
Filing a personal injury claim usually involves a complex and lengthy process. While your lawsuit is ongoing, medical bills and essential living costs will keep accumulating. Thankfully, legal funding can be a reasonable alternative to get the immediate funds you need to pay your bills and achieve financial relief before your case settles. Unfortunately, an uncooperative attorney may hinder you from getting pre-settlement funding or refuse to accept/consent to your application.
Can your lawyer deny you from getting a settlement loan? The simple answer is no. Your lawyer can’t stop you from applying for or obtaining lawsuit loans without any justification. Nonetheless, it is always better to have your attorney’s consent when applying for lawsuit loans to make informed decisions and avoid potential complications. Here’s what you can expect when applying for legal funding and how your lawyer can impact your ability to be approved for it.
- You Must Have a Lawyer to Apply for Legal Funding
- Non-Recourse Legal Funding Means No Risk to You
- Most Lawyers Cooperate With the Pre-Settlement Loan Process
- What If Your Lawyer Refuses to Cooperate?
- How Does a Legal Funding Company Determine Your Pre-Settlement Loan Eligibility?
- What If You Get Denied for a Pre-Settlement Loan?
- How the Pre-Settlement Loan Process Works
- Your Pre-Settlement Loan Amount
- How You Pay Back Your Legal Funding
- If You Lose Your Case
- Apply for a Pre-Settlement Loan Today
You Must Have a Lawyer to Apply for Legal Funding
When you apply for a pre-settlement loan with High Rise Financial, you must have a lawyer representing you. You have the right to represent yourself as “Pro Se” in legal matters, such as a personal injury lawsuit. However, doing so will hinder your ability to obtain legal funding. Essentially, your attorney will need to be actively involved throughout the pre-settlement funding process. For example, they are responsible for:
- Providing details about your case
- Dispersing the funds from your settlement
Reputable pre-settlement funding companies only fund cases where the personal injury plaintiff has a higher chance of getting a successful verdict. Moreover, having a lawyer can improve your chances as well. This is because the litigation funding company will only recover the funds if you win your case.
To apply for free, call (877) 735-0016
To apply for free, call (877) 735-0016
Non-Recourse Legal Funding Means No Risk to You
Legal funding is a form of non-recourse cash advance that provides you with money upfront to ease your financial burden while your civil lawsuit is ongoing. This means the company can only obtain repayment from your settlement, not your personal assets. On the other hand, most traditional loans are recourse debts. As such, the lender has the right to put a lien on your home, your car, or other assets of value – if you fail to repay the loan.
With non-recourse pre-settlement funding, the company offering the funds makes the financial decision and takes on all the risks in the transaction. In fact, there are no credit score checks or income validation. As a result, you will have the money you need to pay any expenses you choose. Repayment will come directly from your fair settlement but not your personal money.
Most Lawyers Cooperate With the Pre-Settlement Loan Process
Fortunately, most personal injury lawyers understand the financial challenges their clients face. They know that these cases can take months, if not years, to settle. Hence, they usually cooperate with the personal injury loan company. This helps ensure that the claimants can get the lawsuit cash advance they need to settle medical expenses, living costs, utility bills, attorney fees, mortgage payments, and more.
Essentially, your lawyer may be able to advance funds to cover costs directly associated with your case, including legal fees and expert witness testimony. However, ethical rules bar them from loaning you money for your personal expenses. Also, personal injury lawyers are familiar with pre-settlement loan companies and know that the legal funding they offer can be a lifeline to clients.
In addition, lawsuit settlement loans can give your personal injury attorney the time they need to handle your legal claims diligently and negotiate the most favorable settlement. For that reason, your lawyer will likely cooperate with the application process – but if they don’t, you do have options.
What If Your Lawyer Refuses to Cooperate?
Your attorney has an ethical obligation to act as an advocate for your best interests throughout the lawsuit process. They can provide you with information and legal advice. However, decisions regarding your lawsuit are ultimately up to you. If your lawyer or law firm insists on pre-settlement funding, they may be doing so because they think it is not in your best interest. Some reasons non-recourse loans may not be a good fit for your case include:
- It is not lawful or enforceable in the state where you live.
- You have already taken out the maximum funding amount for your future settlement.
- Your settlement money or claim is still in the preliminary stages, so it may be too early to apply for financing.
- The interest rate offered by the lawsuit loan company is really high.
- The loan terms and conditions for getting the lawsuit loan are unclear or not transparent.
- There are other better financial options for your situation.
If you are facing financial hardship and you believe that lawsuit settlement loans are the right move for you, but your attorney refuses to cooperate, you may need a new lawyer. Ideally, you should find an attorney you trust who agrees with you on what is best for your situation.
Complete a Free Application form now
Complete a Free Application form now
How Does a Legal Funding Company Determine Your Pre-Settlement Loan Eligibility?
