If you are an injured plaintiff dealing with a car accident lawsuit, chances are you must be stressed out due to your numerous expenses and bills. Besides your medical bills, you might be suffering from a loss of wages, putting you under a severe financial burden and unable to choose your bills.
While you must be contemplating going with pre-settlement funding, you must be confused on how to choose the best company for a car accident settlement loan, since now there is a saturation of too many companies in this area. For your ease, we have explored some of the ways and aspects in this article, so you can make a well-informed decision.
Research and Ask Around In Your Circle Too
The first and foremost step is to research and check the information for yourself. You can research online and ask around for referrals. Normally, your attorney may refer you to some funding companies but it is better to do your due diligence as well.
Ensure to see reviews from others and see how they rate the company. Do not just choose the first company that you stumble across.
Check if the Company has an In-Depth Vetting Process
Any good company will ask you plenty of questions and will perform its verification process. If the company does not ask too many questions then that can be cause for concern as well. No company can be ‘too easy to work with’ unless they have some other motives or shady tactics behind their easy procedures.
Confirm the Interest Rates & Any Upfront Fees
Many companies that have a near-to-no or a short vetting process may eventually come with a high level of interest or mark-up rate and may even charge you hefty application fees.
You should know that companies tend to take an amount out of your settlement, but if they charge interest over it then you will be at a loss. Check if they offer non-recourse funding as well, which means that you only pay IF you win your settlement.
See if They Are Diligent in Following Up
A company that genuinely cares for its clients and is not involved in shady tactics will contact you from time to time for follow-up. If the company does not contact you at all, or instead of contacts your company then it would indicate some shadiness from their side. Also, make sure that they adhere to their said promises and do not pressurize you into agreeing to signing some contract ‘off the table’ or paying some other fees for the loan.