What Are the Benefits of Lawsuit Funding?
The cost of a personal injury lawsuit can be devastating for a plaintiff especially if the defendant refuses to pay up. Some plaintiffs might end up waiting months for the court to reach a fair settlement. In the meantime, they have to pay the medical expenses associated with their injuries; expenses that shouldn’t have been incurred in the first place.
This is where pre-settlement funding comes in. Pre-settlement funding, post-settlement funding, and lawsuit funding refer to non-recourse cash advances that are provided to plaintiffs who need cash while they wait for their lawsuits to go to trial or settle. Settlement advances makes it possible for a litigation client to receive funding in order to cover everyday expenses such as medical bills, living expenses, and other requirements during the time it takes for the lawsuit to resolve.
Lawsuit Funding is Not a Traditional Loan
Unlike traditional loans, the funds that are acquired through litigation financing are non-recourse. Non-recourse means that you owe nothing if you lose your case. It’s that simple.
Financial Qualifications Do Not Apply
This is where litigation financing sets itself apart. Unlike other companies that specialize in traditional lawsuit settlement funding solutions, our funding sources do not require that a credit check be done before approving litigation financing or funding. Proof of employment isn’t required either. This is because the repayments that are related to litigation funding solutions are not based on your assets or income but the strength of your case.
Also, since the repayment is a one-time deal, you are spared from having to pay the amount in the form of monthly payments. This is because you repay the money in a single remittance that comes directly from the proceeds after your case is settled.
Legal Funding Benefits Plaintiffs
Of course, litigation funding covers more than funding for a personal injury claim. Our sources can provide funding to benefit anyone who is a plaintiff in a strong case and needs money to cover expenses until their case is resolved. Because your eligibility is based on your case, your credit and employment history are irrelevant. Because you only pay back your advance plus a fee if you win, our funding sources can help you over a financial hurdle, with no added stress.
If you are injured in an auto accident, you will probably incur medical expenses. These are in addition to the household expenses and mortgage or payments that you already have before the accident occurred. You may file a lawsuit against the person who caused the accident in an attempt to have your medical funding reimbursed. If your case has the potential to be decided favorably, our network of sources can provide immediate cash to tide you over until the case reaches a verdict.
Litigation Funding in a Wrongful Death Case
It can be hard to cover legal expenses and your daily cost of living during wrongful death cases. Both parties typically refuse to concede in situations such as these, which is why such cases often last for months and even years. Our legal funding solutions provide you with a variety of long and short-term options to cover monthly or immediate expenses during your proceedings.
Legal Funding in a Pedestrian Injury or Other Injury Case
Here is how a typical pedestrian injury case might play out:
Suppose a pedestrian crosses the street while the light is red, and he gets run over by a speeding motorist who runs through the traffic light. The pedestrian now has to deal with several injuries, such as a broken collar bone, tail bone, and multiple rib fractures. He had used up all of his medical leaves before the accident occurred and now has to take time off from work and pay for the medical expenses out of his own pocket. That is unless he wins his lawsuit against the speeding motorist and uses the settlement to reimburse his medical expenses. The problem is that his living expenses can’t wait, and he also has mouths to feed. He chooses pre-settlement funding to finance his expenses until the trial is over.
Slips and Falls are Common Accidents that Receive Funding
An individual who slips or falls on another person’s or organization’s property has the right to sue the property owner for failing to prevent such hazards from happening. Of course, this also means that slip and fall cases have the potential to be more complex and last for longer than typical injury cases. They can include everything from property negligence to insurance benefits and can take quite a while to sort out.
Plaintiffs in these cases can acquire litigation financing (provided that his/her state allows it) in order to make up for loss of income, medical or living expenses during the legal proceedings.
However, this form of financing carries a big risk for the lender. Remember, if you lose the case, the lender loses the money. It is this non-recourse nature of the funding which makes litigation funding an expensive option for plaintiffs who qualify. Some plaintiffs only consider it as a last resort. We recommend that you look into other available financing options for your case before committing to litigation financing.
Lawsuit settlement funding solutions can provide cash advances in most states throughout the country. However, not all the case types mentioned above will be eligible according to the laws of your particular state. It’s best that you find out if the legal system in your state allows you cash settlement advances in your particular case before you do anything else. We can help you make this determination.
Contact us to find out if you qualify for pre-settlement funding for your particular case. Apply now or inquire online for more information about our lawsuit settlement funding solutions.