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At Schmidt & Clark, LLP, we have been representing clients injured by-products such as Roundup for many years. One of the questions we frequently get asked is whether our clients can obtain pre-settlement funding for their Monsanto Roundup cancer lawsuit.
The answer is yes. Many companies specialize in providing loans for personal injury lawsuits, including those involving a Roundup settlement.
What Are Roundup Pre-Settlement Loans?
The pre-settlement loan term refers to two different types of lawsuit funding:
The first is known as a pre-settlement lawsuit loan or litigation financing. Before a verdict or settlement, these loans are made to plaintiffs in personal injury lawsuits. A lawsuit loan is designed to provide immediate cash that you can use to cover living expenses or medical bills.
The next type of pre-settlement loan is a lawsuit cash advance against the expected payout of a personal injury lawsuit. If you're waiting for your case to settle but need money to help your bank account in the meantime, a pre-settlement advance can provide the financial assistance you need.
“Settlement loans and advance funding arrangements provide cash advances with respect to awards expected from legal settlements and lawsuit judgments.”
- Investopedia
How Lawsuit Loans Work
Lawsuit loans are a type of legal funding plaintiffs can use to cover their mortgage payments and other costs while their case is pending.
These litigation loans are paid back out of any settlement or verdict the plaintiff receives, so they can be a helpful way to get by during the often lengthy Roundup litigation process.
In most cases, a lawsuit loan is given by specialized funding companies. The process typically starts with the plaintiff applying for legal funding and providing information about their case. The loan company will then review the case and decide whether or not to offer financing.
If they decide to provide funding, the company will likely charge a higher interest rate than a traditional loan. This is because the loan company is taking on additional risk. They will only be repaid if the plaintiffs win the case and receive a settlement or verdict.
If the plaintiff loses their case, they will not have to repay the loan. This is one of the benefits of lawsuit loans. They can provide financial assistance without the risk of having to repay the loan if the case is unsuccessful.
Related Article: Monsanto Roundup Lawsuit Update
The Basics of Roundup Cash Advances
A pre-settlement cash advance is a loan given to a plaintiff in a civil lawsuit before the settlement or jury award is paid out. The loan is based on the expected amount of the future payout. It allows the plaintiff to receive money now instead of waiting for the settlement to be deposited.
Before using this type of funding, there are a few things to keep in mind. You will have to pay interest on the lawsuit loan, so you will get less money from your award.
The lender will require you to sign an agreement giving them a portion of your future settlement. It is vital to understand the terms of the contract before signing.
Despite these considerations, lawsuit loans can be a helpful way to get money now if you are involved in a Roundup case. If you are considering taking out pre-settlement funding, be sure to do your research and understand all of the terms and conditions before agreeing to anything.
The Benefits of a Roundup Non-Recourse Loan
Pre-settlement loans are a form of non-recourse loans. A non-recourse loan is a type of financing secured by collateral. This can be a piece of property, a vehicle, or in this case, the lawsuit settlement funds or award [1].
If the borrower defaults on the loan, the lawsuit funding company can take possession of the collateral. Still, they cannot seek compensation from the borrower beyond the value of the collateral.
For borrowers, the main benefit of lawsuit loans is that it offers protection against personal liability while still providing the financial resources you need today. If you do not end up winning or settling your case, you will not have to repay the lender.
Since the non-recourse loan is only based on post-settlement funding, the borrower does not have to qualify for a credit check, income verification, or employment verification. Additionally, there are no monthly payments, so borrowers do not have to worry about making payments while their case is pending.
How to Qualify for a Roundup Loan
In order to qualify for a lawsuit loan, you must first have a pending lawsuit. The facts of the Roundup cancer lawsuit will determine if a loan company is willing to provide legal funding.
You are most likely to qualify if you are entered into the Roundup settlement program, have been exposed to Roundup weed killer, and have a diagnosis of non-Hodgkin lymphoma.
Glyphosate, the active ingredient in the grass killer Roundup, was designated a probable cancer-causing agent by the World Health Organization and its International Agency for Research on Cancer (IARC).
The chemical may cause Non-Hodgkin’s lymphoma (NHL) and other cancers, so an NHL diagnosis that can be attributed to Roundup exposure may lead to a settlement payout.
In fact, the maker of Roundup has settled a class action lawsuit and sup up an Extraordinary Injury Fund to address the potential future claims of Roundup victims.
The most crucial factor is the strength of your Roundup case. The loan company will want to see that you have a strong chance of winning your case and receiving a settlement or verdict. They will also consider how long it's expected to reach a resolution in the case and how much money you are likely to receive.
Roundup cancer lawsuits have resulted in significant damages assessed in the past. For example, one couple was awarded $2 billion in damages [2]. As a result, loan companies are often willing to provide litigation funding in these types of cases.
Related Articles:
- Roundup Class Action Law Firms Charlotte NC
- Average Settlement for a Roundup Cancer Lawsuit
- What Cancers Qualify for a Lawsuit?
See all related product liability lawsuits our attorneys covered so far.
Roundup Lawsuits and Loans
If you have a pending lawsuit and are interested in obtaining a pre-settlement funding agreement, contacting a loan company is the best way to determine if you qualify. They will be able to review your case and determine if you are eligible for funding.
And if you have been exposed to Roundup and are considering filing a lawsuit Schmidt & Clark, LLP is ready to provide you with a free case evaluation. We are experienced in handling these Roundup cases and can help personal injury victims understand their legal options.
References:
- https://www.investopedia.com/ask/answers/08/nonrecourse-loan-vs-recourse-loan.asp
- https://www.nytimes.com/2019/05/13/business/monsanto-roundup-cancer-verdict.html
