After an accident, the responsible party and their insurance company may draw out settlement negotiations in the hope that you settle for a lower amount. However, with pre-settlement funding, you can comfortably pursue your case to achieve the maximum compensation.
When you obtain a pre-settlement legal cash advance, you can pay for current expenses, including groceries, bills, medical costs, and your rent or mortgage. It also allows your attorney time to negotiate a better deal or take your case to trial if necessary.
- How does Pre-Settlement Legal Funding Work?
- Pre-Settlement Funding Pros and Cons
- What’s the Difference Between Pre-Settlement Funding and a Lawsuit Loan?
- Non-Recourse Debt and Legal Funding
- How Much does Pre-Settlement Funding Cost?
- What Type of Case Can Qualify You for Pre-Settlement Funding?
- Why Choose High Rise Financial for Pre-Settlement Funding?
- What If You Still Need More Funds?
- Get Your Pre-Settlement Funding with High Rise Financial
How does Pre-Settlement Legal Funding Work?
What if you could get the money from your settlement now instead of several weeks, months, or years down the road? That’s the idea behind pre-settlement funding.
Pre-settlement funding companies offer money that you won’t have to pay back until after you receive your settlement. This isn’t a loan, but instead is risk-free money you can receive right now based on the estimated size of your future settlement.
Victims generally pay nothing to the funding company until they receive their settlement, at which time they’ll repay the amount they received along with a processing fee. In exchange, the company assumes all the risk of the case. This means that in the event that a victim isn’t awarded a settlement, they owe the company nothing.
To apply for free, call (877) 735-0016
Pre-Settlement Funding Pros and Cons
It’s important to know about the pros and cons of a settlement loan before deciding whether or not it’s right for you. Ask yourself the following questions before applying for it:
- What is my case potentially worth?
- How much money do I actually need to cover my expenses?
- How much in fees, interest, and other expenses will I have to repay?
- Are alternative sources of funding available?
- Will pre-settlement legal funding help me pursue my settlement?
What’s the Difference Between Pre-Settlement Funding and a Lawsuit Loan?
Pre-settlement is different from a lawsuit loan because the money you get from the funding isn’t borrowed. There are no monthly payments, and you do not owe a pre-settlement funding company anything if you lose your case.
As reported by the Center for Public Integrity, lawsuit loans often leave injured people with repayment plans that end up being worth two or three times what they initially borrowed.
Even worse, sometimes lawsuit loans require injured people to sign up for monthly payments, regardless of whether they win their case. This often leaves the borrower worse off than before they took out the loan.
Non-Recourse Debt and Legal Funding
Pre-settlement legal funding differs from a lawsuit loan in another crucial way. The former is a type of non-recourse debt, which limits the extent to which you are personally liable for it. A lawsuit loan, on the other hand, is classified as recourse debt, meaning you will repay it – one way or another.
The Internal Revenue Service classifies all debt as either recourse or non-recourse. With a recourse loan, the lender can hold the borrower personally liable for the entire debt owed. On the other hand, a non-recourse loan sets clear limits on what the lender can recover from the borrower.
In short, this means that with pre-settlement funding, you are protected from personal liability. For example, if you end up losing your lawsuit and fail to get compensation, you will not owe your funding company anything.
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How Much does Pre-Settlement Funding Cost?
A reputable pre-settlement legal funding company will only charge you a small percentage of your final settlement, typically around 1-3% of the amount you’re awarded. A good company also won’t charge you anything out-of-pocket to get your funding.
Due to a lack of regulation in the pre-settlement funding industry, some companies charge their clients exorbitant fees. Pre-settlement funding companies that try to take advantage of their clients might take up to 50% of a victim’s settlement award as a fee for the funding.
Reputable legal funding companies with a nationwide footprint can offer you fair rates whether you need Glendale pre-settlements or financing elsewhere. Always be sure to carefully read the contract before applying for pre-settlement financing to know if the terms are right for you
Always be sure to carefully read the contract before applying for pre-settlement financing to know if the terms are right for you.
What Type of Case Can Qualify You for Pre-Settlement Funding?
To obtain pre-settlement funding, you need to be likely to receive a settlement from a lawsuit. There are a lot of types of lawsuits that may lead to this.
Personal injury lawsuits are some of the most common to be used for pre-settlement funding. That includes claims related to:
- Brain injury
- Slip and fall accidents
- Medical malpractice cases
- Dog bites and dog attacks
- Construction accidents
- Spinal cord injuries
- Nursing home negligence
- Sexual assault and abuse
- Car accidents
- Bicycle accidents
- Motorcycle accidents
- Pedestrian accidents
- Truck accidents
- Product liability cases involving defective drugs or defective medical devices
In addition to these, if you have had an immediate family member who lost their life and you are filing a wrongful death claim, you may also qualify for pre-settlement funding.
Other Lawsuits that Qualify
Other lawsuits may also qualify for funding opportunities. That includes:
- Labor law lawsuits, including FELA and Jones Act lawsuits
- Employment law lawsuits, including for wrongful termination
- Police brutality claims
- Workplace injury (workers’ compensation) claims
- Wrongful arrest claims
If you are likely to receive a settlement in any other type of case, be sure to reach out to us to find out if you may qualify for a pre-settlement funding opportunity. Our team is happy to answer all of your questions for you.
Why Choose High Rise Financial for Pre-Settlement Funding?
You have a lot of concerns on your mind and deserve an easy process for getting the funds owed to you sooner. We recognize just how challenging it can be for you to navigate this process of waiting for your settlement to come in. When you choose to work with High Rise Financial, you gain several key advantages:
- There is no cost to apply for funding. There is no risk to you. Apply now online and find out if we can help you. It is that easy.
- We are a trusted provider with an A+ rating with the Better Business Bureau and a solid 5-star rating in Google Reviews. Read through some of our client testimonials to learn more about how we are helping others.
- Get funding in as little as 24 hours. That is critical to many people who need the money now to pay bills.
Our team is dedicated to working closely with our clients to ensure they have all of the information and resources they need to get back on track. We are very transparent, and you can expect us to always provide you with education on your options, answers to your questions, and clear support as you navigate this process.
Remember, there is no risk to you. If, for any reason, your settlement does not come through, you do not have to pay back the funds we provide to you now.
This is not a loan. It is not a cash advance. You gain the peace of mind you need without the frustrating cost of “what if” weighing on you.
What If You Still Need More Funds?
If your case takes longer than expected to settle, your pre-settlement funding may run out, leaving you unable to cover basic expenses. You can always apply for additional funds if you need more before your case is resolved. The process to get multiple pre-settlement loans is as simple as the first.
Get Your Pre-Settlement Funding with High Rise Financial
If you’re considering pre-settlement financing, apply for free today at High Rise Financial. Many of our past clients received pre-settlement legal funds in their accounts in as little as 24 hours after applying.
Applying for pre-settlement financing from us is safe and free. Fill out the form on our contact page to get started. Feel free to call us if you have any questions, and we’ll be happy to guide you through the process!