Defective drugs harm thousands of Americans each year, leading to lawsuits against negligent manufacturers. If you were injured by harmful drugs and are waiting on a settlement, a defective drug lawsuit loan can reduce your financial stress.
However, it can take months or even years before you see money from your settlement. A lawsuit loan from High Rise Financial can give you early access to your settlement funds. Then, when you have to pay your bills, you will have the freedom to negotiate for a larger settlement.
What Is a Lawsuit Loan?
Instead of waiting to get money from your defective drug settlement months or years from now, a lawsuit loan can give you that money today. Even though it’s called a lawsuit loan, this funding doesn’t pose the same risk to you or your personal finances as a traditional recourse loan.
Pre-settlement legal funding is non-recourse debt, so your personal assets can’t be used to repay it if you lose your case. Unlike other financing options, the only collateral you will need to obtain a lawsuit loan is your settlement itself.
There is no credit check for pre-settlement legal funding, as your assets can’t be used to repay the money you receive. All that matters in your application for legal funding is the quality of your settlement case.
How a Lawsuit Loan Can Help
Defective drug claims can take months or even years to settle. While your lawyer is putting together evidence and arguing with the other party’s attorneys, you still need to support yourself and pay for the damages that you’ve suffered.
The insurance company’s first offer might be tempting to take because it’s quick and pays for some of your damages. However, the first offer that they give is often lower than you actually deserve, and by going through the process of hiring a lawyer, waiting for them to resolve your case, and getting the money that you’re owed.
Legal funding for a defective drug lawsuit can free up enough funds for you to live and avoid the crippling debt that you might be facing. This makes it easier to jump through the hoops that you might have to for your claim and pay for a solid lawyer and hold out for the right compensation.
How Much Can You Get from a Lawsuit Loan?
In general, lawsuit loan companies only give around 15 % to 20% of clients’ expected settlement. That’s because most clients want to get a fair amount of money when they receive their settlement and not take it all before their case is resolved. If you borrow too much, even basic interest rates could take away all your settlement money.
However, in some cases, we do allow clients to borrow more for their pre-settlement funding. This will take more negotiation than regular legal loans do, and your attorney may object. If you decide to have your whole settlement bought out, you won’t be able to collect any money when your case settles, and ultimately could get less money than if you only partially sell it out.
Drug Manufacturer Liability
All pharmaceutical manufacturers have a duty of care to bring a safe product to the market. If they breach this duty, you can file a product liability lawsuit against the manufacturer to seek compensation for the damages you incurred as a result.
For example, manufacturer negligence in testing, creating, marketing, or distributing their product could create unsafe conditions for you, the consumer. You might be able to sue if you took medication that:
- Caused unexpected side effects that they did not warn you about
- Was a different dosage than what was specified by the manufacturer
- Was tainted with other substances that should not have been present
- Was produced or distributed by the manufacturer after a federal Food and Drug Administration (FDA) recall
The economic and non-economic damages that the drug manufacturer caused could be recovered through a settlement or a lawsuit. Even if a company is liable, though, it could take a long time to get them (or their insurance company) to pay you.
How Much Pre-Settlement Funding You Can Receive
The amount of your defective drug loan will depend on how much compensation you expect to receive in your settlement, also known as your case’s value. We fund approximately 10 to 20% of your case’s value, up to $1 million.
To determine your case’s value, you will need to calculate the total damages you experienced because of the defective drug. Then, you can sue the drug manufacturer for repayment of economic losses that are easily measurable and non-economic losses that are more subjective.
For example, you could seek compensation for any of the following:
- Doctor bills
- Medication expenses
- Past and future rehabilitation
- Lost wages if you are unable to work
- Pain and suffering
- Adaptive equipment to accommodate for physical disabilities
- Treatment for other medical conditions that emerge because of the defective drug
How to Qualify for a Defective Drugs Lawsuit Loan
Since a lawsuit loan is a form of non-recourse debt, the qualification process differs from a typical recourse loan. For instance, your credit history and personal assets aren’t considered for your application. All that matters when applying for legal funding are the following:
- Whether or not your lawyer agrees to receive legal funding
- The quality of your case
Your defective drug legal funding repayment will come solely from your settlement. That’s why the specific circumstances of your case are the only criteria we consider when processing your application and determining how much money you’ll receive.
Since your lawyer’s cooperation is crucial to the legal funding process, they must also agree to the terms of your contract. Unfortunately, we can’t fund your case if your attorney doesn’t sign off on your request for legal financing.
What Expenses Can a Defective Drug Lawsuit Loan Cover?
If you’ve suffered harm from defective drugs, you could face mounting bills as you recover. Your expenses could be exceptionally high if you’ve lost income or had to seek medical treatment due to the drugs. Lawsuit loans can be used to cover any costs that you might face as you await your settlement, including the following:
- Medical bills
- Rent or mortgage
- Childcare expenses
- Groceries and utilities
- Car payments or replacement
- Vehicle and property repairs
Once you receive your money from a defective drug loan, it’s yours to spend however you see fit. There aren’t any restrictions on how you can use the money, and you have no obligation to repay it if you lose your case. Your attorney will repay your legal funding from your settlement proceeds if you win.
Get a Lawsuit Loan for Your Defective Drug Settlement Case
High Rise Financial is a leading lawsuit loan company that offers legal funding to clients nationwide. We’ve made our application process fast and easy, so our clients can get up to $1 million in funding in just 24 hours or less.
We offer low, simple interest rates, protecting our clients from the unexpected, exorbitant fees they may face with other companies.
We know how hard it can be to fight for justice for yourself and your loved ones. That’s why we want to provide you with the resources you need today to fight for the maximum value of your settlement. Contact us today to apply for legal funding or determine if your case qualifies for a defective drug pre-settlement loan.