Sergeant Joe Friday, the dedicated Los Angeles police detective from the TV crime drama Dragnet, is know for the catchphrase “Just the facts, ma’am”. Clients want the same – “just the facts” of the case – when reviewing a lawsuit funding application.
Most plaintiffs involved in lawsuits are not familiar with lawsuit funding, a cash advance against their pending claim to help pay bills and avoid debt during the lengthy litigation process. Therefore, Lawsuit Financial is providing “just the facts” every plaintiff must know before determining if lawsuit funding is right for their case.
1. Lawsuit funding is NOT a loan. The transaction with a legal funding company is on a non-recourse basis meaning that the cash advance is only repaid if, and when, the client receives a favorable cash settlement award. Repayment is made from the settlement award at the same time the proceeds of the claim are paid to the plaintiff. If the plaintiff loses their case, they do not repay the funded amount.
2. The lawsuit funding company NEVER becomes involved in the lawsuit. They only involvement is to initially review case documentation in order to determine if the case has merit and a cash advance can be provided.
3. Lawsuit funding is not based on credit score or employment history.
4. There are no up-front fees or monthly payments. Nothing is owed until the case successfully settles.
5. Lawsuit funding gives a plaintiff’s attorney more time to fight for fair compensation, avoiding a low settlement offer due to financial hardship.
6. Lawsuit funding is costly therefore a plaintiff should consider other options first. When the litigation process causes financial burden, lawsuit funding can be a practical solution.
7. If approved, funds can be available for immediate use within 24 – 48 hours. The money can be used for anything, but is typically used to pay bills, mortgage and car payments, medical expenses, or funeral and burial expenses.
Now that you have “just the facts”, if you have additional questions or wish to apply for lawsuit funding, call our office at 248-702-6022 or visit us online.