If you are involved in a personal injury legal claim in Utah, you may be entitled to “borrow” or get a cash advance against your Utah accident or injury case. (These are a much better alternative than getting a payday loan.) These types of lawsuit or settlement loans are only advised if you are in financial hardship, as the interest rates tends to be high. These loans, which are basically secured by the estimated future value of your case, are considered “advances,” to be paid back at the end of your case. If for some reason things go south and you don’t get the recovery you were anticipating, then a reduced payment will be accepted, or no repayment at all if your case is lost.
Companies that provide these advances first want to know that you have a decent case that will likely pay out at the end. They therefore will want to review the accident report (if any), medical records, and other helpful documents so that they can make a rough estimation of the value of the case. They will also require that you have a lawyer that will sign their paperwork so that when the case is resolved, that they will be one of the first people paid.
To find a company that might be willing to advance money, you can do your own research on the internet or ask your attorney to recommend a place. Keep in mind that some attorneys will refuse to assist you in getting an advance or charge you money to review the paperwork. You should know that you have a right to contract with anyone you wish and mere inconvenience to your lawyer is not a good reason for them not helping you out. If your attorney still refuses, then you have the liberty to change attorneys to one that will assist you in securing the cash advance that you seek.
The turn-around time on cash advances for Utah accident and injury cases if fairly quick. (We are aware of companies that can approve an advance and get you money in less than 24 hours.) Others might take a few days to process everything. It is always advise able to get them before you absolutely need the money, just in case your lawyer doesn’t have time to process the paperwork for you.
Here at the Kramer Law Group, we have helped obtain well over a hundred lawsuit and settlement cash advances for our clients while we have worked their case up, are negotiating with the insurance company, or are simply waiting for the settlement check to arrive. We never charge a fee to our clients to assist with these cash advances and consider it another service that we can offer them.