Large corporations have the advantage of teams of high price lawyers to defend them against lawsuits. In the United States a method of evening the playing field developed, commonly called a class action lawsuit. The words action and lawsuit are legally interchangeable, so the familiar terminology is redundant.
What a class action does is allow a group of people, who feel wronged in a similar fashion, to band together and bring an action against a large entity. Rather than individuals bearing the financial burden of legal representation, the expense is shared.
In most cases, even a successful judgment will return little to the individual. A large enough group, hundreds or perhaps hundreds of thousands, however, can cost a company a lot of money. Some cases do have the potential to bring a substantial reimbursement for damages per individual, and companies will offer an immediate settlement.
For a large corporation offering a quick settlement often works, because those bringing the lawsuit may not have enough money to endure the repeated delaying tactics used by large companies. The temptation to accept a low settlement to cover legal expenses or living costs can be attractive.
However, waiting can be in the best interest of those bringing suit. Often an alternative to a quick, but lower, settlement can be found in a settlement loan.
A settlement loan provides part of the money one is expected to receive in a settlement, to alleviate the financial burden the plaintiffs may be experiencing. Reviewing the case before making the loan, the loan company only approves the loan if they believe the likelihood of success is high.
With a good case, a settlement loan is simple to obtain, and in some cases, it may be the only way to force a large corporation to pay for their mistakes.
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