Legal Funding and Cash Advances 101
There are many different ways to access cash if you need it, especially if you have a pending lawsuit.
Less than a minute to apply – get the cash you need in hours if approved.
What You Should Know About Legal Funding and Cash Advances
Lawsuit loans, pre-settlement funding, legal funding, and cash advances… the list goes on. When weighing your options, it’s important to note the distinction between the various types of funding routes. Picking the right one could mean saving you thousands of dollars in interest down the road, keeping your credit score intact, and keeping you on the right track financially. For example, you only pay back a legal settlement funding if you win your case.
When it comes to getting money quickly, cash advances can be an option. In fact, many credit cards offer the option to pull out cash against their line of credit and deposit those funds into a bank account. Then, there are also payday loans. These help cover cash needs until the borrower’s next paycheck arrives. While these options can help you get cash in your pocket quickly for things like basic living necessities, there are things about them that require caution.
How are legal funding and cash advances similar and different? Find out more.
There is a very, very important difference between legal funding and cash advances that you should be aware of if you are considering your options. While both options offer quick solutions, legal funding like pre-settlement legal funding from Fast Cash Legal does not have to be repaid if you lose your case. Yes… that is correct! If you work with a pre-settlement legal funding company like Fast Cash Legal that offers legal funding, you ONLY pay back the lender if you win your case. This means you can rest assured that you will have the ability to pay back what you borrowed. Legal funding companies don’t want you to get in over your head, which is why they have created this standard.
Cash advances, on the other hand, must always be paid back, no matter your personal financial situation. So, you can imagine that it’s much more likely to get in over your head with cash advances. Falling credit scores, sky-high interest rates, etc. are all very real possibilities if you choose the cash advance route when lawsuit funding could have been an option.
Another important distinction to note is that sometimes you will hear legal funding referred to as legal funding cash advances. These types of fundings fall into the same bucket as other legal fundings and are not like credit card or payday advances. Rather, legal funding cash advances also do not have to be repaid if you lose your case.