Has anyone taken out a Workers Comp loan?
I am looking to take out a loan on my Workers Comp lawsuit and I was wanting to know if anyone else has done this and who did you use to take out the loan with.I am between a rock and a hard place and I need a small loan,until my attorney can get my benefits started back up. If anyone has any information on this type of loan, I would very much appreciate any information I can get.
Published by: Admin on October 5th, 2009 | Filed under Workers Comp Attorneys
One Response to “Has anyone taken out a Workers Comp loan?”
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October 5th, 2009 at 2:17 am
I’m surprised your lawyer, who is probably a snake, didn’t recommend another snake to ‘loan’ you the money.
These are called "cash advance settlements" and the ‘lender’ will RIP you off. …er, sometimes.
For example, if THEY think you have a good chance of getting, say, a $10K settlement, they’ll ‘buy’ that settlement for $7K. That’s all you get. It is NOT a ‘loan’ so if the settlement didn’t come thru, you owe nothing.
If you actually want a loan, these guys will probably help you there too, but it’ll cost you the same 30% I bet.