A personal injury loan is a type of cash advance specifically designed for individuals who have suffered significant injury as the result of the negligent actions of another, but cannot afford to pay lawyer fees to initiate legal action.
Difficulty: Moderately Challenging
Get a Personal Injury Loan
Things You'll Need
- Clean criminal background (may be needed)
- Current personal injury claim, lawsuit or legal action
- Legal representation
- Good credit (may be needed)
File your personal injury claim.
Get a lawyer who will agree to represent you in court. Have him put his willingness to argue your case in writing, as you'll need to present it to the lender.
Find a lender who specializes in providing lawsuit cash advances, particularly for personal injury cases. You may need to do significant research online to find an appropriate lender, as most banks and credit unions do not offer this type of loan.
Search for a lender who won't require you to start paying back the loan until your case is settled. Some lenders, but not all, offer these repayment terms.
Keep in mind that there are personal injury loans available that won't require you to pay back the money if you don't win the court case. Again, not all lenders offer these terms. Seek out those who do.
Contact the lenders you've identified as good candidates. Find out the specifics of what is involved with their application processes. Generally, the minimum you'll need to qualify for a loan application is a clean criminal background and a current personal injury claim.
Apply for the loan, keeping in mind that the lender may need to contact your attorney for the particulars of your personal injury case. You may need to authorize the sharing of this information. The lender will assess your application based in part on how likely you are to win your lawsuit.
Expect a credit check to be required as part of the process. A poor credit history may be grounds for the rejection of your application.
Arrange for the loan money to go directly from the lender to your attorney. You can get ongoing financial assistance with some personal injury loan programs, as lawsuits and court cases frequently stretch out over long periods of time. Work with a lender who will provide ongoing assistance if it becomes needed.