Truck-related accidents happen every day in the United States. Truck accidents can result in serious injury and even death. Many of these truck accidents are related to driver fatigue, failure to check tires and brakes, overloading, tailgating, drinking and driving, using CB or cell phone, etc. These are all considered negligence and can result in a civil lawsuit being filed by the Truck driver and the company the driver works for. However, due to the size and nature of trucks, injuries and damage in a truck accident can be serious, if not fatal. Many truck accidents result in victims being unable to work, forcing victims to seek civil compensation. How does an aggrieved plaintiff in a truck accident lawsuit support his life financially if he is unable to work? That’s a simple answer, a litigation loan.
If you’ve been involved in a truck accident and are involved in a civil truck accident proceeding, then you already know what time frame you’re looking at before reaching a verdict. It can take months, if not years, to resolve truck accident claims. For this reason, a lawsuit settlement loan is an excellent resource for the plaintiff during this time. A settlement loan is basically a non-recourse loan; This is due to the repayment requirements explained later in this article. Basically, a litigation loan provider lends you money against your pending lawsuit; You don’t have to provide a specific income or credit rating as these things don’t play a role in the settlement loan approval process. The approval process is based solely on your claim and possible compensation.
What makes a Litigation Settlement Loan such a good choice is that it is a non-recourse debt, since a Settlement Loan only requires you to repay the loan if you receive a favorable verdict in your pending litigation. If you lose your pending lawsuit, you are not required to repay the money loan provided by the litigation loan provider. This helps keep the plaintiff financially secure during their pending litigation and prevents them from incurring debt at the end of their case if an unfavorable verdict is reached. This is a common occurrence with traditional loans, a plaintiff takes out a home equity loan or personal loan for financial assistance while their litigation is pending, then loses their litigation and is then unable to repay their original loan; With a severance loan you don’t have this problem! If you want to learn more about pre-court settlement loans, read below.