If you’ve been injured and are involved in a lawsuit, you may be finding that the expenses far outweigh your financial resources. Lawsuits are expensive; you may be unable to work due to your injuries, and the medical expenses are through the roof. Pre-settlement funding allows those who qualify to get a portion of their expected settlement now, when you need it most. Settling for what the insurance company offers is not advised, as most only offer a fraction of what you are entitled to. Litigation funding lets you pay your bills and live comfortably, allowing your attorney to fight a strong legal battle on your behalf. How does pre-settlement funding work?
The majority of the work is handled between your attorney and the litigation financing company. An application is submitted regarding the details of your lawsuit, the accident, and your resulting injuries. You and your attorney will sign off on the application, then submit for approval, which generally takes 24 hours or less. If approved, you will receive your money immediately, often the same day. With pre-settlement funding, you will not be asked for information regarding your employment status, credit rating, or about any other personal information.
You are at no risk with this process, because it is non-recourse. This simply means that you only repay the funding company if you do win your lawsuit and are awarded a settlement. If you do not win, you do not repay the advance. It’s as simple as that.
In addition, there are no upfront fees or out-of-pocket expenses to worry about. At the time you repay the advance after receiving your settlement, you will pay a small fee and interest. Again, if you do not receive a settlement, you owe nothing – no fees, interest, etc. Pre-settlement funding is the quickest way to get money you need immediately, without putting yourself at risk financially. The money can be used to pay household bills, medical expenses, attorney costs and more.
There is no collateral involved with pre-settlement funding; in effect, your pending settlement is your guarantee of the loan. Litigation funding companies only approve solid lawsuits that are likely to be won, so they feel comfortable they will be repaid before approving the advance. Frivolous lawsuits will not be considered for a loan.
Is pre-settlement funding something you and your lawyer should consider so that you can have the money you need to live until the time your lawsuit settles? Only you and your attorney can determine the answer, but it is definitely worth discussing. Learn more online, and talk to your lawyer right away. You do not have to live on a shoestring while awaiting your settlement – qualifying is easy.