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You may have a solid personal injury lawsuit; however, any sign of a settlement or judgment is likely a long way down the road. As your case drags on and bills go unpaid, your finances may take a hit. So, what can you do?
There are other options for getting financial help during your lawsuit. However, your savings and 401k will last only so long, and traditional bank loans may be more challenging to obtain. Plus, they must be paid back whether you win your case or not. Your best option may not be a loan at all but a financial product called pre-settlement funding.
What Is Pre-Settlement Funding?
Put simply, pre-settlement funding offers a risk-free alternative to other financing models, including medical loans, bank loans, and lawsuit loans.
They are non-recourse funding instruments that allow you to collect money against your anticipated remuneration in your civil lawsuit. You receive your cash ahead of your settlement. That money, plus simple interest and fees are then deducted from your compensation when you receive it.
If you fail to recover a settlement, you can keep the money. In addition, your cash infusion bolsters your legal position, allowing you to remain financially solvent while your team builds your case.
To apply for free, call (877) 735-0016
How Much Money Can I Get?
Most clients receive funding for up to $1,000,000 for cases that warrant it. Factors that may impact your potential lawsuit financing amount include:
- The total damages you suffered in your case
- The time your lawsuit is expected to take to be resolved
- The compensation amount you are expected to receive
- The amount of fault that is attributed to you
When you sign your pre-settlement financing amount, your paperwork will lay out the terms of your legal financing, including the amount of money the firm can provide for you. Litigation funding amounts typically equate to a percentage of the compensation amount. For example, 10 to 20%; however, this rate is often negotiable.
Why Pre-Settlement Funding Is Better than a Traditional Loan
A primary difference between a traditional bank or credit union loan is how the funding application is assessed. The qualification prerequisites are based on the case merits and probability of victory rather than your credit history or financial circumstances.
Further, when securing a traditional loan, monetary institutions typically go over your application and financial history with a fine-toothed comb. This is because a return on investment is only possible if the borrower is financially accountable and can pay back the money, even if the judgment is unfavorable.
Because there are no credit checks or financial scrutiny, pre-settlement financing applications can get approved and funded faster. This means anyone with a qualifying personal injury lawsuit can receive money to cover their daily expenses while fighting their case. You don’t have to accept the first lowball offer that comes along.
The Advantages of Pre-Settlement Funding
In addition to financing that’s fast and easy to access, pre-settlement loans have advantages that benefit you and your legal team. The most significant advantage is that you don’t have to wait for a jury award or settlement to access compensation the defendant owes you for your injuries.
In addition to fast and accessible financing, pre-settlement loans come with several benefits for the plaintiff and their legal team. The most significant advantage is that the plaintiff does not have to wait for a settlement or jury award to access the money owed to them by the defendant.
Other advantages include:
Assistance with Court Fees If the Case Proceeds to Trial
Your personal injury attorney was likely hired on a contingency-fee-basis. Yet, even if you have no other lawyer fees, lawsuits cost a lot of money to file.
For instance, if your case goes to trial, you will have to cover the additional associated time and fees.
No Usage Restrictions
Another option lawsuit plaintiffs often consider when seeking financing for their bills is a medical loan. Yet medical loans usually come with a high interest rate, and you must use your funds to cover health-related expenses.
Conversely, you can use pre-settlement funds on groceries, rent, car payments, childcare, or anything you choose.
More Time to Negotiate or Litigate Your Case
Because you can use your legal financing to pay for daily needs, you can feel better about pursuing your claim as far as you can. The extra time will provide your attorney with the leverage to negotiate or investigate and prepare for trial.
All of which can strengthen your case, garnering the maximum compensation possible.
Risk-Free Financing
Pre-settlement funding is classified by the IRS as non-recourse. This means you are not obligated to pay back your funds if your claim is unsuccessful.
And because you don’t have to put up collateral to receive funding, your personal resources are not vulnerable to risk the way they would be if you defaulted on an asset-backed loan.
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High Rise Is the Best Option for Help During Your Lawsuit
If you are considering traditional legal or medical loan options for help while you litigate your claim, make sure it’s the right choice for your situation.
Traditional settlement loans’ charges and interest rates can quickly eat away at your hard-fought compensation. Sadly, some plaintiffs wind up owing their lender more than the value of their settlement.
At High Rise Financial, we provide financing that is later repaid from a percentage of your settlement. This means you’ll never owe us more than your financial judgment. And there’s no risk, so if you fail to collect on your damages, you owe us nothing. So, contact us today by filling out our online form.
Call or text (877) 735-0016 or fill out our form to apply today for free.