Borrowing Against Your Claim

I have to tell you about one of the things that is the most miserable things we deal with in a personal injury case. Companies out there who want to lend you money against your claim. I’ve seen it too many times and it’s understandable, people run into financial problems as a result of an accident or being laid up as a result of malpractice. I know that sometimes you cannot work. Sometimes there are ongoing medical problems and you’re financially strapped. But, I have to warn you, whether you’re one of my clients or the client of any other attorney out there, do not borrow money from companies willing to take a lean on your personal injury claim.
A lean means that they attach their loan to that personal injury case and when your case is settled they’re right there like the buzzard ready to pick that settlement clean. Now you might think, ‘well they were good enough to offer me money so why not borrow it’? I’ll tell you why not, because the interest on that is astronomical.
You may think you’re only borrowing a thousand or two thousand dollars. But six months, a year or two years later when your settlement comes through you may find that the one thousand dollar or two thousand dollar loan, has now become a ten or twelve thousand dollar payback!
Think I’m exaggerating? Talk to some of the people you know that have been involved in some kind of a claim that have in fact borrowed the money and you will hear the stories from them of how terrible the amount of interest is they had to pay. Believe it or not, in the state of Florida it is absolutely legal for these companies to do that.
I’m warning you, do anything you can to avoid these companies. Go to your credit union, go to a bank, go to your mother or father or your cousin or your sister or some friend to help you out. But do everything you can to avoid these companies that want to take advantage of you during a very difficult time.
We can help you make those decisions. If you have any questions call us. We can help. Call us now. Our toll free number is 800-332-1992 or email us at info@qlaw.com. Check out our latest podcasts on iTunes for free at
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