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Loans for you lawsuit

December 25, 2005 by Jonathan Stein

There are a ton of companies out there that are willing to give ou a loan against your personal injury case. Here is how it works.

You are injured in an accident. You hire an attorney. The attorney files a lawsuit. You then call the loan company and give them the details. They confirm things with your attorney and do some math. They then make you a loan, which you may or may not have to repay.  Sound great?

There are several problems with this, in my opinion. First, your interest in the case has decreased – especially if you do not have to pay the loan back. If you do not have to pay it back, why does it matter to you about the outcome? Second, someone else is now interested in your lawsuit and may influence your decision about what to do with the case. That can never be good. Third, what is the interest rate? Maybe your case cannot settle now because you have to worry about not getting any money from an offer.

For some people, this may make sense. But for most people, this is something to stay away from. If you are considering this, talk to your attorney first.

Categories: Consumer Issues, Law, Personal Injury

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