My sister’s hubby was injured in a car accident a couple of months ago. The accident was not his fault, and he has hired a lawyer to help with the settlement process. He was badly injured and has not been able to work. The doctors have not given him a date when he will be able to work; it might be up to a year.
In the meantime, bills need to be paid. They are in jeopardy of losing their house because they are falling behind on the mortgage payments. They’ve gone to the local banks and requested a loan to help out, but have been turned down because they currently have too little income to qualify. (Because hubby can’t work right now due to his injuries.) So, I have suggested that they look into looking into companies that do lawsuit finance advances.
Lawsuit finance advances are different than loans. You only pay them back if you win the case. Their interest rates ARE higher than bank loans, but they are an option to consider if you can’t get a bank loan. A big advantage to an advance is that you don’t have to pay anything to pay it back until the lawsuit is settled, whereas in a bank loan you have to make monthly repayments immediately.
I suggested that she shop around and see what kind of interest rates she might be able to get.
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