When your lawsuit is taking far too long to resolve and your bills have begun to pile up, pre-settlement funding can help you meet your needs. Legal financing is essentially a cash advance for your lawsuit and can be used on any expenses, however you see fit.
Insurance companies and opposing attorneys understand your financial predicament and often try to use it against you to force you into settling for a low-ball offer. When you apply for pre-settlement funding, you can ease your financial burden and hold out for what you deserve.
What Is Pre-Settlement Legal Funding?
We offer a type of legal funding that is similar to a lawsuit loan, but with one key difference: it’s risk-free. If you take out a traditional loan, you may still have to repay the debt even if your case loses. You can get stuck in a worse position simply for trying to pursue justice.
Applying for our legal financing will allow you to pay for common expenses, like:
- Rent and mortgage payments
- Replacing lost income due to injury
- Medical bills
- Daily costs, such as food
- Legal fees
When you work with pre-settlement funding companies, you won’t have to worry about being stuck with the bill if your personal injury lawsuit is not successful. If you win your case, you repay us out of your compensation package. If you lose your case, you don’t have to pay us back at all!
Is Legal Funding a Type of Lawsuit Loan?
Lawsuit loans can have a bad reputation due to the actions of predatory lenders like those exposed by the New York Times. Pre-settlement funding is a different form of financial assistance altogether. Here are some key aspects that make our legal funding different from a traditional lawsuit loan:
- No long-term monthly payment contracts to worry about
- No repayment if you lose your case
- No credit check required
- No need to investigate your personal finances
Legal funding is non-recourse, which means you aren’t personally liable for the debt. At most, you’ll pay the agreed-upon portion of your compensation package as repayment. We are not legally able to pursue payment from your bank account, garnish your wages, or seize collateral.
Legal Funding Comes From You
When you get our pre-settlement legal funding, we provide you with the cash you need to stay afloat while your case settles. But it’s not really our money we’re giving you. The money comes directly from your eventual settlement package. It’s like borrowing from yourself.
On the other hand, a lawsuit loan is just that — a loan. If approved for one, you will have to sign a contract to pay the lender back the full amount of the loan, plus any additional fees. Usually, that means you sign up for monthly payments even if you lose your case and do not make a recovery.
How Does Pre-Settlement Funding Work?
When you contact us about pre-settlement funding, we will get in touch with your personal injury attorney to discuss the specifics of your case. Before we agree to provide funding to a plaintiff, we must conduct a thorough review of the claim to determine whether or not it’s likely to settle.
Once we’ve approved you for a lawsuit cash advance, you can have the money in your bank account in as little as 24 hours. Then, once you conclude your lawsuit and get compensation, your attorney will write us a check out of that settlement package and you get the rest!
What Determines Your Funding Amount?
The amount of your pre-settlement funding will depend on a variety of factors. Our underwriters will go over the evidence associated with your lawsuit in order to determine the strength of your case and its likelihood of succeeding. We will also investigate your total damages and expected compensation amount.
Typically, the law requires lenders not to provide more than 20% of the total estimated value of your lawsuit. For example, if you are suing for $1,000,000 in damages, most reputable companies will be able to advance you up to $200,000.
Legal Funding Interest Rates
We are always completely transparent about the interest rates on our pre-settlement funding. The overwhelming number of five-star reviews from our clients attest to that. We can’t provide an exact rate, however, until we review the specifics of your case. Lower-risk lawsuits may warrant lower interest.
Who Is Eligible for Pre-Settlement Funding?
Applying for pre-settlement funding is free, so you should always apply if you think there is even the slightest chance that you might qualify. Our underwriters will determine your eligibility in as little as 24 hours.
You Must Have a Valid Lawsuit
The first requirement you have to meet to be eligible for legal funding is to have a valid lawsuit. You do not have to be in court, and in fact, most cases are settled with the opposing party before ever reaching a courtroom. Nevertheless, you can only get pre-settlement legal funding if you are pursuing compensation through a lawsuit.
You Must Have a Certain Case Type
We provide pre-settlement funding to people injured under personal injury law. Personal injury cases usually involve bodily harm, mental effects, and/or property damage. Some of the typical cases for which we have supplied clients with legal funding include:
- Car accident cases
- Slip and fall accidents
- Medical malpractice
- Faulty products or medical equipment
- Wrongful death claims
- Construction accidents
- Nursing home negligence
- Dog bite cases
You Must Have a Reputable Attorney
We work directly with lawyers when supplying pre-settlement legal funding. If you do not have an attorney representing your case, you will not be eligible for funding from our underwriters.
