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How Pre-Settlement Funding Is Different from a Loan
Though pre-settlement funding is sometimes referred to as a lawsuit loan, it is not the typical loan a person pays when borrowing money for any other purpose. Rather, it is a way to access the money you are likely owed after a lawsuit you have filed against another party pays you a settlement. In many ways, then, this is your money to use.
Pre-settlement funding differs in this way because you are not requesting that a lender provide you with money to buy a car or consolidate your debt. In fact, in a pre-settlement funding arrangement, you do not have to disclose why you want to borrow those funds since you can use them for any needs you have. At the same time, you are still getting a chunk of money that you can use for any needs you have.
Pre-settlement funds from High Rise Financial come with a cost, much like other borrowing tools, and may include fees and interest. These loans can differ from one lender to the next as well. However, there are a few very specific ways these lending opportunities differ from loans, including the following:
You May Not Have to Pay It Back
Unlike a traditional loan that you must pay back, with pre-settlement funding, you do not have to repay the funds if you do not receive a settlement in your case. This is a non-recourse loan, which means the lender cannot seek repayment if you do not receive a settlement. This can be very good news for those who may be worried about repayment if they do not receive a settlement.
Repayment Occurs When You Receive Your Settlement
Unlike a traditional loan, repayment of the funding is made in full, with all fees and interest, at the time of you receiving the settlement from the lawsuit. In other words, the funding does not go on indefinitely as it is paid off in full at that time. You also typically do not have to make payments on it until that occurs, giving you the financial relief you need now.
No Credit Check Is Required
You do not have to prove that you are creditworthy to obtain pre-settlement funding because the lender does not request a credit score or look at your credit history. It does not matter to the lender if you have a great score with a positive history or no score at all. That can give you peace of mind if you are considering borrowing money right now.
No Financial Documents or Statements Are Needed
Another important difference is that, unlike a loan, in pre-settlement funding, you do not have to submit statements from bank accounts, income receipts, W-2s or other tax documents, paycheck stubs, or other types of financial documents. None of these documents are used by the lender to determine if you qualify for a loan, and that is good news for those who may be struggling right now. You will need to verify your identity, though, and provide account information for where your funding needs to be sent.
You do Not Have to Have a Job
The lender does not look at any factors related to your employment, including if you have a job, if you were employed, or if you lost a job. You do not have to have the promise of employment after you are well again, either. None of these factors play a role in the lender’s decision to provide the funding to you.
To apply for free, call (877) 735-0016
How to Get Pre-Settlement Funding
Now that you have seen how different this type of funding is compared to a traditional loan, you may be wondering how to get started fast. At High Rise Financial, we do all we can to ensure this process is completed as quickly as possible so you can get the money you need in hand. Pre-settlement funding requires just a few steps, starting with a no-cost application and quote.
- Fill out an application with us now online, or you can give us a call, and one of our team members can help you.
- We then verify from your attorney that you are likely to receive a settlement from your lawsuit and the value of that.
- We then provide you with an offer of how much we can lend to you as well as the overall expectations of fees to you.
- You can then decide if this is the right type of funding for your needs or not – and there is no obligation to continue with us if you decide it may not be right.
- If you agree to move forward, we will fund the amount – usually within 24 hours – and you can use it at any time for any needs you have.
Keep in mind that there is a verification process with your attorney to ensure you are getting a settlement, and that information needs to come from that professional. More so, you will need to sign some documents agreeing to the funding and repayment, along with the costs, but we are always transparent with you about this. Most often, you can get into this funding right away and use it to fit your needs.
Request a Quote for Pre-Settlement Funding from Us Now
It takes only a few minutes for you to get the funding you need in many situations once you receive approval – why not do that now? Contact High Rise Financial now, and let us offer you the insight we can on how well pre-settlement funding and not a loan is best for you right now. You can apply online right now.
Call or text (877) 735-0016 or fill out our form to apply today for free.