A lawsuit loan, provides early access to money from a legal settlement. It is not technically a loan, which is borrowed money that you have to repay no matter what. Instead, your legal funding is returned to the financing company only if you are awarded compensation.
Your lawsuit loan application will only be successful if you meet the qualifications for funding, so it is helpful to know these requirements before you apply. For example, you will need an eligible case and a cooperative attorney representing you on contingency.
Qualifications Required to Receive a Lawsuit Loan
Since they only get their money back if you win, legal financing companies are more likely to fund lawsuits with a high probability of success. Therefore, all the qualification requirements for legal funding relate to the details of the case itself.
Your application will only be approved if you meet all of the eligibility requirements, so it is a good idea to make sure you qualify before you apply. For example, you must have:
- Experienced an injury or other damages caused by the actions of another person.
- Strong evidence to demonstrate the other party’s liability. In other words, you will need to be able to prove that it was the defendant’s actions, and not your own, which caused your injuries.
- Representation by a licensed attorney. Although you can represent yourself in a personal injury lawsuit, your odds of success are higher if you have a lawyer, and only cases with an attorney will qualify for funding.
- An attorney who is willing to participate in the legal funding process. Talk to your attorney before applying because your application could be denied if they refuse to sign the agreement.
- An attorney working on contingency. This means they only get paid if you win, and they do not charge up-front fees.
- A defendant who has the financial resources to compensate you for your losses.
To apply for free, call (877) 735-0016
What Types of Cases Do We Fund?
Lawsuit loans are typically available to plaintiffs who file a personal injury lawsuit in civil court. Here at High Rise Financial, we have worked with applicants across a wide variety of cases, including those seeking damages for:
- Auto accidents: Caused by another driver’s negligence if they are distracted, careless, or under the influence of drugs or alcohol (DUI)
- Medical malpractice: When a healthcare provider fails to provide a standard level of care
- Slip and fall: An accident that occurs when the owner or manager of a property neglects to provide safe conditions for their customers or guests
- Dog attack: A preventable incident that occurs when irresponsible dog owners do not secure or control their pets
- Product liability: When a product you purchase does not meet the standards of safety owed to you by the manufacturer
- Workplace injury: An accident caused by an employer’s neglect, lack of training, or unsafe policies
What You Don’t Need to Qualify for Legal Funding
Since legal funding is sometimes referred to as a lawsuit loan, you may think the qualification requirements will be similar to those for a traditional bank loan. Unfortunately, this misconception could deter you from applying, especially if you think you’ll be disqualified by a spotty credit report or inadequate income.
However, since a legal funding application hinges solely on the strength of your case, your personal financial history is not part of the equation. Therefore, we will not:
- Run a hard inquiry on your credit: Credit inquiries can cause a temporary drop in your score, but we do not need to examine your credit history.
- Ask for bank statements: You are not personally liable for the funds we provide, so your cash flow and account balances are irrelevant.
- Demand collateral: Bank loans typically require assets to be used collateral, and you risk losing these assets if you default on your loan. You don’t need assets to qualify for legal funding, and you will not have to expose any assets you do have to risk.
- Require proof of income: Credit card and bank loan applications lean heavily on your personal income, because that is the only way you will be able to make your monthly payments. However, lawsuit loan repayments are taken directly from your settlement so that a lack of income won’t disqualify you.
Qualified Applicants Can Receive Funds Fast
Knowing what you need before applying for a lawsuit loan will allow you to prepare in advance and apply confidently. An applicant who meets all the prerequisites will be approved more quickly, and the funds could be in their account in as little as 24 hours.
Do you need legal funding to help pay bills during your personal injury lawsuit? Then, contact us right away to get started.