What are the keys to getting lawsuit loans accepted? Assuming you've found a good broker who works with legitimate lenders, it is really relatively simple.
Put yourself in the lender's shoes.
If you were going to loan money to an individual, for what would you be looking to determine whether the investment was likely to be sound? Remember, in almost all cases, the lender has no idea who the applicant is, and must rely on the information provided.
The application is obviously a critical component to obtaining your settlement funding! Many individuals submit partially-completed applications, and contact us to find out why they have not obtained the settlement loan requested.
Frankly, if you're too lazy to even complete a one-page application, I don't think that loaning money to you would be high on my list of priorities! You must provide a compelling case to grab the lender's attention.
If you fail to tell the lender what it is that serves as the basis of the claim against which you are requesting a pre-settlement loan, your chances of obtaining settlement funding are virtually nil! The following are two cases for which individuals went to the trouble of completing and submitting applications, ostensibly to obtain a pre-settlement loan.
To whom would you loan the funds? Good Will Store Incident: I was at a Goodwill store, sorting through the clothes when a coat hanger jumped out and smacked me on the bridge of my nose.
Motorcycle Incident: Accident occurred in June of 2007.
I was on a motorcycle.
The car driver was traveling in the opposite direction and turned left in front of me.
The car driver was cited for failure to yield.
Would you be surprised to learn that the Goodwill Store incident, while colorful, was not funded? Would you be surprised to know that the motorcycle incident was funded? I didn't think so.