When you have been injured because of someone else’s negligence and are awaiting settlement, you may find it’s hard to pay the bills. Pre-settlement funding makes it possible for you to meet your financial obligations and enjoy peace of mind while waiting for your lawsuit to settle. Litigation financing, while it may sound complex, is simply a process of obtaining an advance against your anticipated settlement. It’s your money, and you need it right now; if approved, you can get it within 24 hours!
How much of an advance can you expect with pre-settlement funding if you qualify? Most funding companies give clients approximately 10% of their expected settlement. Even if your claim is only valued at $50,000, you can still get about $5,000 if approved. This would go a long way toward paying those household bills, medical expenses and other costs. Essentially, you want to make ends meet until your lawsuit reaches completion. With litigation financing, you won’t have to worry about creditors harassing you, or even potential bankruptcy.
How do you know if you will qualify for pre-settlement funding? Basically, if you have a strong case it’s likely you will be approved. Because most personal injury attorneys work on a contingency basis today, they will not take a client whose case is considered weak or frivolous, simply because they do not get paid unless the lawsuit is won. If your claim is valid and solid enough that a lawyer will represent you in court, it’s likely that you will qualify for an advance.
Your attorney will submit the necessary information to the litigation financing company so that they can determine if you qualify. The information required pertains only to the circumstances surrounding your injuries (car accident, defective product, medical malpractice, etc.) and your injuries themselves. You will never be asked for personal information such as job status or credit rating. Funding companies simply want to know that you have a strong, viable claim.
With pre-settlement funding, you will never have to pay any fees or payments out of your own pocket. You only repay the advance along with any fees or interest at the time you have your settlement money. If you do not win, you do not repay the loan, or any fees or interest because the process is non-recourse.
Paying the utility bills, buying groceries and providing the fees your attorney needs to fight vigorously on your behalf is now possible with pre-settlement funding. Speak to your lawyer about litigation financing, and rest at ease while waiting for your lawsuit to complete!