| People seek legal cash advance when they have to pay their important bills when the lawsuit is still pending. It helps you to get a larger settlement. Most of the victims try to settle early because they require money for various purposes such as paying the rent, food, loans etc. Lending money is not an easy process. Since a lot of money is involved in the legal loans, you need to have a proper legal loan agreement. The agreement is a binding agreement between the lender and the borrower containing details about the amount borrowed, repayment time etc. The agreement should also contain the details about the repayment plan, method of paying, penalties on breaching the contract etc. With the help of the document the lender can protect the money before lending.
Before preparing the agreement first discuss the terms with the parties involved. Know the exact amount of the loan, how they are going to repay it and the penalties they have to face if the terms of the contract are breached. You can also negotiate about late payments, interests and partial payments. The best thing about the legal cash advance is that you have to repay the amount only if the case settles. When applying for such legal loans, there is no credit checking for approval. Any person with a personal pending lawsuit can apply for the cash advance.
After discussing the terms of the agreement, prepare the written document. You need to ensure that the other party signs at the right place and include the date as well. You may also have to sign and add the date on the agreement. Make a copy of the document and hand over one copy to the other party. Keep the original one in a safe place for better protection. Prepare the payment with the help of a written instrument like a money order or check. Include the loan amount on the instrument's face. Make a copy of the instrument and hand over the original instrument to the person who is taking the loan.
Remember to write down each and every term as specified by you. Make sure that the agreement describes the transaction clearly. Place the copies of the documents in a safe location. Avoid giving cash for these legal loans. It may help you to keep the records that are required for the court proceedings. If any term regarding the legal cash advance is not mentioned in the agreement, it may be difficult to prove.
Are you a personal injury victim anxiously waiting for your case to settle? Visit site http://www.woodbridgepresettlement.com or call us at 1-800-401-4026. |
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