There is absolutely no doubt about the fact that a good lawyer is one of the most important factors that will help you in getting a loan on the basis of a pending litigation. The reasons behind this are pretty obvious and simple.
The first reason because of which a lawyer becomes a very important and determining figure or factor in whether or not you will get a loan is his caliber. The thing is that all the agencies or companies who are in the business of giving loans to people on the basis of a pending litigation will take into account a number of factors.
Before they approve or reject a loan application they will be very cautious and careful in hedging their bets. The really good companies or agencies in this field try and take every measure within the realm of reason to ensure that the loans that they give will be paid off. In fact, you will be aware of the fact that most of the legal loan funding agencies put the condition that they will ask the debtor to pay the loan back along with interest only if he wins the case.
If the debtor takes a loan on the basis of a pending piece of litigation and loses the cases then the company does not ask the debtor or pay the loan back. It is because of this reason that all the legal loan funding agencies or companies try and make sure that they are in as good a position as possible. There are several methods that the legal loan funding companies and agencies adopt in order to do this.
They try and assess whether the chances of the case going toward the victim who has applied for a loan are good or not. They have their own in-house legal counsel and a risk assessment team to do this job. There is no doubt about the fact that the task which is given to these people is full of importance. The other facet of this that you must try to understand is that the things that these people take into account will be fully relevant to your peculiar case.
They will try and see the extent to which the accident was a result of a legal fault on part of the person that you have sued. In case you have applied for a loan under the ‘pedestrian accident loans’ then, the importance of this checking and assessing will become a lot more. If these people are of the belief and opinion that you have a case that can be won then they move on to the next stage of assessment.
At this time they check whether your lawyer is good or not. They will check the lawyer’s track record. If they feel that the lawyer is good then they will approve your loan. If they conclude that your lawyer is not good enough to win you the case then they will never approve the loan. So, choose a good lawyer.