All You Need To Know About Non Recourse Lawsuit Loans

There are many kinds of loans and they all have different terms.  Most of the time it is your credit score that will determine the loan that you qualify. Gone are the days that you could not qualify for a loan because you have a law case and are awaiting resolution of the case. If you need money for home improvement or home repairs but have a law suit, you can still qualify for a loan. There are now non-recourse loans that will help you get access to loans despite having a lawsuit and in case the case is not in your favor you are not obliged to repay the loan. It is the best type of loan that you can take while you wait for compensation from the court for an injury that has been caused to you. That means that you can still do home improvement as planned. The terms of non- recourse loans differ depending on the company that is offering it. All in all, it is important that you always go through the FAQ’s for non recourse lawsuit loans to get a deeper understanding of it. Some of the things that are worth noting about non-recourse loans include:

All You Need To Know About Non Recourse Lawsuit Loans

All You Need To Know About Non Recourse Lawsuit Loans

They are like cash advance

A non-recourse loan is more like a cash advance since it is secured by collateral. That also means that in case you lose out on the case you don’t have to pay a dime. The terms that you agreed prior before taking the loan does not change. There is no payment beyond the collateral that you had agreed on.

They don’t demand a credit check

Unlike all other types of loan where a credit check has to be done in order to determine if you qualify for a loan, for a non-recourse loan it is different. Lenders will not check your credit history or your employment status to determine if you qualify for a loan. They will, however, rely on the lawsuit at hand and in some cases, they will need to check with your attorney to get a deeper insight on the case.

You decide on the amount of money you need

Once your non-recourse loan has been approved, you are the one who decides the amount of money that you need. Unlike other kinds of loans that are limiting, this one will give you a range after which you will decide the amount that you need.

You can still get financing even after the lawsuit is over

The fact that the lawsuit is used in determining the amount of loan that you qualify does not mean that even when the lawsuit is over you cannot qualify for a loan. This may happen in the case where your case is closed but you are still receiving periodical structural payments. In some cases, you may need a loan that you will pay with the payments that you are receiving.

Lawsuit loans are expensive

The truth that many companies don’t mention is lawsuit loans are expensive. The lender is taking a big risk in giving you the loan and if you lose out on the case you don’t have to pay back. In a way, they have to compensate for the money that they lose out.


The Journey to Home Ownership

The home ownership journey is not for the faint hearted as much as it is everyone’s dream to own a home. It is costly and requires a lot of strategy and planning in order to be a success. Good thing is that the government and many other companies have come with strategies to help people to buy homes and hence you can apply for subsidized housing. Even though there is the option of subsidized housing, it is still very expensive for many. Some of the strategies that you can use to make home ownership much easier include:

The Journey to Home Ownership

The Journey to Home Ownership

Define your needs

Different people have different needs as far as housing is concerned. It is only by defining your needs that you can be able to come up with a budget and start working towards it. What are your housing needs? Do you want an apartment or a bungalow? What is the size of house that you want? Do you want to live in the city or the outskirts? Those are some of the questions that you can ask yourself before embarking on doing a research. You also need to know how much you can afford. This will mainly be influenced by your expenses and debt. They say your expenses should not be more than 28% of your gross monthly income. The debt should also be not more than 36% of your gross income. In defining your needs, you also need to make up your mind if you are looking for a new house or an old house that you can refurnish.

Save! Save! Save!

It is only through savings that you will make it easy to own a home. There are many saving strategies that you can use and the best one is saving through a housing scheme. Good thing with saving with a housing scheme is that the savings are exempted from tax and thus you are able to save more. There are those that prefer to save through mutual savings or saccos. The best part is that with mutual savings and saccos you will enjoy the power of compound interest and thus if you save long-term you will even be able to enjoy handsome returns. The interest however varies from company to the other and hence make sure that you do your research right in order to get the best deal.

Have a good credit score

Having a good credit score will not limit you in terms of what you can do. You can always apply for a housing loan or even take a mortgage. It depends on what you think will work out for you. Without a good credit score and report, you will not be legible for a mortgage and we all know it is the most common route and convenient way of owning a house.

Conclusion

When it comes to home ownership, there is nothing that is impossible. It is all about staying focused on what you want to achieve. Planning and staying focused are key.