If you’re planning on filing a court case but are wondering how to pay for your legal fees, you can either crowd fund, go for legal settlement loans, ask for a payment plan, or reach out to charities for help. Keep reading to learn more.
Crowd Funding
Crowd funding is one of the best ways to pay for legal fees. You will be able to get well-wishers, and the general public to help you pay your lawyer. Just make sure that you describe your situation well. You might not be able to get that much funding, otherwise.Also, get friends and family to share the link to your crowdfunding account. You will be able to raise more funds this way.
Payment Plans
Some law firms offer special payment plans for clients. You will be able to pay back your legal fees in installments, across a couple of months or years. Just be mindful that some law firms have more flexible plans than others. To take advantage of this, do your research before settling on a lawyer to work with.
Settlement Loans
If you’ve filed a personal injury case, you can look into legal settlement loans too. Basically, a bank would lend you money, but they would be entitled to your whole settlement when you win it. This is one of the best ways to pay for legal fees in our opinion.
But here’s the deal – not all banks offer legal settlement loans. Be careful and choose the lender that you’re going to be borrowing from carefully too – you might get hit with high interest rates otherwise.There is something to know, though. If you need a large sum like $20k cash, you probably won’t be able to borrow it this way. The amounts that you can borrow tend to be on the smaller side.
Personal Loan
If you don’t want to go for a settlement loan, that’s alright. You can opt for a personal loan instead. It’s one of the most popular ways of borrowing. But once again, be mindful of the bank or finance company that you work with. You might get hit with pretty high interest rates if you’re not careful.Just remember that compared to legal settlement loans, you might not be able to borrow that much.
Charities
There are several charities that you can reach out to for help. Most likely, your local bar association will have a list of legal aids that you can contact.
Legal Expense Insurance
Not many people know this, but legal expense insurance exists. It’s a special insurance type that will cover lawyer and court charges.
You probably won’t have to buy it, as it might be already attached to your property insurance, or car insurance. Contact your insurer and ask about it. Of course, if these policies don’t include legal expense insurance, ask whether buying it would be possible.
If you’re struggling with paying legal fees, there are several methods you can try, like doing your research on legal settlement loans, crowd funding the payment, and more.
