One of the most common questions we get here at High Rise Financial is whether you have to make monthly payments while you’re waiting for your lawsuit to settle. And the answer is simple: NO.
This is because legal funding is entirely different from your average loan or cash advance on a credit card. You receive your pre-settlement funds upfront, and you don’t need to worry about paying us back until you win your case.
Legal Funding Is Not a Loan
Legal funding is not the same as a lawsuit loan or even a personal loan. Both the application process and the repayment process for legal funding differ substantially from the loan process. That’s a good thing for personal injury plaintiffs.
If you suffered serious injuries in an accident, you likely missed work, which means you missed paychecks. You may not be able to work at all, causing huge financial strain. But even though no money is coming in, you still have to pay the bills. One bill you don’t have to worry about paying is ours because there are no monthly payments to make.
Pre-settlement legal funding makes financial sense in that it won’t put you and your family in further debt. It may just be the perfect option for you, preferably before you have exhausted your savings and maxed out your credit card(s).
For a free legal consultation, call (877) 735-0016
The Application Process
When we said legal funding is not a lawsuit loan, we meant it. It’s more like an advance on your eventual settlement. And because the amount of money you receive is tied to your settlement rather than your credit rating, the application process is simple and streamlined.
To apply for pre-settlement legal funding, you must be involved in an active personal injury claim and have a lawyer representing you. You don’t have to file a lawsuit to apply. You could be in settlement negotiations with an insurance company. In fact, the vast majority of personal injury claims end in an out-of-court settlement.
In your application, all you have to do is give us your name and contact information and the name and contact information of your lawyer. That means, unlike a loan application:
- NO credit check
- NO proof of employment
- NO references
Interested? Complete the form on the Apply Now page to get started.
What We Need to Proceed
Once we have your contact information, we will get in touch quickly to explain the legal funding process, and we contact your lawyer to get the specifics of your case. We will likely have them send us documentation related to your claim. The information we consider when approving you for pre-settlement legal funding includes, but is not limited to:
- The location, date, and specifics of how your accident happened
- Who you have filed a claim against (individual, company, or a government agency)
- How severe your injuries are
- Your chances for a full recovery
- Your current and future medical needs and cost estimates
- How much income you have lost and/or will lose out on
- Property damages
- If you’re seeking punitive damages
- If this is a wrongful death claim
Once we have that information, we pass it on to our underwriters for the approval process.
The Approval Process
Our underwriters review all of the information about your case. They may use industry calculators to determine what compensatory damages you might receive in a settlement. They will consider punitive damages if applicable. They will also compare your claim to similar claims in your state to get an idea of your predicted settlement.
The average turnaround time for approval is about an hour. Most people who apply are approved for legal funding, but you might not be if we don’t think your case is strong enough. And your application will be immediately disapproved if you do not have a lawyer representing you.
If you are approved, our underwriters will tell us a dollar figure we can offer you. The amount will be higher based on your injuries and verifiable damages. This could be anywhere between $500 and $250,000.
We will put together a written offer for you and your lawyer to review and sign if you agree to the terms. It will detail:
- How much money you will receive as legal funding
- The amount of our one-time flat fee
- How you repay us
If you both sign the agreement, we can generally transfer funds to your account within 24-48 hours. Once the transfer is made, the funds are yours to use as you see fit. Most of our clients use their legal funding to pay their daily and monthly living expenses.
The Repayment Process
This will be detailed further in your pre-settlement legal funding contract, but here it is in a nutshell:
- You DO NOT make monthly payments.
- We DO NOT charge interest (compared to the 27-60% interest you might pay on a lawsuit loan).
- You pay us back in full when you win your case.
Your lawyer will take care of actually paying us back. When you get your settlement or court award, the other side will send your lawyer the funds owed to you. They will pay us directly out of that amount. Then they will deduct their own legal fees and any additional payments as needed. The rest of the funds are yours to compensate you for your injuries.
If You Lose Your Case
Probably the biggest difference between pre-settlement legal funding and a loan is that if you lose your case, you don’t have to pay us back. In this respect, High Rise Financial operates much like your personal injury lawyer: we get paid on a contingent fee basis. In other words, we only get paid if you win your case.
In this way, you are completely protected. This is also spelled out in your financial agreement. We aim to be completely transparent.
Apply for No Payments, No Interest Legal Funding Today
Pre-settlement legal funding offers you the best financial terms available if you need cash while you wait for your lawsuit to settle. With no monthly payments and no interest, you’re free to spend the funds as you wish – no strings attached.
If this sounds like a good option for you, simply complete the form on the Apply Now page to get started. And, of course, you can call us at (866) 407-6404. While High Rise Financial is based in Los Angeles, California, we work with personal injury plaintiffs from all over the country.