On average, it takes two to four weeks to receive your car accident settlement money or judgment award after it goes through court.
But lawsuits don’t come cheap. What are you supposed to do if you need that money sooner? You may be able to request a cash advance in Singapore that will help you hold onto it until the rest of your money shows up.
Cash advances in Singapore can be an expensive way to borrow money, even more so than regular purchases with the same credit card.
When should you consider a cash advance?
Cash advances can be an important source of funds in an emergency. While it’s not a good idea to use cash advances on a regular basis, you might use them if you need money and can’t charge your credit card. However, always be sure to consider all of your options based on cost.
Why are cash advances so expensive?
It’s a good idea to review your credit card agreement to make sure you know the rules and fees. Here are some of the costs to consider:
- You will pay a transaction fee for credit card cash advances.
- The APR for cash advances in Singapore is often higher than the APR for credit card purchases.
- Cash advances often begin to accrue interest upon withdrawal, meaning they have no grace period.
How to Get a Cash Advance
To improve your chances of getting a cash advance in Singapore, you need to take a few steps. Make sure you have a qualified attorney, then follow the advice below.
1 – License and accreditation
The first thing you should do is find a lawsuit funding company that provides advances in your state. You can find several options by doing a quick Google search. Be careful as most companies that appear in search results cannot be trusted. Your attorney may also be able to recommend a reputable and well-known company in your area.
After that, make sure the company has the proper up-to-date licenses and accreditations. All businesses must have the necessary state licenses posted on their website (note, however, that not all states require licenses for this type of financing).
They should also have a contact page that lists their office locations. Also, those office locations must be in public office buildings. You can also ensure their legitimacy by looking them up at the Ministry of Singapore.
The most important thing to remember is that reputable financing companies do not offer guarantees on their websites. They can’t give you money until they get your lawyer’s approval, so they shouldn’t promise you anything before that.
If so, find another company.
2 – Recognition of unreliable financing companies
As you research different companies, be on the lookout for any of these warning signs. A suspicious financing company will:
- Guarantee the lowest rates in the legal financing industry
- They claim they make loans for lawsuits in all 50 states
- Use the term “loan” instead of “financing”
- Have the words “demand loan” in your business name
- Having a fake office address on a house or apartment or even a mailbox store
- they will lie to you
Most likely, you will not be able to trust this type of financing company and you will end up losing money in the long run.
3 – Do all the necessary prep work
If you want to get the largest possible cash advance in Singapore, you will need to cooperate with your attorney. At all times. If your attorney asks you to undergo a medical exam or medical treatment, keep all of your doctor’s appointments on specific dates.
All of this paperwork will serve as evidence for your case and support your case in or out of court. This will improve your chances of getting a favorable settlement or trial award, something that will increase your chances of being approved for an advance.
4 – Be transparent about your case
Never try to hide information about your case from the financing company. You may think this will make your case look more favorable to the company, but it will probably hurt you.
Be honest with the details. As long as you listen to your attorney and provide all the correct documentation/evidence, the company will be able to see your chances of success for themselves.
5 – Receive your funding
Make sure your attorney reviews the financing agreement. In addition to you, they will need to sign and initial the document before you receive your money.
While they may not be there with you in person during this step, you should not proceed with funding until your attorney gives you the go-ahead to do so.
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