One of the most common questions people have about legal funding is how the cash advance process works. Basically, it’s an advance on your settlement so you don’t have to use your credit cards to pay your immediate expenses.
However, a pre-settlement cash advance is not the same as the cash advance you would take out on a credit card. A credit card cash advance lets you borrow a limited amount of money against your card’s line of credit. This is essentially a short-term loan that typically comes with high-interest rates and a processing fee.
Conversely, a pre-settlement cash advance is not really a loan at all. The more appropriate term is pre-settlement legal funding. This name distinguishes the type of funding we provide from a typical loan with compound interest rates that can put you further into debt.
How a Cash Advance from High Rise Financial Works
At High Rise Financial, we’re dedicated to helping personal injury plaintiffs like you make ends meet while you wait for your case to resolve.
We know that personal injury claims can take months, or even years to settle. And if you were living paycheck to paycheck before your accident, you may have blown through any savings you had already. But don’t panic—High Rise Financial is here to help.
The Application Process
Applying for pre-settlement legal funding is pretty simple. As long as you are actively involved in a personal injury claim and you have a lawyer representing you, you can apply.
We base the amount of legal funding you receive on the strength of your personal injury case and your eventual settlement, rather than your creditworthiness.
When you go to fill out the application form, it won’t look like any loan application you’ve ever seen before. The only information you have to provide is your name and contact information and your lawyer’s name and contact information. That means:
- NO credit check
- NO proof of employment
- NO references
If you can’t work because of your injuries, no problem. If you have a low credit score because you were forced to max out all of your credit cards to pay the bills, no problem. You are still eligible to receive pre-settlement legal funding.
Interested? Fill out the form on the Apply Now page.
The Approval Process
Once we have your application, we will contact you to explain the process. We will also contact your lawyer to gather the necessary information and documentation we need from your personal injury claim in order to approve you.
The information we collect includes:
- The specifics of your accident, including when, where, and how it happened
- How severe your injuries are
- Your chances at a full recovery
- Your current and future medical costs
- Property damage estimates
- Lost work income, both current and future
- Who you’re suing for damages (an individual, company, or government agency)
- Whether you’re suing for punitive damages
- Whether this is a wrongful death claim
Our underwriters will review this information and use industry calculators to predict how much you might receive in a settlement or court award. They will also compare your case to similar claims in your state.
In many cases, it only takes about an hour for our team to approve you and make a pre-settlement legal funding offer.
More serious injuries usually result in larger settlements. We have provided clients in the past between $500 to $250,000 in funding.
While we approve most applicants, we may reject your application if you do not have a lawyer, or if we feel your case is not strong enough to receive a settlement award. But don’t worry—you can re-apply if you hire a lawyer and build a stronger case.
The Financial Agreement
If we approve you for legal funding, we will put our offer in writing. It will spell out the terms, including:
- The amount of pre-settlement legal funding we are offering
- Our one-time flat-rate fee
- The repayment process
If you and your lawyer agree to the terms, you sign the agreement and we can have the funds deposited in your account within 24-48 hours. Once the money is in your account, you are in control of the funds and can spend them however you wish.
The Repayment Process
Just like the application process, the repayment process for legal funding is also different than it is for a cash advance or lawsuit loan. In other words:
- You have no monthly payments.
- No interest accrues.
- You pay the full amount (legal funding plus our flat-rate fee) when you win your case.
Because we don’t charge interest, the amount you pay us when your case settles will never increase. Your lawyer will pay us directly out of your settlement funds. After they deduct their legal fees and make any other necessary payments, the rest of the money is yours.
For a free legal consultation, call (877) 735-0016
If You Lose Your Case
Here’s the big difference between a cash advance in the form of legal funding and a cash advance on a credit card: if you lose your case, you don’t have to pay us back. That’s because pre-settlement legal funding is not a standard loan. We base the amount we advance to you on the projected amount we think you will eventually recover.
We only provide legal funding to people whom we think have stronger cases to minimize our risk. But occasionally, one of our clients will still lose at trial. So, you may be thinking, what happens then?
Whatever the case, if you don’t win, we don’t get paid. It really is that simple. A pre-settlement cash advance is a truly no-risk financial solution for personal injury plaintiffs who need money now.
Apply for a Pre-Settlement Cash Advance Today
Applying for pre-settlement legal funding in the form of a cash advance is a free and simple process. All you need to do to get started is fill out the form on the Apply Now page, and one of our team members will be in touch with you and your lawyer.
You can be approved in as little as one hour. And, if you’re approved, we can have your funds in your account within 24-48 hours. While High Rise Financial is based in Los Angeles, California, we provide legal funding to personal injury plaintiffs across the country.
If you have any questions or need help with the application, please call us at (866) 407-6404.