Before we jump into when you have to start repairing non-recourse loans, we need to go into a bit of detail about what a non-recourse loan is, and how that fits in with pre-settlement legal funding.
Non-Recourse Loans Defined
Non-recourse loans are one of two types of loans, and they are by far safer for you, the person seeking the loan. Typically, you make monthly payments for a set number of years. If you default on the loan, the lender cannot hold you personally liable for the full amount that you still owe. The most the lender can do is repossess the collateral you put up to get the loan.
Non-Recourse Legal Funding
High Rise Financial provides our clients with non-recourse funding, with a twist. The amount of pre-settlement legal funding you qualify for is based on your eventual personal injury settlement or jury award. When you are approved, we will draw up paperwork outlining the amount of funding you will receive. You will pay back that amount, as well as our one-time, flat fee.
- You don’t make monthly payments.
- You don’t pay any interest.
Pre-settlement legal funding allows you to stop stressing about how to pay the bills while you wait for your case to resolve. Money may be tight, because you have medical bills, and may not be able to work because of your injuries. When you stop worrying about your financial situation, you can focus on working with your lawyer to build a strong case that will result in a larger compensation package.
If this sounds like something that could help you right now, get started by filling out the form on the Apply Now page, or call our offices at (866) 407-6404. You must have an active personal injury case, and you must have a lawyer representing you.
You Repay Us When You Win Your Case
When you get an out of court settlement or jury award, your lawyer should get a compensation check from the at-fault party within a couple of weeks. They send High Rise Financial the repayment amount, take out their legal fees, and present you with the rest of the money. You don’t have to worry about any payments until you win your case. In reality, you don’t have to worry about making repayment at all — your lawyer takes care of that.
If You Lose Your Case
Not everyone wins their personal injury case. The other side may come up with a surprise witness, or current news events could sway the jury. No need to worry. If you lose your lawsuit, you do not have to repay us. You read that right. Since the “collateral” on your legal funding loan is the eventual settlement, if there is no settlement, we don’t get paid. Since legal funding is a non-recourse loan, we do not go after you for repayment like another lender would.
You are protected either way. If you win, you have the money you need to tide you over while the case is ongoing, and you repay us when you win. If you lose, you still have the money to tide you over while your case is active, and then you don’t have to pay us a penny.
How to Get Legal Funding Now
The pre-settlement legal funding application process is FREE and easy to complete. Since your funding amount is based on your legal case and not your financial situation, that means:
- NO examining your credit report
- NO requests for bank statements or tax documents
- NO proof of employment needed
- NO hidden fees
The only information we need from you relates to your personal injury case. You may want to include some of the following data in your online application:
- The extent of your injuries (permanent disability, loss of limb, etc.)
- The specifics of how and when you sustained your injuries
- The expected settlement amount in your case
- Whether you are seeking punitive damages
- Bills or receipts for expenses resulting from your injury (medical bills, repair costs, etc.)
After You Apply
Once we have your application, our underwriters will evaluate your eligibility and determine whether we can approve funding in your case. We may need to ask your or your attorney for more information before making a determination. If you qualify, you may receive up to $250,000 in your bank account within as little as 24 hours.
Get the Pre-Settlement Legal Funding You Need
If you need financial help while you wait for your personal injury case to resolve, non-recourse pre-settlement legal funding could be the perfect solution. Apply now for free to see if you qualify. If you do, High Rise Financial can have money in your account within 1-2 days following approval. Applying is easy, and if you lose your case, you don’t have to pay us a penny.
Get started by filling out the Apply Now form or by calling us at (866) 407-6404 for more information.