About how long can it take for my Personal Injury Lawsuit to settle?
Tags: personal injury lawsuit loan, personal injury loans |
A personal injury lawsuit can average 2 to 3 years, but keep in mind that each case is unique, therefore one cannot predict the amount of time needed to bring you your settlement. Just keep moving forward in your lawsuit and make sure that your lawyers and their staff are getting the job done.
Why do Personal Injury Lawsuits take such a long time?
If the liability is clear, your injuries are significant and your insurance will cover the damages, you would think it's a closed case, but the case may be drawn out for several years still. The reason for this is money. It's in the insurance company's favor to drag out your case as long as possible, because they are a profit oriented business.
They also know that a percentage of plaintiffs are in such a poor financial situation after being out of work due to their injury, that they will accept 10-20% of what they're entitled to.
Is it the best financial decision to attain a
personal injury lawsuit loan?
In order to find out that answer, you should ask yourself these two questions.
1. Do you need financial assistance to survive? If your survival depends on having some cash from your settlement now, then it is probably smart to go ahead with your personal injury loan. While the rates on lawsuit loans used to be incredibly high, recent competition has brought the rates down considerably. At Global Financial, our rates are some of the lowest in the industry!
2. Will you get more money in the long run if you get a personal injury lawsuit loan than if you accept a settlement now? Let's do the math and figure it out. For round numbers, let's say you're expecting $100,000 but it was going to take one year for you to receive the settlement. You've been out of work for a couple of months, but you'll be able to go to work soon.
The defendant's insurance company probably knows you are in desperate need of money and offers you a small settlement of $10,000. You almost consider taking their offer, but then you contact a company like Global Financial and find out they'll give you a personal injury loan of $10,000 at 3% interest per month.
This loan relieves some of the financial burden, catching you up on some past due debt and putting food on the table until you get back to work. At the end of the year, you get the $100,000 settlement. Of course, about $33,000 goes to the lawyer in attorney fees, and $13,448.89 goes to the litigation finance company (the $10,000 loan plus $3,448.89-3% interest compounded per month over twelve months).
By taking the personal injury loan from a company such as Global Financial-instead of the small settlement, you would be able to wait a year for the full amount that was due to you and get $63,551.11 after attorney fees and interest! That's alot greater than the small $10,000 offer you might have accepted if you didn't know what your options were.
Global Financial is here to help you with your personal injury lawsuit loan. Call
866-709-1100 today or
apply online...it takes just 30 seconds.
The information contained in this article is not, nor is it intended to be, legal advice as Global Financial is not a law firm. You should always consult an attorney for advice regarding your individual situation.
Categories: personal injury lawsuit loan, personal injury loans