PREDATORY LAWSUIT loan companies

Avoiding Predatory Lawsuit Loan Companies

As with any financial transaction, knowledge is vital. Predatory lawsuit money lending is the practice that convinces a plaintiff borrower to take ridiculously high payback amounts through exploitative methods. There are many pros and cons in choosing amongst the best pre-settlement loan companies in the industry; or the worse.

Since legal funding is a relatively new industry, some places that loan money against court cases may try to take advantage of your situation by promising what they can’t and won’t ever deliver.

Consider the following real-life scenarios before signing a lawsuit funding contract.

Unethical sale tactics

A negative scenario is when some top-rated lawsuit loan companies guarantee the money will be approved yet bring zero results. This is done to tempt victims into applying with companies that cannot fulfill their immediate needs. Never use a lender that promises you they’ll get you approved to get you denied.

The pressure game

If you ever feel like the funding company uses high-pressure sales tactics to get you to close on a legal funding transaction, acknowledge that these are manipulative methods and that the rates will probably go out the roof. You can always walk away from them and call another lender.

Predatory rates 

Many lawsuit funding companies claim to provide low-interest rates but charge excessive rates. These lenders will say one thing over the phone and show you a different number on the contract. You have to be very careful with this tactic. Knowing what your interest rate is and what is on your contract says is imperative. While pre-settlement funding rates can be high, make sure the lender you work with clearly explains the agreement to you.

Owners are disguised under different names 

Always research the funding companies’ backgrounds. It has been found that some lenders had a different name before, got sued, lost, and re-started under a different name, and are still practicing. Be extremely careful. Always work with a pre-settlement loan company you trust or get a second opinion. This could save you thousands of dollars when your case settles. Always research the funder and their past. You will be surprised by what the simple search for a name will tell you. 

Long process

It should take 24-48 to get your lawsuit funded. Complications can make the process much longer, but if your attorney is responsive and the funding company is dragging its feet, keep looking.

Takeaway

Trying to find a legitimate lawsuit loan company with competitive rates? Look to Baker Street Funding. Get a non-compounding rate for your lawsuit loan capped at 3 years. Never settle for less with a company that may charge you more. Apply today.

About Baker Street Funding

Baker Street Legal Funding helps people achieve financial ease to realize their settlement success. Our legal funding products give out more than 34,000 clients fast access to tools so you can Get Your Legal Funds Now®. Baker Street Funding approval methods come with critical essentials for getting ahead, including higher settlement funding approvals in connection to thriving customer service of like-minded people that understand litigation finance. For more information, visit bakerstreetfunding.com/about/

* This post is for educational and informational purposes only. Please consult your attorney and your financial and tax advisors before making any decisions. Terms and conditions can be found at bakerstreetfunding.com/privacy-policy

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