A non-recourse loan is designed to protect you, the borrower. The way it works is that you put up collateral for the loan, such as your house. If you can’t make the payments and default on the loan, the lender can seize the collateral and resell it to recoup their losses. But if the value of the collateral is not as much as what you still owe on the loan, the lender must take a loss. Under non-recourse loan financial regulations, they are not allowed to hold you personally liable for the rest of the debt.
While a non-recourse loan protects you from the lender going after all of your other assets, it is not a perfect loan. The vast majority of non-recourse loans do charge the borrower interest, of varying rates based on your creditworthiness. If you have great credit, you might get 0% financing for a limited time.
Pre-Settlement Legal Funding Is a Different Kind of Non-Recourse Loan
You’re probably visiting the High Rise Financial website because money is getting tight while you wait for your personal injury lawsuit to settle, or go to trial. We get it. Your accident injury or negligence case resulted because you had some pretty substantial injuries and losses through no fault of your own. That means you have some pretty substantial medical bills, and possibly loss of income from work. You’re wondering how you’re going to pay your rent or the mortgage.
That’s where pre-settlement legal funding comes in. Legal funding is essentially a no-interest loan or cash advance on your eventual insurance settlement or jury award.
You read that right. No interest.
How the Pre-Settlement Legal Funding Process Works
Pre-settlement legal funding with High Rise Financial is exclusively for people who have filed a personal injury lawsuit; have a personal injury lawyer representing them, and who are struggling financially while they wait for the case to resolve.
When You Apply
When you apply for legal funding, you will provide us with contact information for yourself and your personal injury lawyer, as well as some detailed specifics of your claim. Based on the extent of your injuries, the specifics of your case, and whether punitive damages may be involved, our underwriters can determine how much legal funding you are eligible for.
In many cases, we can approve you within hours. Once you and your attorney sign the paperwork, we can deposit funds in your bank account within 24-48 hours.
If this sounds like something that could help tide you over while you wait for your lawsuit to come to a resolution, start the application process on our Apply Now page. You can also call us at (866) 407-6404 if you have questions.
How You Repay Us
Unlike a typical loan, you do not make monthly payments or pay any upfront fees. High Rise Financial is repaid directly from your insurance settlement or jury award. We do not charge interest on your cash advance amount. Instead, we charge a one-time flat fee, which is incorporated into the final repayment amount. The amount is detailed in our agreement.
When your case is resolved, your attorney will get a check from the opposing party. They use those funds to pay us, your legal bills, and any other costs related to your case. Then, the rest is yours! If you lose your case you don’t have to pay us a dime. That is part of our written agreement. Since pre-settlement legal funding is a non-recourse loan of sorts, you are protected. We cannot legally pursue you for repayment of the settlement advance. Legal funding truly is a no-risk solution to your financial needs while you fight to win your case.
Apply for Interest-Free Pre-Settlement Legal Funding
Your personal injury case has already been going on for months, if not years. If you need financial help to make ends meet until your case resolves, non-recourse pre-settlement legal funding may be a smart choice. In most cases, High Rise Financial can provide you with the money you need to pay your bills. Applying is free, and once you’re approved, you can get your cash within 24 to 48 hours. While we are based in Los Angeles, we help personal injury clients all across the country.
Apply now by filling out the Apply Now form, or call our team at (866) 407-6404, for more information or help getting started.
When you qualify, you get a cash disbursement that is yours to spend how you wish.