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A Lawsuit Loan Is Not Really a Loan

Sep 11, 2012 | Category:General 

More and more plaintiffs are taking advantage of litigation funding and taking out advances against the proceeds of their pending personal injury lawsuits. And while litigation funding goes by several different terms – such as “legal finance” or “lawsuit funding” or “lawsuit loan” – it is important to understand that such funding is NOT a loan.

While there is no harm in calling such funding “lawsuit loans,” they are actually non-recourse advances. There are two key differences: A loan includes monthly payments, and a loan must be repaid, regardless of the loan recipient’s ability to repay it!

There is one exception, and that is that some student loans do not include payments while the student is in school. But once the student graduates, he (or she) is obliged to make monthly payments regardless of his ability to do so. 

Only lawsuit loans are repaid in one lump sum when the funded lawsuit settles, and only lawsuit funding requires repayment ONLY if the outcome of the lawsuit is successful!

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