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If you are a claimant or a plaintiff in a lawsuit, you are entitled to receive settlement funds if the judgment is in your favor. Unfortunately, it often takes time before you can receive the settlement funds after the finalization of your case.
Luckily, you can reach out to High Rise Financial for a post-settlement funding lawsuit loan to help meet your financial obligations instead of waiting until your settlement check processes. We are a fully transparent legal fund provider with an impressive track record of providing lawsuit cash advances to plaintiffs.
What Is a Post-Settlement Funding Lawsuit Loan?
Post-settlement funding refers to a type of funding offered to people who have already been awarded a settlement but are waiting for the settlement check to process. Unlike a settlement loan, where an individual gets a cash advance while their lawsuit is still pending, this type of funding is available to people whose cases are already over—they have been awarded a settlement but have yet to receive the money.
It can take a long time to receive cash after a case is settled. Post-settlement funding can be helpful if you have pressing bills. It can save you from the financial difficulties you may encounter between the resolution of your case and the receipt of the settlement award.
Also, with post-settlement funding, there’s no need to estimate a potential settlement amount. Instead, you get an amount based on the settlement amount you expect to receive as per the approved dollar figure.
Is Post-Settlement Funding Like Any Other Loan?
Often, people may refer to post-settlement funding as a “settled case lawsuit loan” or simply as a “lawsuit loan.” However, post-settlement funding is not like the typical loans you might apply for in financial institutions.
For starters, post-settlement funding is a non-recourse risk-free loan. There are no monthly payments. The settlement amount awarded is the collateral for the cash advance; thus, the legal funding company repays itself once your settlement check is processed.
So, when you get post-settlement funding, you are securing upfront capital against a forthcoming settlement award.
Creditworthiness and Post-Settlement Lawsuit Loan Requirements
One of the top questions people seeking post-settlement funding wonder is whether they are required to have good credit for loan approval. We have great news! Your creditworthiness is not a deciding factor in our loan specialists’ review of your post-settlement funding application.
We understand that when you have been struggling to cope financially after being injured or suffering damages, your credit may have gone downhill. You could have accounts that went to collections, late payments on your credit report, and a less than desirable credit score. Fortunately, your credit will never play a part in High Rise Financial’s decision to approve or deny your application for post-settlement lawsuit loans.
Instead, all our team will need to know is whether you have a settlement pending. If your attorney expects you to have an insurance settlement come in or a trial verdict paid out on your case, your application for post-settlement funding should be approved. You can learn more about whether you meet the eligibility requirements when you contact our team to discuss the specific details of your case.
Determining if Post-Settlement Funding Is Right for You
If your case is settled in your favor, but you are facing financial difficulties and are thus unable to wait until you get your settlement check, post-settlement funding would be a great choice for you. It’s also ideal if you cannot or don’t want to go to a bank for a loan.
If you’re struggling to meet expenses and stay afloat, post-settlement funding can rescue you from the financial fix by offering you cash quickly. It is available for various cases, including:
Medical Malpractice
Medical malpractice lawsuits can involve a variety of medical mistakes, including delayed diagnosis, missed diagnosis, surgical errors, birth injuries, anesthesia errors, and more. Liable parties often include hospitals, physicians, surgeons, midwives, pediatricians, nurses, and other healthcare providers.
Product Liability
Product liability cases are personal injury lawsuits filed when a product purchased by the consumer malfunctions or is defective, causing them serious injuries.
Nearly anyone involved in the distribution of a defective or malfunctioning product can be held accountable for injuries related to the product’s defect. This could include product designers, producers, manufacturers, distributors, suppliers, executives, and other third parties.
Personal Injury
Personal injury cases involve any type of accident, incident, or event that involves an injury victim suffering damages as a result of someone else’s misconduct or negligent actions. Examples of personal injury cases could include motor vehicle accidents, premises liabilities, medical malpractice, defective product claims, and more.
Truck Accidents
Commercial truck accidents are often caused by negligent trucking companies, reckless truck drivers, and other third parties. Since big rigs and other tractor-trailers can annihilate any other vehicle that crosses their path, when these parties fail to take necessary precautions and uphold their duty of care, they can be held accountable to the fullest extent of the law.
Car Accidents
Car accidents are one of the most common types of personal injury claims. They are some of the most common types of accidents across the country.
Many motor vehicle accidents are caused by negligent driving, including distracted driving, following too closely, failure to stop, failure to yield to the right of way, impaired driving, aggressive driving, and fatigued driving. However, these accidents can also be caused by vehicle defects and dangerous road conditions.
Physical Assault
If someone physically assaults you, you may have the right to hold them accountable in civil court. Your attorney may be able to take civil action against them so you can be awarded maximum compensation for your suffering.