Will My Lawyer Handle My Pre-Settlement Funding for Me?
To be eligible for our pre-settlement legal funding, you must have an attorney working on your personal injury case. There are several reasons for this requirement, but among them is the fact that your lawyer will handle the repayment process for you.
When your case resolves, the at-fault party will send your attorney’s office a check for the amount you are owed. Then, your attorney will pay us back for your pre-settlement funding, take out any applicable attorney’s fees you agreed to, and send the rest to you.
While attorneys don’t typically handle the funding itself, they do handle the repayment process so that you and your family can focus on recovering from the harm you have suffered.
Can a Surviving Spouse or Children Apply for Pre-Settlement Legal Funding?
While a wrongful death lawsuit is being processed, the surviving family may struggle with expenses like funeral costs, medical bills incurred before the passing of their loved one, their loved one’s lost income, and a host of other burdens. In these cases, we can provide relief through pre-settlement legal funding.
Since pre-settlement funding is not a loan, the family does not get locked into monthly payments that may become difficult down the road. Just like in personal injury claims, the family will not have to pay back the funding if they lose the wrongful death lawsuit, since legal funding is non-recourse.
Do I Really Need Pre-Settlement Legal Funding?
Only you and your attorney can decide whether you need pre-settlement legal funding. Every case is different, and every person’s financial status is unique, so a blanket answer is impossible. However, you might need legal funding for the following reasons.
Combat the Opposing Side’s Stalling
In many cases, the at-fault party in a personal injury claim will try to stall for time. Their goal is to make you feel the pressure of needing money now so that you cave in and accept a settlement that is worth much less than you deserve. By getting pre-settlement legal funding, you can take away this tactic.
Pay for Living Expenses
Unlike other forms of monetary relief, such as medical funding, pre-settlement funding has no restrictions on the way it is used.
Turning to a pre-settlement legal funding provider like us is popular because it is free of risk. Your repayment comes directly from your settlement when your case resolves, so you don’t get locked into monthly payments that can stress you out. If you lose your case, you don’t have to pay us back at all! If you think you might benefit from cash now, apply today.
What Risks Are Involved in Pre-Settlement Legal Funding?
Some forms of legal funding come with significant risks, usually the ones that have “loans” in their name. Unlike a traditional loan, however, pre-settlement legal funding from us is risk-free.
Where Your Fund Repayment Comes From
Pre-settlement funding is non-recourse, so it is not repaid out of your personal finances. Other loan types can lock you into long-term monthly payment plans and leave you worse than when you started.
If You Lose Your Case
This arrangement is also safe for you because you do not have to pay us back if you lose your lawsuit. You keep the money, are able to pursue justice, and are not saddled with debt just because you were unable to get the compensation you expected.
Is There Interest On Pre-Settlement Legal Funding?
We offer funds at a flat fee rather than with compounding interest — a much safer option for you and your family. Our flat fee is added to the amount you borrow, and that’s the amount you repay out of your eventual compensation package. This way, you’ll know exactly how much will be taken out of your settlement without having to do tricky math or worrying about hidden fees.
Can You Apply for Pre-Settlement Legal Funding More Than Once?
Though we try to take into account the total financial need and outlook of your case when providing initial funding, you can apply for pre-settlement funding more than once if you need it. Applying, as always, is free.
Typically, experts advise plaintiffs to take no more than 20% of their prospective compensation as a lawsuit cash advance. If your initial funding is below that mark, it may be possible to get more pre-settlement funding while you wait.
Every Claim Is Unique
There is no cookie-cutter solution to your situation. Finding the right option and amount of funding to suit your needs should be a matter of evaluating your specific case and new developments. Our staff keeps in touch with your attorney to assess new twists and turns in your claim that may necessitate additional funding.
When Do You Have to Start Repaying Pre-Settlement Funding?
Pre-settlement legal funding is not the same as a cash advance or a lawsuit loan. You don’t sign up for a specific repayment timeline. Instead, the funding is paid back directly out of the settlement or jury award you end up with. It’s repaid all at once, so you don’t have to worry about remembering monthly payments.
In short, your pre-settlement funding is repaid immediately after your attorney gets the compensation check from the at-fault party.
Get Pre-Settlement Funding With High Rise Financial
Get the tools to maximize your lawsuit from High Rise Financial. Apply online for free and start the journey toward financial relief with pre-settlement funding. The application comes with no obligation, no hidden fees, and no confusing jargon. Fill it out now and see how simple, straightforward, and transparent legal funding can be.