For personal injury or accident victims with pending lawsuits that are facing financial instability, lawsuit funding is an important instrument that can help them get the immediate funds they need. However, it can be challenging to understand the procedure for applying for lawsuit funding and how it operates. Still, if you do some research and gain better knowledge, you can make an educated selection about whether or not it is appropriate for you.
Eligibility Requirements for a Lawsuit Loan
Knowing the standards for obtaining a lawsuit loan might help you determine whether or not to pursue a lawsuit loan. You need to have:
- Been the victim of someone else’s negligent or malicious behavior, resulting in physical or emotional harm.
- Sufficient proof to establish the other party’s fault. Put another way, you’ll have to show that it wasn’t your fault but the defendant’s acts that led to your injuries.
- A professional lawyer who is representing you. You can file a personal injury lawsuit without a lawyer, but doing so reduces your chances of success; only cases involving attorneys are usually considered for financing.
- A lawyer who is open to accepting funds through a legal financing service. Your application might be rejected if your lawyer is unwilling to sign the agreement.
- One who takes cases on a “contingency” basis. They will not charge you any money in advance and will only be compensated if you win.
- A defendant who has sufficient means to pay for your damages.
To apply for free, call (877) 735-0016
8 Essential Tips for a Successful Legal Funding Application
The legal procedure may be time-consuming, stressful, and costly. Therefore, there is always a growing need for creative financing solutions. Before you get started with the process, however, it is essential that you make the correct decision on what option to pursue. If you need lawsuit funding, consider these eight helpful tips.
Listen to Some Advice
Even a little upfront expenditure can provide significant savings down the road. A wide range of lawsuit funders is available, each with its own size, risk tolerance, and pricing structure. To improve your chances of being funded, performing some background study on potential funders is a good idea.
Determine Your Goals
Get everything in order before sending in your application. Potential funders appreciate a comprehensive overview of all upcoming costs. An application that includes a “total costs” number may be rejected. Similarly, “$75,000” will not be accepted if it is the only number provided. Potential litigation costs must be itemized for investors, from pre-litigation to settlement negotiations. Know ahead of time how much money you’ll need for each phase of the legal process.
Examine Your Options Thoroughly
There is a growing need for lawsuit financing. Investors are now actively seeking opportunities to focus on certain classes of conflicts across industries. If you’ve succeeded with one application before, don’t assume there isn’t a better one that meets your specific demands.
Be Supportive and Respond To Queries
It’s possible that the time constraints of litigation make litigation funding even more stressful. Ensure you promptly reply, advise, answer, and deal with any inquiries from the funders. Even if you’re the customer, remember they’re doing you a solid by providing a service or investing in your case.
Get Detailed Guidance
Get a lawyer’s opinion and then proceed with caution. Determine how much you think your claim is worth before filing it. Your lender will want to see the possible recovery from these calculations, which may require the assistance of professionals or accountants before they offer cash. The financiers are making an investment and need assurances that their money will be profitable. Your claim will be given more weight if you provide an expert’s or accountant’s assessment of the loss or claim value in your application.
Ask for Feedback
If your application is denied, make sure to find out why. If one potential funding company turns down your request, that doesn’t imply anyone other will. Your future application efforts may only benefit from any comments that are given. Even if your application is approved, you should still seek input before moving forward with litigation. Getting a second opinion on your case’s strengths and flaws is helpful.
Keep the Overall Picture in Mind
Saying “See you in court” might come back to bite you. There is a provision for settlement in many financing agreements. So, be accommodating to offers. Even if the defendant is unwilling to pay the whole sum, you should still try to reach a settlement. Don’t waste the litigation financing like it’s your business’s own money. Don’t forget to include in the costs of going to trial, both now and in the future. There’s no use in spending another $10,000 on legal expenses to get $5,000 back in damages.
The more promising a case appears to be, the more likely it is to receive generous financing proposals. Consider the risks involved and think outside the box to find strategies to improve your case’s chances of victory. Bring the funder’s attention to these problems and explain how you intend to solve them. Following these procedures, you should receive more competitive financing proposals.
If, at first, you don’t succeed, don’t give up! In most cases, your chances of success with a second application submission improve if you follow the advice we’ve given above. Resubmit your applications after taking into account the funders’ comments and questions.
Call High Rise Financial for Risk-Free Lawsuit Funding Today!
If you need money right now to pay bills, settle debts, and achieve financial stability before your case concludes, applying for pre-settlement funding may be right for you. Reach out to us at High Rise Financial today to know more about our various lawsuit funding options. You can call us on (866) 407-6404 to start your application for legal funding.