Legal funding is like getting an advance on your personal injury settlement. Depending on the circumstances of your claim, we can provide you with anywhere from $500 to $250,000. We reserve the higher amounts for cases with the most severe injuries or wrongful death.
If you’ve filed a personal injury claim because you were injured due to someone else’s negligence, we understand that money may be tight. You have medical bills to pay, and you may not be able to work because of your injuries.
Fortunately, you may be eligible for help in the form of pre-settlement funding from High Rise Financial.
In This Article
- How Legal Funding Differs From a Bank Loan or Cash Advance
- Factors That Determine Your Pre-Settlement Funding Amount
- Types of Personal Injury Claims We Fund
- How You Can Use Your Pre-Settlement Funds
- Getting a Lawsuit Loan Can Result in a Larger Settlement
- You Can Receive Additional Legal Funding
- Apply for a Pre-Settlement Advance Today
How Legal Funding Differs From a Bank Loan or Cash Advance
Pre-settlement legal funding can help personal injury plaintiffs like you get the money you need to pay your bills. In addition, it provides an attractive, risk-free alternative to the pitfalls of bank loans or cash advances.
There are several differences between pre-settlement financing and more traditional funding sources. These distinctions affect the entire funding procedure, from processing your application to how you repay the funds.
When you apply for legal funding, we’ll use the details of your personal injury case and your predicted settlement to determine the amount of money we can offer you.
We do not consider your personal finances in our decision. This means:
- NO credit check
- NO proof of employment
- NO tax documents
- NO references
All we need from you is basic information, including your and your lawyer’s name and contact information. We will also ask the state you live in because the laws differ from state to state.
We will then contact your lawyer directly to get the information we need. Then, if your case qualifies, we can approve you that same day and transfer funds to your account within 24-48 hours. This timeframe is much faster than a bank underwriter can approve and release funds on a loan or line of credit.
If we determine we cannot provide funding, it may be because we don’t feel you have a strong enough case to receive a settlement that would cover the financing we extend to you. If this happens, you are welcome to apply again as your case progresses.
How You Pay Us Back
Unlike a typical loan, which is often paid back over several years with compounding interest, there are no monthly payments with pre-settlement funding. Instead, you pay us back in one lump sum when you win your lawsuit.
When you settle your case and receive a court award, the defendant transfers funds or sends a check to your lawyer’s firm. Your lawyer then pays us directly from those funds.
The amount paid to us from your settlement includes the legal funding we advanced to you, plus any associated service fees. Those fees are disclosed in the financial agreement you sign.
After that, your lawyer will deduct their legal fees and disburse any other funds as required. This could include paying:
- Back taxes to the IRS, your state, or local government
- Any medical liens
- Child support
- Court fees
Once your attorney satisfies all mandatory payments, the rest of the money is yours. You may receive these funds in one lump sum, or you might have the option to get them in several payments over time with a structured settlement.
If You Lose Your Case
Since pre-settlement legal funding is not a lawsuit loan or a personal loan, the rules for repayment are different. The most significant difference: if you lose your case, you don’t have to pay us back.
This form of legal funding is known as non-recourse debt. We base your legal funding advance on the collateral of your eventual settlement. If there is no collateral, we don’t collect.
This is just one more reason to choose pre-settlement legal funding if you’re strapped for cash during your personal injury case. And you don’t face any risks.
To apply for free, call (877) 735-0016
Factors That Determine Your Pre-Settlement Funding Amount
Once we approve you for legal funding, we’ll send your case information to our underwriters. They will compare your case to similar claims in your state and use an industry formula to calculate how much money you might receive for non-economic damages like pain and suffering.
These non-economic costs are then added to the total of your economic damages to calculate the total value of your case. We can typically advance up to 20% of a case’s value. Factors we consider in these calculations include:
- The severity of your injuries
- Whether you are expected to recover fully
- Your current and future medical bills
- Lost income from work, both now and future
- Whether you are seeking punitive damages and, if so, whether your state has a cap on these damages
Types of Personal Injury Claims We Fund
We provide legal funding to personal injury plaintiffs in a wide variety of cases. If you were injured through the negligence of another and you’ve hired an attorney to represent you in your claim, you are eligible to apply.
Typical scenarios involve people injured as a result of:
- Car accidents
- Truck accidents
- Motorcycle accidents
- Pedestrian accidents
- DUI accidents
- Slip and fall (premise liability)
- Workplace injury
- Nursing home negligence
- Police brutality
- Wrongful arrest
- Wrongful death
Although auto accident legal funding and slip and fall cash advances are some of the most common types of pre-settlement financing, almost any personal injury case is eligible. That means we may still be able to help you even if you don’t see your particular type of personal injury case listed here.
How You Can Use Your Pre-Settlement Funds
Accessing legal settlement funds months or even years before a case concludes can provide a lifeline to those plaintiffs who are struggling to make ends meet. If your income has dropped because your injury left you unable to work, you may need help paying for everyday expenses like:
- Rent or mortgage
- Child care costs
Additionally, the doctor bills, prescriptions, therapy, and disability modifications to your home or car can make an already challenging financial situation that much more difficult. Your funds can provide much-needed relief to this influx of bills related to your injury.
In some states, you may also be able to use your pre-settlement funds to pay for legal fees and court costs. However, since some states prohibit this, you should check with your attorney to learn about the laws where you live.
Complete a Free Application form now
Getting a Lawsuit Loan Can Result in a Larger Settlement
The money you receive in financing before your case is settled is only part of the potential advantages of legal funding. In addition to the short-term benefit of having cash on hand to pay your bills, you may also stand to receive a larger settlement at the end of your suit.
That’s because when you can cover your expenses during your lawsuit, you will feel less pressure to take any offers presented by the defense team.
They may attempt to drag out the proceedings, hoping you’ll become desperate enough to accept any offer, even one far less than your case is worth.
When you have the financial freedom to negotiate and hold out for fair compensation, you are more likely to get the settlement you deserve.
You Can Receive Additional Legal Funding
When we approve you for legal funding, we make every attempt to provide you with enough to help you pay your living expenses until your case settles. However, personal injury claims can drag on for longer than expected. If your legal funding runs out, we may be able to work with you to get more.
Don’t hesitate to call your case manager. They will gather any additional information our underwriters need to determine how much extra cash we can advance you. We understand that circumstances change, and we aim to be flexible.
Apply for a Pre-Settlement Advance Today
If you’re struggling to make ends meet while waiting for your personal injury case to move forward, a pre-settlement legal funding advance can help. At High Rise Financial, we provide financing to help personal injury plaintiffs from all over the country see their claims through to the end.
To apply for legal funding, complete our application form, and we will get in touch with you and your lawyer promptly. If you need assistance or have questions before applying, call our office any time.