What All Plaintiffs Should Know About Lawsuit Funding
Most plaintiffs involved in a personal injury or wrongful death lawsuit struggle financially to make ends meet. Many have missed work or lost their job and can no longer meet their regular household expenses. On top of the already mounting bills may be medical and/or funeral expenses. Sustaining a lawsuit for years is almost out of the question because insurance companies and big corporations have deep-pockets to deny, delay, and defend. In order to level the playing field, a plaintiff needs to “buy” time.
Litigation funding helps plaintiffs get relief from financial pressure so he/she does not have to settle early. Here are answers to the most typical questions from plaintiffs regarding lawsuit funding.
Who is eligible for lawsuit funding?
If you are a plaintiff, involved in a personal injury or wrongful death lawsuit resulting from an auto accident, medical malpractice, slip and fall, traumatic brain injury, workers compensation (not in all states), etc.; and if you are represented by an attorney, you may be eligible for a lawsuit cash advance on your pending settlement.
How will a lawsuit cash advance help my case?
Insurance companies and big businesses love to play the waiting game. Their goal is to deny, delay, and defend in hopes that the plaintiff will accept a less than fair settlement. If a plaintiff needs cash now to pay the mortgage, medical expenses, etc., he/she may consider the low-ball offer. Lawsuit Financials’ funding service is designed to make you more money. The idea is to assist the plaintiff with their expenses so the attorney and plaintiff can wait out the long process of settlement, and not be taken advantage of by the insurance companies unlimited stall tactics.
Do I need to be employed and have a good credit history?
No. Employment history and good credit is not a factor with Lawsuit Financial. Our pre-settlement funding is based solely on the merit of your case.
What are the up-front fees and monthly payments?
With Lawsuit Financial there are NO application fees, processing fees, or monthly payments. The only payment you make is if, and when, you settle your case. If you lose the case, you do not repay the advance. Do not use funding companies that require upfront fees and/or monthly payments.
Why not just get a bank loan?
Traditionally, banks and finance companies do not provide loans solely on the merits of a lawsuit; they deem it too risky. If you qualify for a bank loam, you must put up valuable assets. If you lose your case, you lose the assets. With Lawsuit Financial, the money is forgiven; you pay nothing back.
Is it a lawsuit “loan”?
No, litigation funding is not a “lawsuit loan”. It is a non-recourse cash advance on the future value of your case. Unlike a loan, if you lose your case you owe nothing, not even the cash advance. Lawsuit Financial takes all the risk.
How long will it take to receive funds?
The first step is to complete and submit an application online or via phone. If approved, the money can be provided within 24 – 48 hours.
How is the lawsuit cash advance paid back?
The lawsuit funding is repaid from the settlement of your case at the same time the proceeds of the claim are paid to you, the plaintiff.
Can I use the money for anything I want?
Yes, but it is recommended that the funds be used only to pay necessary expenses, such as medical bills, mortgage payments, car payments, education expenses, and other important bills that can’t wait.
How much money can I borrow?
There is no limit to a cash advance with Lawsuit Financial; it is based strictly on the circumstances of your case.
What if I need more money later?
Lawsuit Financial may be able to advance you more money, but approval is contingent on the strength of your case.
Will I have to sign a contract? What about my attorney?
Yes. If approved, you will need to sign an agreement; your attorney will need to acknowledge the agreement. This obligates you to repay the cash advance only if you win or settle your case.
Will the litigation finance company be an active participant in my case?
No, the funding company has no role in the pursuit of your case. Their only involvement is to review the case and determine its chances of success.
Lawsuit funding empowers plaintiffs; there is no reason to settle for less than case value. If you have questions that were not addressed or would like to apply for litigation funding, contact Lawsuit Financial online or by phone. Our experienced consultants will be happy to assist you.