Tennessee Lawsuit Loans
- Get Cash As Soon As Today
- Rates As Low As 2.5% Simple, Monthly
- Repay $0 If You Lose
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What is a Lawsuit Loan and How Does it Work in Tennessee
A lawsuit loan—technically known as a pre-settlement funding—is a cash advance given to plaintiffs who are involved in an ongoing legal claim. LawsuitLoans.io specializes in providing these loans, which are designed to support people enduring the often lengthy and financially draining process of a lawsuit.
The purpose of a lawsuit loan is to help plaintiffs meet their immediate financial needs, such as living expenses, utility bills, and medical expense while they wait for the resolution of their case. In many cases, these loans can be the difference between maintaining stability during tough times or succumbing to overwhelming financial stress.
In Tennessee, the process for acquiring a lawsuit loan is relatively straightforward. First, the plaintiff applies for a loan with a company such as LawsuitLoans.io. Once the application is received, it’s reviewed alongside the details of the plaintiff’s case by the funding company. If approved, the funds are then transferred directly to the applicant, helping them bridge the gap between the present moment and when their lawsuit is finalized or settled.
Importantly, a lawsuit loan is non-recourse, which means the borrower only needs to repay the loan if they win their case. If the case is lost, the borrower owes nothing. This part of the agreement offers a level of protection and peace of mind to the applicant.
Ready to learn more about how lawsuit loans work in Tennessee, or want to apply for a loan? Visit LawsuitLoans.io or call (866) 594-1343 for more information.
How Lawsuit Loans Work
Here’s how the lawsuit loan process works in three easy steps. The entire process can be completed within 24 hours with your attorney’s help.
Apply Online or Call Toll-Free
Apply online or call us toll-free at (866) 594-1343. Submitting your application takes minutes.
We Review Your Case
Next, we contact your law firm and collect basic information to review your case. Review only takes a few hours.
You Receive Funds
You and your attorney review and sign our funding contract. Once complete, you can have funds within hours.
Important Tennessee Lawsuit Loan Information
When it comes to lawsuit loans in Tennessee, there are some central details potential borrowers must know. This insight can give a snapshot of what may be anticipated when applying for a lawsuit loan through LawsuitLoans.io. They include the typical loan amount, semi-annual rate, and other crucial state-specific aspects. Refer to the table below for this essential information.
|Average loan amount by LawsuitLoans.io in Tennessee
|Largest loan by LawsuitLoans.io in Tennessee
|Average semi-annual rate in Tennessee
|Median personal injury verdict in Tennessee
|Tennessee statute of limitations
|1 Year; Tenn. Code Ann. Section 28-3-101
|Tennessee fault laws
|Tennessee is an “at-fault” or “tort” state, meaning the driver found to be responsible for the accident is liable for damages.
Get up to $500,000 with rates as low as 2.5% simple, monthly
Common Case Types We Fund in Tennessee
We fund a wide range of cases in Tennessee, each with its own unique set of details and complexity. Below are the most common case types we support.
Auto and Other Roadway Accidents
In these cases, a person becomes injured due to accidents on the road. This could include car crashes, bicycle accidents, motorcycle accidents, or pedestrian incidents.
These situations occur when a property owner’s negligence leads to a person getting hurt. This could involve slip and fall incidents, unsafe conditions, or inadequate security.
This involves any harm caused by a healthcare professional’s care that does not meet standard levels. Examples might be incorrect diagnoses, medical errors, or poor aftercare.
Labor Law Claims
These cases address issues linked to work and employee rights. This can involve disputes over wages, discrimination, or wrongful termination.
Similar to labor law, employment claims can cover issues such as harassment, bias, or unfair treatment at work.
Other Personal Injury Claims
These refer to any situation where a person experiences harm due to the actions or negligence of another person or company.
Get an Instant Quote
Input your requested funding amount and the time your case may take to settle here to see your savings and cost when you choose LawsuitLoans.io. While we sometimes offer interest rates as low as 2.5%, our calculator assumes an interest rate of 2.9%. This calculator is illustrative – please contact us for an instant, written quote for your request.
