Legal funding from High Rise Financial is essentially a non-recourse loan with a few twists. You don’t have to pay us back until you win your case. But there are a few other things you should know.
In This Article
How Non-Recourse Legal Funding Differs from a Standard Loan
Since your non-recourse loan or legal funding is tied to your eventual settlement or jury award rather than your debt-to-income ratio, the application process is different. And since it is not a standard loan, the repayment process is different as well.
To apply, you need to meet two basic requirements: you must have filed a personal injury claim, and you need to have hired a lawyer. If you meet those criteria, next you fill out the form on the Apply Now page. High Rise Financial then contacts your lawyer for the specifics of your case and the supporting documentation.
That’s it. You don’t have to go through a credit check, provide proof of employment, or send us tax documents like when you apply for a personal loan.
Get started by filling out the form on the Apply Now page.
Once we have all of your information, our underwriters calculate what your potential settlement might be, based on:
- Past and future medical bills
- Past and future lost wages
- Property damages
- Pain and suffering, based on the severity of your injuries
- Whether you are seeking punitive damages
Once they have run the numbers, they tell us how much we can offer you in the form of a non-recourse loan. We’ll present you and your attorney a written offer, which will include the legal funding cash amount, as well as our flat-rate fee.
Just like the application process is different when you apply for a mortgage loan, so too is the repayment process. This is because of the way we structure our financial agreement. Here’s what this means for you:
- NO monthly payments
- NO compound interest
Again, since legal funding is structured around your settlement, you don’t pay us back unless you win your case. We charge a flat-rate fee based on the amount we are lending and how long we think it will be before your case settles. With a flat-rate fee, you always know exactly how much you will have to pay back.
Contrast this with a variable interest rate loan, where the compound interest could multiply what you have to pay back, and you can see the vast difference between the two.
To apply for free, call (877) 735-0016
When You Win Your Case
When you win your case, the opposing side will send your lawyer a check. It may be one lump sum, or it may be the first payment in a structured settlement. How you are paid all depends on the specifics of your case and your injuries, as well as how large your settlement is. If you have an option between the two, your lawyer can help you decide which payout is better.
The idea behind a structured settlement is to give you financial security, and the funds are paid out on a set schedule, whether it’s monthly or yearly. You can choose to receive funds immediately or delay receiving funds. In this way, you avoid the temptation to spend a lump sum quickly. This is especially important if you are no longer able to work and need a source of income.
But whether you receive a lump sum or a structured settlement, High Rise Financial will be paid directly out of the settlement or jury award as soon as your case settles.
The other side will send a check to your lawyer, who then pays us the agreed-upon amount (your legal funding and our one-time service fee). Your lawyer will then deduct legal fees and make any other agreed upon or required payments such as medical liens and back taxes.
Once those bills are paid, the rest of the money is yours.
Apply for a Non-Recourse Loan Today
If you’re involved in a personal injury case that is dragging out and depleting your funds, applying for a non-recourse loan (legal funding) with High Rise Financial can help you make ends meet.
Simply fill out the form on the Apply Now page, and we’ll be in touch with you and your lawyer right away. If you’re approved, we can have your pre-settlement legal funding in your bank account within 24-48 hours. If you have questions or need help, please call our office at (866) 407-6404.
And remember, if you lose your case, you don’t have to pay us back.