A personal injury can leave victims in financial ruin, but pre-settlement funding can help plaintiffs wait for justice.
All too often, plaintiffs with a legitimate claim face powerful insurance companies or large corporations with deep pockets to withstand the litigation process. On the other hand, plaintiffs have fewer resources, and if seriously injured may be faced with considerable medical expenses, lost wages, and other financial burdens. Powerful defendants know this and will purposely deny, delay, and defend a claim as a way to put extra monetary burden on plaintiffs. When this happens, plaintiffs might be influenced to settle quickly and for less than case value. Often times, pre-settlement funding can help plaintiffs obtain justice they deserve.
What is pre-settlement funding?
Pre-settlement funding is a cash advance that provides plaintiffs in the pending lawsuit emergency cash against the expected proceeds of their settlement.
Who can apply for pre-settlement funding?
Any personal injury victim who has retained an experience attorney and has filed a personal injury lawsuit can apply for pre-settlement funding.
When should a plaintiff apply for pre-settlement funding?
Typically, plaintiffs will apply for pre-settlement funding when a case is long and drawn out and there is an immediate financial need.
Why should a plaintiff apply for pre-settlement funding?
A plaintiff should consider pre-settlement funding when the case is long and drawn out, the bills are piling up, and there is no other sources of cash — savings, family, friends, etc. — to tap into.
How does the funding company determine if a plaintiff can obtain pre-settlement funding?
Once a plaintiff applies for pre-settlement funding, the funding company will contact the plaintiff’s attorney for case documentation. The only requirement for approval is a case with merit. If the case is deemed to have merit, funds will be awarded based on case value. There are no credit checks or employment verifications.
How can pre-settlement funding be used?
Pre-settlement funding can be used for anything the plaintiff deems fit, but is typically used to pay the essentials — medical expenses, mortgage or rent payments, tuition, auto payments, groceries, as well other necessities.
Why can’t plaintiffs apply for a traditional bank loan?
Most traditional banks will not provide a loan against a lawsuit. Additionally, banks require monthly payments, credit checks, and employment verification, as well as the promise to pay back the loan whether or not the plaintiff wins the case.
When is the funding company paid back?
Once the legal proceeding is finished and a settlement has been reached, the funding company is repaid from the proceeds of the lawsuit.
Can plaintiffs prepay the cash advance?
Plaintiffs can pay back the cash advance at any time prior to settlement without penalty.
What if the plaintiff loses the case?
Because pre-settlement funding is provided on a non-recourse basis, if the plaintiff loses the case, the lawsuit cash advance is completely waived.
With a lawsuit cash advance in hand, plaintiffs can avoid debt and jeopardizing their credit, stay financially afloat, and provide time for their attorney to obtain a larger, fairer settlement. If you are in a pending personal injury lawsuit and seeking financial assistance until your case settles, consider pre-settlement funding. Call for more details or apply online.