If you’re involved in a personal injury claim, money may be tight. You may be out of work and wondering how you’re going to pay the bills. As a result, you’re looking into getting a pre-settlement loan, and wondering how your lawyer figures into that. Can they deny you from getting a pre-settlement loan?
Well, technically, yes they can. At least with High Rise Financial, that’s the case. While they can try and steer you away from applying for pre-settlement legal funding, if you apply anyway, they can refuse to cooperate.
You Must Have a Lawyer to Apply
You see, when you apply for a pre-settlement loan with us, you must have a lawyer representing you. We don’t approve legal funding for plaintiffs trying to go it alone. That’s because we need access to the specifics of your claim – both the legal documents and your medical records. We only fund strong cases, and the strongest cases are ones where a lawyer is involved.
We get those from your lawyer. If they decide not to supply us with the information we need to approve you for a pre-settlement loan, they are basically denying you the funding you need.
For a free legal consultation, call (877) 735-0016
Most Lawyers Cooperate with the Pre-Settlement Loan Process
The good news is, most personal injury lawyers understand the financial challenges their clients are dealing with. They know that these cases can take months, if not years to settle. While your lawyer may be able to advance funds to cover the cost of legal fees, expert witness testimony, and the like, they cannot loan you money for your personal expenses.
That would be an ethical violation, and they could lose their license. But they know you need financial help making ends meet while you wait for your case to settle. The harder things get for you financially, the more likely you are to push to settle early, perhaps for a smaller amount than is justified.
Most personal injury lawyers are familiar with pre-settlement loan companies like High Rise Financial. They know that the legal funding we offer can be a Godsend to clients, and can give your legal counsel the time they need to negotiate the strongest settlement.
For that reason, they will likely cooperate with the application process.
How the Pre-Settlement Loan Process Works
We advise potential applicants to discuss getting a pre-settlement loan with their lawyer before applying. This helps ensure you are both on the same page and will expedite the process.
To get started, complete the form on the Apply Now page
When you fill out the application form, we ask for some basic information including your name and contact information, and the name and contact information of your lawyer. We also ask what state you live in. Since your pre-settlement loan is tied to your settlement amount rather than to your credit rating, we don’t ask for any financial information.
Once we have your application, a team member contacts your lawyer to get all of the relevant documents that support your case. By applying, you give your lawyer permission to release this information to us. We keep it in the highest confidence.
Based on the strength of your case and the severity of your injuries, our underwriting team will determine if we can approve you for a pre-settlement loan. If we can, they will then give us a dollar figure. Our clients receive anywhere from $500-$250,000 in pre-settlement legal funding.
Your Pre-Settlement Loan Amount
That’s quite a range. Your pre-settlement loan amount will depend on your predicted settlement amount. The larger the predicted settlement, the more we can lend you. We take care to lend you only a portion of your eventual settlement, to ensure you have enough to pay all of the costs relating to your claim, as well as your medical costs.
We also try to loan you only what you might need to make ends meet until your case settles. We will draw up a written offer, and you and your lawyer will review it and ask any questions you might have. If you agree to the terms, you sign the documents, and we transfer funds to your account within a day or two at the most.
The money is yours to spend however you need to. And rest assured, if your case drags on, or you face unexpected expenses, you can apply for additional legal funding.
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How You Pay Us Back
While we call legal funding a pre-settlement loan, it’s different from most loans. You won’t have any monthly payments, and we don’t charge compound interest. You pay us back when you win your case.
Actually, your lawyer does.
This is another part of why your lawyer needs to be involved in the process. When you get a settlement or court award, the money goes to your lawyer first, rather than you. They then disburse funds as required. This can include:
- Paying off your pre-settlement loan (loan amount + our one-time flat rate fee)
- Paying off any medical liens or medical lien funding
- Deducting their legal fees
- Paying back taxes
Once all of the stakeholders in your settlement are paid, the rest of the funds go to you.
If You Lose Your Case
Most of our clients win their cases. But in the event your case goes to trial and the jury votes against you, or a judge dismisses your case, you don’t pay us back. That’s right. Like your lawyer, we get paid contingent on you winning your case.
The only exception to this would be if you committed fraud in your personal injury case.
Apply for a Pre-Settlement Loan Today
At High Rise Financial, we make applying for a pre-settlement loan fast and easy. Once you’re approved, we can deposit the funds into your account within 24-48 hours. If this sounds right for you, fill out the form on the Apply Now page to get started. And if you have questions or need assistance, call us at (866) 407-6404. You can also start an online chat.