The typical turnaround time from when you submit your legal funding application until you are notified of approval is one hour. This is assuming we receive all the information we need in a timely manner.
Once you are approved, our underwriters can go to work determining exactly how much legal funding we can offer you. From there, we can have the funds to you typically the same day but up to 48 hours from when you applied. It’s that simple! And you don’t have to pay us back until and unless you win your personal injury case.
In This Article
The Application Process
After you submit your legal funding application, things move relatively quickly. We have staff working 24 hours a day, so even if you apply in the middle of the night, you may hear from us right away.
Once you apply, a case manager in our office is assigned to your application. That person will then contact you to explain how the process works. He or she will also contact your lawyer for pertinent information relating to your personal injury claim.
You are only eligible for legal funding if you have filed a personal injury claim and a lawyer representing you. If you apply for legal funding without meeting these two criteria, we will have no choice but to deny your application.
Factors that Determine the Amount of Legal Funding You Can Receive
The specifics surrounding your personal injury claim and the state you live in are the largest determining factors insofar as how much legal funding you will receive. We fund all types of personal injury cases, from car accidents to wrongful death claims.
Some of the factors we consider include but are not limited to:
- The severity of your injuries
- Whether you are permanently disfigured or disabled
- Your calculated pain and suffering
- Your current and future medical costs
- Current and future lost wages
- Whether you are the main breadwinner in your family
- If you have children to support
- Property damage
- If you are claiming punitive damages
- The state you live in
Why the State You Live in Matters
State laws vary when it comes to personal injury cases. Some states cap the amount of damages you can receive. Further, states have different deadlines for filing personal injury cases.
Since the amount of legal funding you can receive is directly correlated to the predicted amount of your settlement, we need as many specifics about your case as we can get. This is why we work directly with your lawyer to get all the details we need.
To apply for free, call (877) 735-0016
The Financial Agreement
Once you are approved and our underwriters decide how much we can offer you in legal funding, we will draw up a financial agreement that includes the following information:
- The amount of legal funding we will provide
- The amount of our flat, one-time fee
- The repayment terms
If you and your lawyer agree to the dollar amounts and repayment terms, you will both sign the agreement. Once we have the signed document, we will deposit the funds into your account. In most situations, this happens within 24 hours but may take up to 48.
Once the money is in your bank account, it is yours to spend as you see fit. Most of our clients use it to pay living expenses such as:
- The mortgage or rent
- Utility bills
- Car payments
- Credit card bills
- School bills
- Medical bills
No one is looking over your shoulder to see how you spend the money. You can do what you need to do with it.
The Repayment Process
This will all be detailed in your financial agreement, but the repayment process is also transparent. Unlike a typical loan, you do not make monthly payments, nor do you pay interest. You pay back the full amount of your pre-settlement legal funding, plus our flat fee, when you receive your settlement or court award.
More specifically, your lawyer will pay us directly out of those funds. They will then deduct their own legal fees and any other legal debts you owe pertaining to:
- Back taxes
- Medical lien
- Unpaid child support
- Unpaid alimony
Your lawyer will be able to help you determine what you must pay out of your settlement amount and what you may be able to negotiate.
Most small to medium settlements ($150,000 or less) are paid out in one lump sum. For larger settlements, your lawyer may have negotiated a structured settlement. With a structured settlement, you may receive payments for a period of years, which can help protect you financially if you have lost the ability to earn a living.
If you have a structured settlement, your lawyer will make sure that the first payment is large enough to pay us, as well as themselves, and that it will cover any other mandated payments. The payments that follow will then be of a lesser, agreed-upon amount.
If You Lose Your Case
Most of our clients win their personal injury cases. But if you lose your case, the way we structure the legal funding agreement protects you. If you lose your case, you don’t have to pay us back. It really is that simple.
We take that risk when we evaluate your case and make the determination to provide you with legal funding. Much like your personal injury lawyer, we get paid on a contingency fee basis. This means that our approval of your application depends on your likelihood of achieving a favorable result.
Complete a Free Application form now
Apply for Legal Funding Now
At High Rise Financial, our goal is to help personal injury plaintiffs like you. We understand that money can be tight while you await your settlement. By making the application and approval process free, fast, and easy, we hope to help relieve some of your financial stress.
Get started by completing the form on the Apply Now page. Call us at (866) 407-6404 if you have questions.