1:20 p.m. - 2006-03-07
Lawsuit Loan Dictionary/Definitions
Beacon Legal Finance has expanded our first of its kind lawsuit loan dictionary to help consumers better understand the technical aspects of lawsuit loans. In a lawsuit loan, a plaintiff receives a cash advance in exchange for paying a portion of the future cash proceeds of the plaintiff’s legal settlement. To understand this new type of consumer finance, plaintiffs need to be familiar with the terminology in both the legal and financial fields, but until now have been unable to find a single dictionary on the Internet that explained concepts and terms for both the law and finance. To make the growing litigation finance market more transparent, Beacon Legal Finance has developed and updated a free lawsuit loan dictionary as a service to the consumer. A plaintiff may access the lawsuit loan dictionary at the following link: http://www.legalfundingdictionary.com/

Here is a sample of the new terms added to the lawsuit loan dictionary:

Damages, noun: (1) money awarded to a party in a personal injury lawsuit as reparation or repayment for the loss or injury for which another is liable or responsible. Lawsuit loan example: to receive a lawsuit loan, the plaintiff’s attorney will have to provide information on the plaintiff’s claim for damages. See lawsuit cash advance, lawsuit funding, wage damages, medical damages, pre settlement funding and lawsuit loan.

Default, verb: (1) fail to perform a duty such as the failure of a borrower to pay principal or interest on a loan when it is due. Lawsuit loan example: a plaintiff can only default on a lawsuit loan if the plaintiff’s case settles for enough money to pay principal and interest on the loan but the plaintiff’s attorney fails to pay the lawsuit loan company. See lawsuit loan, loan, pre settlement funding, lawsuit funding and lawsuit cash advance.

Document Preparation Fee, noun: (1) fee charged to a borrower by the lender for the cost of preparing contracts for the loan. The document preparation fee is usually subtracted from the money that the borrower is supposed to receive. Lawsuit loan example: when comparing pre settlement funding companies, a plaintiff should make sure they know if the pre settlement funding company charges a document preparation fee when determining the total cost of the lawsuit loan. See lawsuit loan, fee, pre settlement funding, lawsuit funding, application fee and lawsuit cash advance.

Beacon Legal Finance is a leader in the litigation finance industry. Beacon Legal Finance is an affiliate of Lawsuit Cash Advance and is found at www.beaconlegal.com. For questions about pre-settlement funding (also known as a lawsuit loan, lawsuit funding or lawsuit cash advance), call toll free 1-800-781-0777.

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