Benefits of Lawsuit Advances Over Legal Loans
Explore Your Options for Law Firm Funding
Attorneys may be reluctant to take out loans to fund their practice. Loans can have significant consequences on the borrowerâ€™s credit history, and the application is not guaranteed to go through. Fortunately, lawsuit advances offer benefits to law firms that they would not get from loans. Beacon Legal Funding helps attorneys build the best possible case they can by providing short-term advances to attorneys with cases pending a verdict or settlement.
Why Should I Get an Attorney Cash Advance Instead of a Settlement Loan?
Expenses can pile up while cases await resolution, and law firms need some influx of cash to keep the doors open during litigation. In these situations, attorneys can choose an advance or a pre settlement loan to cover these costs. Here are some advantages that advances offer over loans:
- Easier. Instead of filling out a series of complicated forms, subjecting yourself to an invasive credit check and providing a pile of documents, you just need to fill out a simple online form to apply.
- Faster. We can process your application and let you know if you are approved within 48 hours, providing you the funds you need without delay.
- More flexible. Loans demand strict deadlines and monthly payments. Lawsuit advances give you until the end of your case to pay it back.
- No effect on your credit score. Having a lawsuit settlement loan on your record, or an unpaid loan, can lower your credit rating and hurt your business.
- No risk. By offering non-recourse advances, all the risk falls on us. We only expect you to repay your advance if your case is successful.
- Less restrictions. Loans must often be used for a specific purpose. Advances give you the freedom to apply cash where needed: discovery, expert witnesses, marketing, office expenses â€“ whichever area needs the most help.
- No risk of UCC lien. An unpaid loan can result in a blanket UCC lien on your company, which would affect any other loans you are currently taking out.
- Reasonable rates. Compared to interest charged on law firm loans, advances are far more competitive.
Explore Your Financial Options â€“ Apply for Litigation Financing
Curious to learn more about how we can help you and your clients? Call (855) 679-3333, or submit an application for a lawsuit advance today. In addition to lawsuits for attorneys, we can also help personal injury clients who need funding themselves while their cases are going through the litigation process.