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What are Settlement Loans usually used for?
Most clients use these funds to help with daily living expenses, past due bills, , rent/mortgage payments and other financial obligations. We do not restrict how you use the funds, however we strongly discourage borrowing against your claim for discretionary purposes, such as vacations or big ticket items.
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What type of claims are eligible for a settlement loan?
If you have a personal injury litigation claim, and are represented by a lawyer you may be eligible for a settlement loan against your case. If you have been involved in a motor vehicle accident, slip and fall, sporting injury or have a claim involving long term disability, wrongful death, sexual assault, institutional abuse or animal attack, please contact CaseMark to talk to one of our specialized case assessors.
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Do you require a home, vehicle or other assets as collateral for the loan?
No, we do not generally require any collateral against the settlement loan. Your loan is secured against the future proceeds from your legal claim.
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Will my credit history or income affect my ability to obtain a loan?
No. Employment verification, income verification and credit history are not factors we consider for approval of a loan. We evaluate you case based on it’s merits and potential outcome.
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What if I have previously declared bankruptcy?
If you have previously declared bankruptcy or are currently in the process, we are usually able to structure our loan in a way that will be beneficial to you and allow us to be repaid. Each case is evaluated independently and we encourage you to apply.
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What is the difference in the cost of borrowing between CaseMark and other settlement loan companies?
CaseMark offers a unique drop down in the interest rate at the two year mark, making the cost of borrowing among the lowest available in Canada. Unlike other settlement loan companies, we do not charge annual fees or additional discharge fees other than a $250 administration fees. We have no affiliation with any pay day lending companies and our interest rate DROPS down at the two-year mark. We take an individualized and holistic approach to each applicant.
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How much can I borrow?
We assess each file individually to ensure that the amount you borrow does not negatively affect the amount you receive when your case resolves. Our loans are intended to alleviate the financial pressures you have as a result of being injured and to allow your lawyer the time needed to fairly resolve your case.
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How long does it take to get a loan?
Once we receive the requested information from your lawyer, we can approve your loan within 24 hours. The funds are transferred directly into your bank account the same day that we receive the signed loan document .
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How does the loan get repaid?
Your loan is repaid when your case settles. You do not have to make any monthly or interim payments until your case is resolved. Your lawyer will issue repayment directly to CaseMark, after legal fees and disbursements are paid.
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Can the interest be recovered from the at-fault party?
Our experience shows that in some cases, legal counsel is able to recover interest costs from the defendant. This means you may only have to repay the principal from your settlement.
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Are you a referral service or the actual lending company?
CaseMark Financial Inc. is the actual lending company and does not refer your case to other lenders. Some companies advertise as settlement lending companies and charge extraordinary fees in addition to the interest on the loan to compensate for the referral service.
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Why can’t my lawyer just lend me the money?
Current laws and regulations prohibit lawyers from advancing funds to their clients. Such services are provided by external providers such as CaseMark Financial.
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What is a staged loan and what are the benefits?
Staged loans differ from lump sum loans as they are advanced in intervals, usually on a monthly basis. A staged loan gives you the security of knowing that certain financial obligations will be taken care of with a monthly advance. A staged loan offers significant interest savings as the interest only starts accruing on the portion of the funds when they are advanced.
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How is a settlement loan different from other loans?
Most other loans such as lines of credit, personal loans and credit cards require minimum monthly payments as well as income verification and credit history. Traditional lenders also require the loan to be repaid and will impact your credit score. CaseMark’s settlement loans are based solely on the merits of your case and the only security we take is in the future proceeds of your settlement.