In general, there are two requirements you need to meet to obtain lawsuit funding or accident loans: you must have a settlement claim and an attorney to represent you. Beyond that, the legal funding company will look at the specifics of your case to find out who is at fault.
In states with no-fault accident laws, it may be challenging to obtain funding if there is any suspicion that you could be found at least partially responsible for your damages.
Unlike personal loans and other forms of financial assistance, pre-settlement loans don’t require a credit check or employment history review. You also don’t need to put up personal assets for collateral. All that matters for your ability to qualify for legal funding is your potential settlement and your likelihood of winning.
What If You Get Denied for a Pre-Settlement Loan?
If you’re denied a pre-settlement loan, you may be able to re-apply at a later date. However, it’s possible that your online application has not progressed to a point where a company feels safe in taking it on. To reduce their risk exposure, it’s common for a legal funding company to want a court to establish fault in the legal process before disbursing settlement funds.
If at any point you were rejected, you can seek out other lawsuit funding options. Likewise, if the company you want to work with doesn’t want to work with you, you can always choose another. There are dozens of legal funding companies you can choose from, and with careful research, you can find the right one for you.
How the Pre-Settlement Loan Process Works
Essentially, applying for our pre-settlement loans doesn’t require credit history checks, proof of employment, application fees, or funding fees. However, we advise potential applicants to discuss getting a pre-settlement litigation loan with their lawyer before applying. This helps ensure you are both on the same page and expedite the process.
When you fill out the application form, we ask for some basic information, including your name and contact information and your lawyer’s name and contact information. We also ask what state you live in. However, since your pre-settlement loan is tied to your settlement amount rather than your credit rating, we don’t ask for financial information.
Once we have your application, a team member will contact your lawyer to get all relevant documents supporting your case. By applying, you give your lawyer permission to release this information to us. Naturally, we keep it in the highest confidence.
Based on the strength of your case and the severity of your injuries, our underwriting team will determine your funding eligibility. Our experts will decide if we can approve you for a pre-settlement loan. If we can, they will then give us a dollar figure. Our clients typically receive anywhere from $500-$250,000 in pre-settlement legal funding.
Your Pre-Settlement Loan Amount
Your pre-settlement loan amount will depend on your predicted settlement amount. The larger the expected settlement, the more you can usually borrow. However, a responsible legal funding company will only lend you up to 20% of your compensation since more than this entails higher risks to the pre-settlement company and higher fees for you.
Your lawsuit settlement funding can pay many of the costs relating to your claim, including medical bills and living expenses. The money is yours to spend however you need to. Rest assured, if your case drags on or you face unexpected expenses, you can apply for additional legal funding or even a settlement buyout if you’ve already hit your funding limit.
How You Pay Back Your Legal Funding
While legal funding is also called a pre-settlement loan, it’s different from most loans. You won’t have any monthly payments and will only face simple interest in the case of reputable funding companies. Your lawyer will pay your funding back only if you win your auto accident case – if you lose, you owe nothing.
This is another part of why your lawyer needs to be involved in the process. When you get a settlement or court award, the money goes to your lawyer first rather than you. They then disburse funds as required to pay for any other expenses, including the following:
- Paying off your pre-settlement loan (loan amount plus our one-time, flat rate fee)
- Paying off any medical lien funding
- Deducting their legal fees
- Paying back taxes
Once your attorney pays all the stakeholders involved in your lawsuit, the rest of the financial compensation will go to you.
If You Lose Your Case
Most plaintiffs who receive legal funding go on to win their cases. But in the event your case goes to trial and the jury votes against you, or a judge dismisses your case, you won’t pay any of your lawsuit advance back. Like your lawyer, legal funding companies get paid contingent on you winning your case. The only exception would be if you committed fraud in your personal injury case.
Apply for a Pre-Settlement Loan Today
At High Rise Financial, we make applying for a pre-settlement lawsuit loan fast and easy. Once you’re approved for the pre-settlement cash advance, we can deposit the funds into your account within 24-48 hours or 1-2 business days. We ensure quick application and offer up to $1 million for each settlement. Thus, giving you a substantial source of funds to draw from throughout your legal fight and ease your financial strain.
If you are experiencing financial stress while your auto accident case, pedestrian accident case, motorcycle accident lawsuit, or product liability claim is ongoing, you should apply for legal funding now by filling out our online form. We serve customers across the United States and cover a wide variety of personal injury and employment discrimination cases. Our non-recourse funding features favorable terms and low rates. Above all, our pre-settlement loans are ideal to help you achieve financial stability and peace of mind.
Call or text (877) 735-0016 or fill out our form to apply today for free.
Call or text (877) 735-0016 or fill out our form to apply today for free.