For those who are in need of money right now as they wait for their lawsuit settlement to come in, one of the most common questions is how much it costs to use lawsuit loans, also known as pre-settlement funding. Fees differ from one lender to the next, and the costs are typically in line with what you can expect to pay for some personal loans. However, at High Rise Financial, you can get a quote and learn the cost to you right now without worry.
What Are Pre-Settlement Funding Fees?
We provide our clients with transparent funding information, including how much they can borrow and how much it will cost them. There is never a risk to you for applying – we do not charge you a fee just to apply, and there is no obligation to accept the funding if you decide it may not be right for your situation. We also provide you with a quote that includes all fees associated with the loan.
Typically, this will be a percentage fee based on the amount you are borrowing. Since various factors play a role in the cost of these loans, we encourage you to apply with us now to get a clear understanding of what your specific costs may be. Lawsuit funding like this can be more flexible than you realize.
The cost of using these loans is dependent on various factors, including the size of the loan, the type of lawsuit, and the risks involved overall to the lender. You will learn exactly what it takes to obtain these loans based on your personal information when you apply with us. At High Rise Financial, we are happy to offer you a free quote outlining what you can expect.
To apply for free, call (877) 735-0016
How Lawsuit Loans Work
There is often a lot of confusion about how lawsuit funding works because it seems too simple and straightforward, but that is one of the best reasons to use these loans in the first place. They allow you to obtain money from your settlement now instead of having to wait for that settlement to come in. That often means money in your hands now with key benefits such as:
- No credit checks are needed
- No financial documents are necessary
- No tax documents are requested or used
- There are no reference checks
- No employment verification required
Instead, you are able to borrow 10 to 20%, typically, in the settlement amount you are likely to receive from the lawsuit. This typically ranges between $1,000 and $100,000 for us at High Rise Financial. That is money you can use to fit just about any need you have now, often within a short amount of time.
How Lawsuit Loans Are Paid Back
The lawsuit loan is paid back in full once the settlement owed to you is paid to you. At that time, the funds are sent directly from your attorney to the lender, paying off the borrowed money immediately at that point. This will include all fees associated with the loan (which are always clearly understood at the start of the borrowing process).
The Financial Agreement for Your Lawsuit Funding
When you require lawsuit funding, you will be entering into a legally binding agreement with the lender, and you will be required to pay back the funds borrowed along with fees once the court or other at-fault party pays out the lawsuit settlement. Though our financial contract is very clear, we are also always available to answer any of the questions you have about this funding process and what you can expect. There are several differences in these settlement funding loans that you should know:
- There is no loan origination fee for you to pay now or later.
- Interest is not charged on the loan – it is a straight fee for the cost of borrowing.
- You do not have to make payments to us until the final payment is due at the time of the settlement being paid out.
- This is a one-time fee, and it is paid out to you immediately.
With lawsuit funding like this, you will need to fully understand all of the terms of the loan, including the costs associated with it. Our team will then help you with any questions before having both you and your attorney sign the contract. Once this is done, you may be able to get the money in your account within 24 to 48 hours to use as you would like.
How You Will Pay Back the Borrowed Funds
With lawsuit funding, you will need to pay back the amount borrowed in most cases unless your settlement is denied for any reason. At that point, this non-recourse loan does not require repayment from you, and you owe us nothing. However, the repayment of your loan should be fully understood since you will receive your settlement most of the time.
If you are borrowing money now while you wait for your personal injury lawsuit to be settled, you will receive a portion of that expected settlement now through our funding program. Once you receive that settlement, your attorney will deduct all of the legal fees you owe from it and send payment to us. This pays off your pre-settlement funding with us.
If you are in a situation where you need money now but are worried about repaying it later, pre-settlement funding can be an exceptional opportunity. It is critical that you understand the limitations and costs, which is why we encourage you to reach out to us for more information and guidance and read through our client testimonials.
Complete a Free Application form now
Set Up a Consultation or Apply with Us Now
High Rise Financial wants you to know what all of the fees associated with lawsuit loans are ahead of time, which is why we offer customer service professionals who would be happy to help you. You can also apply with us now online and receive a quote. It is a fast and easy way for you to get the financial support you need without the hassle.