These are only a few of the different types of civil cases High Rise Financial may be able to provide post-settlement funding for. You can find out whether your settlement qualifies when you contact our office to discuss your loan application.
Settlement Delays
When you win a claim case, it can be a relief to know that you will receive the awarded settlement amount to meet your financial obligations. Unfortunately, it can take some time to actually receive the compensation. Here are some common reasons why a settlement check could be delayed:
- Delays in the claim adjuster’s office. These could range from paperwork to personal reasons that are barring them from getting back to you.
- Liens on the money. If the healthcare facilities that you owe money to request a hold on your money, it may take some time to resolve the lien.
- A bank is preventing the funds from clearing.
Your attorney can help expedite the process, but you can go for post-settlement funding instead of playing the waiting game and enduring the financial pinch.
Crucial Documents for Post-Settlement Funding Application
Applying for post-settlement funding is relatively straightforward. However, you must ensure you have all the required documentation. This includes the following:
- A letter from your attorney confirming the case settlement
- A letter sent to the insurance company by your lawyer detailing the amount they need to pay out
Also, don’t forget to state the amount you are requesting from the legal fund provider for post-settlement funding.
Applying for Post-Settlement Funding
Once you have all the required documentation and choose the right legal funding provider, here’s how to apply for post-settlement funding:
Fill in the Application
Complete the post-settlement funding request form and submit it to the lawsuit loan company for review.
Wait for the Evaluation
A team of funding specialists from the lawsuit law company will review your application. At this point, you must wait to find out whether the team will approve your request.
Get Your Post-Settlement Funding
If the legal funding company approves your post-settlement funding loan application, you can expect to receive the money anytime from there.
How Long Will It Take to Receive Post-Settlement Funding?
It usually does not take long to receive money from the legal fund provider. They understand that you need a quick settlement to take care of immediate bills.
Therefore, once the information regarding your settlement agreement is in order and you have all the details lined up by your lawyer, you can receive the post-settlement funds right away. In fact, once your application gets approval from the lawsuit loan company, you can receive the cash advance as fast as the same day you apply.
How Much Could Your Lawsuit Loan Be Approved For?
It is difficult to say how much your post-settlement funding could be approved for. Our loan specialists will need to review your expected settlement to determine how much we can grant. In many cases, injury victims can recover up to 20% of the amount they are going to be awarded through their civil or insurance claim.
However, to get a better idea of how much this amount could be, you may want to consider what your personal injury or civil lawsuit is worth. You have the right to recover every loss when another party is at fault for your injuries. This means you could be compensated for a variety of damages, such as:
- Your current and future medical expenses
- Loss of consortium
- Loss of enjoyment of life
- Mental anguish and emotional distress
- Physical pain and suffering
- Loss of income and future earning capacity
- Dismemberment, skin scarring, and disfigurement
- Inconvenience
- Damage to your reputation
- Property damages
Your personal injury lawyer can give you a better idea of how much your civil claim is worth. Once you know how much you could be awarded, you may be able to collect approximately 20% of your settlement.
Utilizing Your Post-Settlement Funding
A lawsuit loan company won’t restrict or dictate how you use your post-settlement funding. However, it is always smart to use the money on your important expenses. Some of the common expenses you can use your post-settlement funds on include:
- Medical bills
- Rehabilitation expenses
- Utilities
- Loan payments
- Tuition
- Mortgage or rent
- Vehicle bills and repairs
- Groceries and other household necessities
- Daily expenses for your family and children
About Repaying Your Post-Settlement Lawsuit Loan
One of the benefits of post-settlement lawsuit loans is the fact that you will not be expected to pay back your loan if your lawyer does not win your case. Although you may be anticipating an insurance settlement or trial verdict payout, you cannot really be sure it is coming in until the award is issued.
For this reason, if your lawyer does not win your personal injury claim or your settlement does not come in for whatever reason, you will not be expected to pay back your post-settlement lawsuit loan. These are not like traditional loans where a financial institution might attempt to recover the debt or send your account to collections which could adversely impact your credit score and report. High Rise Financial post-settlement lawsuit loans will never go to collections because we do not take action against parties who are unable to pay back their lawsuit loans when their case is unsuccessful.
Your attorney will be responsible for paying back your lawsuit loan when they win your case. In this way, you will never have to worry about paying back your lawsuit loan. Your legal and financial advocates have it covered on your behalf.
Get a Post-Settlement Funding Lawsuit Loan Today
If your awarded settlement is taking a long time to be processed, you can get financial help to ease things for you. You can get a post-settlement funding lawsuit loan from High Rise Financial.
We process applications in the shortest time possible to ensure you get the money you need to cater to pressing bills. Contact us today for financial assistance.