Like all loans, an advance against expected income from legal action depends on a number of things, all of which can be categorized by a simple criteria. Lenders want to be certain their loan will be paid back. Anything a borrower can do to reassure their lender this will happen is likely to improve their chances of obtaining the funding they seek. 

When an expected legal settlement is at least one of the assurances the borrower will have the funds to make good on their promise to repay, there are some things the borrower should be aware of that are unique to litigation. Legal disputes can complicate matters and can also delay repayment due to a number of factors that may or may not be out of the borrower’s control. One of the best ways to prepare for these unexpected changes is to consult an expert like Tribeca Lawsuit Loans. Here are a few ways to help reinforce your position if you are trying to obtain an advance based on your legal case. 

Collateral 

Naturally, if you have collateral that can guarantee some or all of the amount being borrowed, you have a far better chance of getting funding than you do if your only asset is a possible settlement. That said, depending on the amount of the advance and the value of the collateral, even having partial guarantee can be enough to get across the finish line. 

Counsel 

Having excellent counsel from a reputable law firm can also be quite powerful in negotiations for a loan against your settlement. This is especially true if your attorney specializes in the kind of case you are pursuing. Like a resume at a job interview, your advocate’s reputation might be enough of a basis for a loan. After all, a significant portion of your promise is what you will get after your case is settled. 

Credit 

It goes without saying that better credit equals a better chance to get funded. If you know you are going to be involved in a legal dispute, and you already have retained counsel, you might find the early phases of your case are a good time to do a pass over your credit and see if it can be improved. Sometimes a swing of 25 points one way or the other can make a difference, and as an added bonus it may help you save on interest expenses if your case goes on longer than you expect. 

As always, it helps to consult an expert like Tribeca Lawsuit Loans. Having an experienced consultant is one of the best ways to know all your options and find out which is the least expensive in terms of … Read the rest