Months Until Settlement:
Pay as little as $2,631 on a lawsuit loan of $10,000 if your case settles within 6 months of your advance.
Save as much as $1,697 on a lawsuit loan of $10,000 if your case settles within 6 months of your advance.
Save as much as 39% on a lawsuit loan of $10,000 if your case settles within 6 months of your advance.
Am I Eligible for a Lawsuit Loan in Tennessee?
If you’re considering a lawsuit loan, there are a few key factors that may determine your eligibility. The foremost eligibility criteria are as follows:
- You have a valid legal claim against an insurance company, self-insured company, or large public entity
- You have hired an attorney to represent you in your case
- You are at least 18 years old
These are the primary requirements for obtaining a lawsuit loan. However, each individual case is evaluated on a case-by-case basis, and meeting these criteria does not necessarily guarantee approval.
Apply today and get funds as soon as the same day you apply!
Our Tennessee Lawsuit Loan Process
If you have a pending lawsuit and need funds upfront, a lawsuit loan may be an ideal solution. We at LawsuitLoans.io provide relief for plaintiffs in the form of pre-settlement funding. The process is simple and involves five main steps.
- Apply Online: Simply visit our website and fill out the application to start the process. All we need is some basic information about your case and your law firm’s contact info.
- We Contact Your Law Firm: Once we receive your application, we will reach out to your law firm to verify your lawsuit details and to gather the necessary documentation.
- We Review Your Case: After we have all the needed details, we will review your case thoroughly. This helps us determine the amount of funds that we can offer you.
- You Sign a Contract: If your application is approved, you will need to sign a contract with us. This will outline the terms and conditions of the lawsuit loan.
- You Get Funds: After the signed contract has been received, we will send you the funds usually within 24 hours. You can use this money as you see fit.
Take the case of John, a plaintiff from Tennessee. He was involved in a car accident and filed a personal injury lawsuit. Because the legal process was long and he had bills stacking up, he applied for a lawsuit loan with LawsuitLoans.io. After applying online, we contacted his law firm, reviewed his case, and approved his loan. Within 24 hours after signing the contract, John had the funds he needed to carry on with his life as his suit continued. He didn’t have to worry about financial burdens while waiting for his case to resolve. The whole process was straightforward and quick.
How Much Money Can I Get From my Lawsuit Loan?
Lawsuit loans from LawsuitLoans.io can range from $500 – $1,000,000+. We can advance up to a maximum of 25% of your expected portion of the settlement if your case is still in progress. For settled cases, we can offer 50% of your expected portion of the settlement.
Let’s consider an example scenario. Suppose, you are a plaintiff in Tennessee involved in a car accident case with an estimated value of $100,000. The case is still in progress and will not settle for a while. The distribution of the settlement would look something like this: medical providers receive about 1/3 of the settlement, attorneys get another 1/3, and the plaintiff, i.e., you, would receive around $33,000. In this case, LawsuitLoans.io can advance around 25% of that amount – which is approximately $8,250.
Get $500 – $100,000 as soon as today
We understand that if you’re applying for funding with us, you needed the funding yesterday. With your attorney’s cooperation, we can provide funding as soon as the same day you apply with us.
What Can I Use the Money From My Lawsuit Loan For?
The funds received from your lawsuit loan are intended for your personal use. As a plaintiff, you may have personal injury or other legal claims that are taking time to resolve. During this waiting period, a lawsuit loan can provide financial support to help meet your daily needs and expenses.
Specifically, you can use your lawsuit loan for things like living expenses and medical expenses. These could be anything from rent or mortgage payments, food and utility bills, to medical procedures, medication costs, therapy sessions, or any other healthcare-related costs you might have.
The versatility in using these funds is significant. Whether it’s used to replace lost wages or handle emergency health situations, a lawsuit loan can lessen the financial stress as you go through your legal case.
