A labor dispute can take years to settle, but most people can’t wait that long to receive their money. As you wait for justice, 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 now.
In many labor disputes, employers will try to drag out proceedings in the hopes that plaintiffs will fold under economic pressure. With legal funding in the form of a labor law loan, you can have the financial resources to resist these pressure tactics and fight for your full settlement.
In This Article
Why You’ll Need Legal Funding for Your Labor Dispute
Any violation of labor law can bring major fines for employers and a large settlement for plaintiffs. Unfortunately, few working people have the ability to pay their bills without a source of income, which they may have lost as a result of the dispute.
Companies know this and do all they can to make plaintiffs feel the full pressure of mounting bills in the hopes of forcing them into a lesser settlement. But legal funding can give you some breathing room as you wait for your settlement.
Instead of wondering how you’ll pay your bills or consider taking less money from an employer in violation of labor law than you’re owed, you can get part of your settlement now without having to wait. This could be just what you need to be able to fight for the full amount that you’re owed.
What Types of Labor Cases Can Legal Funding Be Used For?
Legal funding can help you keep your finances afloat as you wait for your settlement. There are also few instances where it can’t be used. Legal funding can be used in a wide variety of labor cases, including the following:
- Construction accidents
- Workplace injury
- Qui tam
- Slip and fall
- Burn injury
- Personal injury
- Jones Act
- Auto or truck collision
- Wrongful death
In general, unless a state has specific provisions preventing the use of legal funding for labor disputes, it can be used. Taking money from your settlement now at no risk to your own finances can give you the ability to fight for the maximum value of your case.
What Expenses Can Labor Law Legal Funding Be Used For?
Your income may have been impacted by the circumstances that lead to your labor dispute. Legal funding can be used to pay for any expenses that might arise as you fight for your settlement. Here are some of the following expenses your pre-settlement funding can be used to cover:
- Medical expenses
- Rent or mortgage payments
- Living expenses
- Educational expenses
- Vehicle repair or replacement
- Recreation or entertainment expenses
The good news is there aren’t any restrictions on how you can spend your legal funding should you receive it. Once you receive the money, it’s yours to spend however you see fit. And in many cases once you are waiting for a settlement, you pre-qualify automatically for legal funding from a labor law loan funding company.
Are Labor Law Loans Safe?
Despite their name, labor law loans don’t function like traditional loans. For one, since they fall under the broader umbrella of legal funding, 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, and if there is no settlement, then you have no obligation to repay.
In order to qualify for a labor law loan, all you really need is to be waiting on a settlement. There are no credit checks and you don’t have to make any monthly payments. 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 Much Legal Funding Can You Qualify for From a Labor Law Loan?
The amount of legal funding you can qualify for from a labor law loan depends on the quality of your case and the specific rules of your legal funding company. In many instances, you’ll be able to qualify for at least some funding.
However, if you have a strong case, substantial damages, and state law assigns fault to one party, you likely qualify for a much higher amount of pre-settlement funding than someone whose case doesn’t fulfill those criteria.
There are some limits to how much legal funding you can qualify for. Most legal funding companies aren’t able to lend you more than 15-20% of the value of your case. This helps to keep plaintiffs and the companies themselves from taking on too much risk.
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’re owed. It takes just minus to apply with High Rise Financial, and you could have up to $1 million in your account within 24 hours. We’re one of the leading lawsuit funding companies nationwide and assist you during this critical period of your fight.