If you watch much daytime television, I am sure you've heard of all the companies out there who will loan you money on your potential lawsuit settlement. On the surface, this might sound like a good idea if you are behind on your bills. But please, stay away from these companies. They are basically loan sharks who prey on you during your time of weakness. They charge outrageous fees and, in the end, they'll make resolving your case very difficult.
Here is how these companies operate: You make an application to them over the phone or on the internet and they evaluate whether they think your lawsuit will be successful. If these loan companies believe you have a good case they'll agree to loan you some money, but at a stiff price. For example, if you're loaned a total of $3,000, you might have to pay them back $6,000 at the end of your case. That interest rate is outrageous!
When it comes down to either settling your case or going to trial and you've become involved with a loan company, I really believe you're going to hate the fact that you no longer own all of your case. You won't own it because you've signed away a portion of your case to this loan company. If your case eventually settles, then there's a good chance the loan company will be getting a majority of your case proceeds. This is because they charge high interest rates and many "hidden fees." On the other hand, if your case goes to trial, you're the one that has to attend the trial not them. And if you win, the majority of any money awarded may go to the loan company, not you.
I tell my clients to do whatever they can to make ends meet, with the exception of borrowing money from these lawsuit lenders. Unfortunately, not all my clients follow my advice. Those who have ignored me and have gone ahead and borrowed money from these lawsuit lenders anyway have all regretted it in the end. Free Consultation Contact the Anderson Law Firm online, or by calling 817-294-1900 for a free consultation on your rights.