However, there is one major restriction on the usage of these funds. The money obtained from a lawsuit loan cannot be used towards litigation or legal case expenses, such as attorney fees, court costs, or expert witness fees. Keep in mind, the purpose of the lawsuit loan is to aid in your personal finances, not to fund your legal case.
Pros and Cons of Pre-Settlement Funding in Tennessee
Pre-settlement funding, such as those provided by LawsuitLoans.io, offers various benefits. The first significant advantage is financial relief. This funding can provide much-needed cash during a time when your income may be reduced due to inability to work or excessive medical expenses. With this type of financial aid, you can concentrate on healing instead of worrying about your finances.
Another benefit is early access to funds. If you are facing a financial crisis, waiting for your court case to resolve may take too long. In such scenarios, pre-settlement funding acts as a lifesaver. It provides the funds you need when you need them, helping to avoid unnecessary stress.
Furthermore, the funding process offers an escape from the pressure to settle your case early. Many times, plaintiffs feel pushed to accept lower settlement amounts merely to get through a difficult financial situation. Having access to pre-settlement funding eliminates this pressure, allowing you to patiently wait for a fair settlement.
The non-recourse nature of lawsuit loans is another huge plus. It means if you do not win your case, you do not need to repay the loan. Hence, the risk is entirely on the lender, offering peace of mind for the borrower.
However, it’s also crucial to consider some points that could count as cons. Relatively high interest rates come as part of the package with pre-settlement funding. These rates tend to be higher than conventional bank rates because these are non-recourse loans where the lender assumes all the risk.
The pre-settlement funding industry is generally unregulated or under-regulated. Although this allows for more flexibility, it also means fewer protections for consumers. Thus, it’s crucial to work with reputable lenders such as LawsuitLoans.io that prioritize ethical business practices.
Finally, you would need a well-developed case with an attorney working on a contingency basis. This requirement aims to ensure that the lawsuit has a high chance of favorable settlement or verdict before a lawsuit loan can be approved.
Get up to $500,000 with rates as low as 2.5% simple, monthly
Major Cities We Fund in Tennessee
LawsuitLoans.io is at your service when you need pre-settlement funding. No matter where you are in Tennessee, we’ve got your back. Below are the top 10 cities by population in Tennessee that we service:
- Johnson City
These are just a few of the many cities where we provide funding for residents who are waiting on the legal resolution of their personal injury and other legal claims. Remember, LawsuitLoans.io is dedicated to helping you with your funding needs while your case is being resolved, not only in Tennessee, but nationwide.
Tennessee Pre-Settlement Funding FAQs
Any legal process can be long, costly and confusing. At LawsuitLoans.io, we are dedicated to making the process of pre-settlement funding as straightforward and cost-effective as possible for our clients.
How much does it cost to get a lawsuit loan?
The cost of obtaining a lawsuit loan varies based on several factors. These include the amount of your loan, the interest rate, and the duration of your loan. Our standard funding rates typically range from 1.5% to 3.5% monthly non-compounding. We are proud to offer one of the best rates in the industry. Remember, you only repay if you win your case.
Do I qualify for a lawsuit loan?
The main requirement for qualifying for a lawsuit loan is that you have a pending personal injury or other legal claim and you have hired an attorney. If you have a valid claim but are uncertain if you qualify, please use the LawsuitLoans.io funding application or call us at (866) 594-1343 for more details.
How much funding can I get?
The funding amount for each lawsuit loan is unique and will be based on the specific details of your pending claim, your needs and the potential settlement amount. You may qualify for a loan ranging from $500 to $2,500,000 based on the merits of your case. For a more accurate estimate, please apply online with our funding application or contact us directly.
Apply today and get funds as soon as the same day you apply!
Does LawsuitLoans.io Directly Fund Cases in Tennessee?
While LawsuitLoans.io operates as a direct funder in most states it services, we act as a broker and originate funding requests to a select group of partner funding companies in Tennessee.