Lawsuit Loan: Five Keys To Getting Your Settlement Loan Application Approved
No magic is involved here. However, if you wish to succeed, it is going to be necessary that you follow the steps I’d identified herein.
Number one, find a good broker. The broker for whom you’re looking will be a broker who works with legitimate lenders. Once you’ve located the appropriate broker, the rest of it is relatively simple.
Your success is going to be contingent on your ability to place yourself in the lender’s shoes. It is necessary for you to ask your self, “If I’m going to seriously consider loaning money to this individual, what is it that I need to know to make me feel secure?” The fact that the lender, in most cases, has absolutely no familiarity with the applicant is something that shouldn’t be overlooked. It is the documentation upon which the lender must rely to determine whether the applicant is an individual to whom the requested funds should be provided.
Secondly, it is necessary for you to submit a completed-application. Completing the application is obviously a very important step in obtaining your settlement funding! Unfortunately, many individuals short-change themselves, submitting partially-completed applications, demanding that they obtained the requested funds without further investigation. In most cases, if you don’t have the time to even complete a one-page application, I suspect you shouldn’t bother submitting your application for a lawsuit loan.
Third, present your strongest case to the lender. Imagine that you are the lender and sell yourself on the case! If it any point you failed to clearly identify the basis on which the lawsuit loan is based, you’re going to find rough-sledding in obtaining the settlement funding you seek.
Four, involve your attorney as quickly as possible. Once you’ve completed your application and have submitted it, you would be wise to get your attorney involved in the case. Your attorney will provide an important role in obtaining requisite documentation. Your attorney’s cooperation will greatly expedite the lawsuit loan process. Contrariwise, if your attorney fails to cooperate, get will be virtually impossible for you to obtain the settlement funding you seek.
Your attorney may request an authorization to release requested medical records. If so, it will be important for you to complete the Authorization to Release Medical Records, to include your signature, and return it to your brokers quickly as possible. Don’t forget, time is of-the-essence! It is to your broker’s advantage, as well as yours, to obtain the funding as quickly as possible. Your cooperation will be absolutely essential in obtaining the lawsuit loan you seek!
Five, as long as your broker is genuinely trying to assist you, stick with that broker. Frequently, individuals mistakenly think that it is in their best interests to submit multiple applications. However, lenders take a dim-view of prospective applicants who are not committed to the efforts the lender will undoubtedly expend in making a determination as to whether the claim merits the lawsuit loan requested. There’s a great deal of work involved in making a determination as to whether the claim presented justifies an advance on the funds that may ultimately be awarded. Work closely with your broker to obtain requisite documentation as quickly as possible. If you find that you have an uncooperative broker, get another broker!
Always bear in mind, the lawsuit loan you seek is to address present-time financial concerns! If that weren’t the case, it is unlikely that you’d be seeking settlement funding. Don’t overlook the importance of working closely with your broker and returning calls as quickly as possible. Notify your attorney of the need to both respond to and provide requisite documentation as quickly as possible. Additionally, never delay signing necessary documentation to enable consummation of your lawsuit loan.
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Tags: lawsuit loan, Loans, settlement funding
