A labor dispute with your employer can take years to settle, but most people can’t wait that long to receive their money. Bills can pile up, especially if you’ve lost income as a result of your dispute. Labor law legal funding is available for those who want to get money from their settlement today.
In many labor disputes, employers will try to drag out proceedings hoping that plaintiffs will fold under economic pressure. However, with legal funding in the form of a labor law loan from High Rise Financial, you can have the financial resources to resist these pressure tactics and fight for your total settlement.
Why You’ll Need Legal Funding for Your Labor Dispute
Labor law violations can lead to significant fines for employers and hefty settlements for the employees impacted by their actions. Unfortunately, plaintiffs sometimes lose their jobs due to their disputes, and few people have the resources to continue paying bills when the money stops coming in.
Company representatives know this, and they’ll do all they can to make plaintiffs feel the total pressure of mounting bills to force them into a lesser settlement. But labor law legal funding can give you some breathing room as you negotiate and fight for fair compensation.
You don’t have to come up short each month when paying your bills or take less money from a negligent employer than you deserve. Instead, you can receive a portion of your settlement today without waiting. This could be what you need to hold out for full and fair compensation.
Most Labor Cases Are Eligible for Legal Financing
Labor dispute cases are generally eligible for pre-settlement funding, as long as the state where you live does not prohibit it. In addition, a wide variety of labor dispute cases can qualify for pre-settlement funding, including:
- Construction accidents: When construction site employees are hurt because their employers fail to provide a safe work environment
- Qui tam: Cases where a whistleblower makes allegations of wrongdoing that would otherwise be covered up or ignored for fear of retaliation
- Slip and fall: An employee falls at work because of unsafe conditions like a slick floor or debris in a walkway
- Burn injury: A burn that results from improper labeling, storage, or training in the use of chemicals or hot materials
- Personal injury: Any physical or emotional damage incurred at work
- Maritime accidents: Injuries to seamen who have special protections under the Jones Act
- Auto or truck collision: Traffic accidents that occur in the course of a person’s employment
- Wrongful death: Claims brought by family members of someone who died because of injuries sustained while on the job
- Other workplace injuries: Any workplace injury that occurs as a result of an employer’s negligence
In many cases, once you have negotiated a settlement, you can automatically qualify to receive legal funding while waiting for your payout. This is known as post-settlement funding.
Expenses You Can Pay Using Labor Law Legal Funding
Even as your labor dispute may impact your income, your expenses will likely stay the same or even grow larger. Legal funding can be used to pay for nearly any costs that might arise as you fight for your settlement.
Here are some of the expenses your pre-settlement funding can be used to cover:
- Medical expenses
- Rent or mortgage payments
- Living expenses like groceries and utilities
- Childcare costs
- Educational expenses
- Vehicle repair or replacement
- Recreation or entertainment expenses
The good news is that once you receive your legal funding, there aren’t typically any restrictions on how you can spend it. Once you receive the money, it’s yours to use however you see fit.
However, some states prohibit plaintiffs from using the funds on court fees or other legal expenses. If you aren’t sure about the laws where you live, talk to your attorney to find out about potential limitations of which you need to be aware.
Are Labor Law Loans Safe?
Despite their name, labor law loans don’t function like traditional loans. For one, they’re non-recourse, meaning you have no obligation to repay them from your personal finances. Your actual settlement is used as collateral for the loan. If there is no settlement, you have no obligation to repay.
Additionally, to qualify for a labor law loan, all you need is to be waiting on a settlement. There are no credit checks, and you don’t have to make any monthly payments like you would on a loan.
Reputable lawsuit funding companies will only charge a low-interest rate, too, meaning you can easily avoid predatory terms if you do some research.
How Long does It Take to Get Approval for a Labor Law Loan?
We aim to make it quick and easy to get the money you need for your labor law loan. Our online loan applications can be completed in a manner of minutes. Once we receive your application, we begin reviewing it immediately, and will typically get back to you with our answer in as few as 24 hours.
We know that when a person is applying for a labor law loan, they face a lot of stressors. We aim to help put our clients at ease by providing quick support.
What You Need to Qualify for Labor Dispute Financing
Funding companies will only approve your funding application if you meet specific essential criteria. For example, they will not ask for your personal financial records, high credit scores, or income verification, but you will need to demonstrate that:
- Your case is solid and likely to end with a favorable verdict or a substantial settlement
- You have legal representation from an attorney that is working on contingency
- Your attorney agrees to participate in the legal funding process and cooperate with the financing company’s requests
- You have incurred substantial damages, including economic losses that have a specific dollar amount and non-economic costs that aren’t as easily measured, such as emotional trauma or pain and suffering
- Your employer was clearly in the wrong, and it was their negligence that caused your losses
How does a Lending Company Determine Whether or Not to Approve an Application?
When a lending company receives a labor law loan application, the thing they are most interested in is the strength of your case. In these cases, the lending company recovers the money they loan out directly from the compensation that the applicant receives. They are not interested in an applicant’s financial history because they will not be repaid by the applicant.
Since the lending company only recovers money if the applicant gets paid by the party liable for their damages, the lending company needs to feel confident that the case for compensation is strong.
The best thing you can do to help your chances of getting a labor law loan approved is to hire an experienced labor law attorney. By hiring a lawyer with a proven track record of success in these types of cases, the lending company can feel far more comfortable accepting your application.
How Much Legal Funding You Can Get for Your Labor Dispute Case
The amount of legal funding you can qualify for from a labor law loan depends on the quality of your case and your legal funding company’s specific rules. The stronger your case, the higher its value and the more you can get.
Most legal funding companies will lend you up to 10-20% of the value of your case. Having limits like this in place helps to keep plaintiffs and the companies themselves from taking on too much risk.
When you apply with us, we will talk with your attorney to learn the details of your case and how much settlement money you are expecting to receive. If you qualify, we can provide you with up to 20% of that amount with total funding between $500 to $100,000.
Apply for a Labor Law Loan Today
If you’re waiting on a settlement, you can apply for a labor law loan today and get the funding you need to fight for what you deserve. It takes just minutes to apply with High Rise Financial, and you could have the money in your account within 24 hours. You deserve fair compensation for your damages, and a labor law loan can support you as you fight for the money you’re owed.
We’re one of the leading lawsuit funding companies nationwide. We are here to assist you during this critical period of your fight. Talk to your attorney today to start, and then apply for legal funding using our convenient online submission form.