a surefire way to get them to phone the company, ask for a lawsuit settlement advance, and sign a contract before they fully understand the implications of doing so. You must keep in mind that the lawsuit funding companies are in business to make a profit.
Loan providers expect to be repaid their initial investment plus interest (compound or simple) and any additional expenses associated with the loan. The interest rate and whether or not there is an application fee are likely not advertised. That is not to imply that every company offering lawsuit loans that also uses advertising is dishonest.
This further proves that plaintiffs should be wary of falling for promises of easy money without first investigating the fine print. Ask the company questions regarding their interest rates (or “finding fees”) and obtain the answers in writing.
Avoid Being Bullied or Harassed
There have been situations where plaintiffs have filed for a lawsuit settlement advance and then contacted the company to say they no longer needed the money. Nonetheless, the lawsuit funding company continued to call the plaintiffs over the subsequent weeks, threatening legal action if they did not “pay them back.”
Furthermore, some lawsuit funding firms threatened them with legal action and arrest if they did not stop disclosing their personal information to third parties. Some people eventually paid the company out of fear. It’s obvious that this is a scam. Evidence that the lawsuit loan funding companies were unethical includes their use of blackmail and other forms of harassment.
If this applies to you, get in touch with a lawyer. You and your lawyer can then decide on the best course of action. Most of the time, this will necessitate calling the police. Ultimately, you don’t want to do what the (dubious) lawsuit loan funding company wants.
Explore Multiple Offers
It’s a good idea to shop around for lawsuit funding to ensure you get a fair deal. You may then evaluate the prices, determine the most reliable service providers, and select the best option. Be wary of any firm that makes a startlingly high or cheap offer compared to the competition. Assess their competence, dedication, and openness to resolving your issues while you still can.
Follow Your Instincts
Think twice before jumping on a deal that seems too good to be true. Scammers prey on the hopeless by offering them easy money or a way out of their predicament. If you’re feeling uneasy or unsure, take a deep breath, step back, and assess the issue rationally before making any hasty decisions.
Get Affordable Lawsuit Loans from High Rise Financial Today!
Do you need an affordable lawsuit loan while your car accident lawsuit is ongoing? Call us today at (866)-407-6404 to schedule an initial case assessment. Our reliable financial specialists will be happy to speak with you and guide you through the legal funding application process.
Call or text (877) 735-0016 or fill out our form to apply today for free.