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At High Rise Financial, we have a wealth of experience with legal loans. Our team can review your request and help you determine if you are eligible for lawsuit funding. Contact us to learn more.
Lawsuit Loan Requirements
A personal installment loan and legal funding are not the same, particularly when it comes to their respective requirements. Generally, it may be more difficult to get approved for a personal loan versus lawsuit funding. If you understand the requirements for both of these options, you can make an informed decision about which one to pursue.
To receive a personal loan, you may have to share information about your income and credit history. Also, you may have to fill out a lengthy application and wait days or weeks for a bank or credit union to respond to it. If you are approved for a loan, you must pay it back in accordance with your lender’s requirements.
Comparatively, with a lawsuit loan, you only have to hire an attorney to represent you and submit information about you and your personal injury case. You do not have to share your credit and income histories, and you may be able to get a response within hours instead of days or weeks. Along with these things, your funding is contingent on your case result — and if you do not receive any compensation, you do not have to repay your loan.
To apply for free, call (877) 735-0016
Lawsuit Loan Case Requirements
You may be eligible for legal funding based on your personal injury case. If you file a claim based on an injury caused by someone else, you may qualify for lawsuit funding. There are many types of injury cases where a plaintiff may be able to get a settlement loan, and these include:
- Car accident
- Construction accident
- Defective product
- Medical malpractice
- Motorcycle accident
- Premises liability
- Truck accident
- Workplace accident
If you suffer an injury for these reasons or any others, it may be in your best interests to file your claim right away. The statute of limitations for submitting an injury claim differs from state to state. If you choose not to pursue damages within this time frame, you may be solely responsible for any costs relating to your injury.
Lawsuit Loan Application Process
If you apply for a legal loan, the process is fairly straightforward. In many instances, it may require only a few minutes to fill out your loan application. Here are the steps you may need to complete:
- Contact a legal loan company to explore different funding options.
- Speak to an attorney who can gather information about you that may be used as part of your legal funding application.
- Provide your application materials and get a pre-settlement loan agreement for you and your lawyer to sign.
- Receive your money.
At High Rise Financial, we may be able to provide you with up to $100,000 in lawsuit funding in as little as 24 hours. Our team is available to guide you through our pre-settlement funding application process. For more information, get in touch with us.
Legal Funding Risks
You may have concerns regarding the risks of lawsuit loans — and rightfully so. Fortunately, a legal loan is a type of non-recourse funding. As such, your pre-settlement funding company takes 100% of the risk.
A pre-settlement loan provider accepts your request for legal funding even though it has no idea how your case will turn out. If you do not get compensation, your loan provider covers your balance. In this instance, you keep the money that was given to you, and you do not pay any fees or face any penalties.
To further minimize risk, it may be beneficial to hire an attorney who works on contingency. Your lawyer can help you get a lawsuit loan, and you may not be charged anything unless your attorney wins or settles your case.
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Legal Loan Costs
There are no costs for a non-recourse loan. You do not pay anything when you submit an application. Even if you apply for a loan and choose not to move forward with it, there are no fees.
You may be charged an interest rate with your legal loan. A lawsuit funding company may explain this rate to you. If you have questions about it, the business’ legal funding specialists can answer them before you finalize your loan request.
If you win or settle your case, you pay back what you owe on your legal loan. At this point, your attorney deducts your outstanding balance from your compensation. They pay your legal funding provider on your behalf and give you the remainder of your settlement.
How to Get a Lawsuit Loan in Your State
It may be helpful to consult with a personal injury lawyer. This allows you to pursue your injury claim to the fullest extent. Your attorney can also help you out with getting legal funding.
After you hire an attorney, you may want to connect with a legal funding provider. This allows you to share details about your case and find out what loan options may be available. Plus, lawsuit funding specialists can answer frequently asked questions and many others about their loan options.
When it comes to a pre-settlement loan, there is no reason to leave anything to chance. If you gather plenty of information about legal funding in your state, you may be able to decide on a loan that works well for you. Once you get your lawsuit loan, you will know exactly how it works and can get the most value out of it.
Request a Legal Loan
High Rise Financial offers a viable financial solution for those involved in personal injury cases. Our team can discuss our legal loan options with you and help you get one immediately. To get started, contact us today.
Call or text (877) 735-0016 or fill out our form to apply today for free.