There is much debate over the pre-settlement funding industry. This is, in part, because many companies with vastly different resources and motives use similar language, causing serious confusion. Even Annuity.org, a leading information resource, lumps the terms “lawsuit loan” and “legal funding” into the same category on its website. However, there are fundamental differences that make pre-settlement legal funding of the kind offered by High Rise Financial vastly superior and safer for borrowers.
If you or a loved one have a personal injury claim, your case may take months or years to reach a conclusion. Unfortunately, your bills do not subscribe to the same calendar. You can be left with mounting medical debt, daily expenses, property repair costs, and other financial burdens while you wait for the at-fault party in your case to take responsibility and offer an appropriate settlement. With help from an authorized lender like High Rise Financial, you can get the money you need NOW.
Differences Between Loans and Funding
Much of the difference between the two types of pre-settlement cash advances had to do with risk, liability, and protections for borrowers. Those may seem like complex topics, but the brief descriptions below clarify just how much better legal funding is than a lawsuit loan.
A lawsuit loan operates just like any other loan. It’s a debt you take on, often agreeing to pay back the amount you owe at exorbitant interest rates on a monthly basis. This can leave you with a horrible monetary burden if you lose your lawsuit and get no compensation.
Pre-Settlement Legal Funding
On the other hand, High Rise Financial provides injured people with pre-settlement legal funding. This is not a loan and does not function in the same way as a loan. In both cases, you “borrow forward” from your expected compensation package, agreeing to pay back the lender (in this case, High Rise Financial) from whatever settlement package or jury award you receive.
However, legal funding does not require you to sign on for monthly payments. It also does not lock you into repayment if you lose your case. As a form of non-recourse debt, pre-settlement legal funding protects the borrower from a lender’s overreach. What does that mean for you? Simple. It means you do not have to pay us back if you lose your case! You get the money you need now without locking yourself into payments every month, with such high interest rates that you wind up paying back two to three times what you borrowed.
How to Get Pre-Settlement Legal Funding
By now, you should know that you want to avoid a lawsuit loan. Pre-settlement legal funding, however, poses no risk to you or your family’s finances. Plus, getting legal funding from High Rise Financial is a simple process that does not invade your privacy.
Applying for Your Funding
The first step in getting your pre-settlement legal funding from High Rise Financial, and the only step that requires effort from you, is to apply online. Fill out the form on our Apply Now page with your contact information and details about your claim. Importantly, the form:
- DOES NOT ask for a credit check
- DOES NOT require proof of employment
- DOES NOT involve looking into your bank account or finances
- DOES NOT harm your credit score
Receiving Your Money
Once our underwriters have assessed your claim, you will be either approved or denied for legal funding. In the past, we have provided up to $250,000 for clients whose cases merited that amount. Some of the details that our experts evaluate include:
- The extent of your injuries
- Your expected settlement amount
- Jury awards in similar past cases
- The amount of evidence your attorney has assembled
- The value of property damaged in your case
You can receive money in your account in as little as 24 hours after applying. Once it’s in your account, the money is yours! Use it to pay for medical expenses, the installation of medical equipment in your home, property repair or replacement, groceries, rent payments, a replacement for lost wages, and anything else you need.
Paying Back Your Legal Funding
A lawsuit loan can have you making monthly payments for years. It might also affect your credit score since you pay back the amount you borrowed from your personal income. However, legal funding through High Rise Financial is much simpler and requires no effort on your part.
When your case is concluded, you will receive your compensation. Once your attorney gets the check from the opposing party, they will send High Rise Financial a check for the agreed-upon repayment amount, take their lawyers’ fees, and send the rest to you! Two crucial facts are important to keep in mind:
- You do not owe us anything if you do not win your lawsuit.
- You typically get a much higher compensation package if your lawyer has the time to negotiate for a fair settlement.
With legal funding from High Rise Financial, you can remove the financial pressure faced by your family, giving your attorney the time they need to get you the best possible outcome.
Apply Today for Legal Funding
If you have a pending personal injury lawsuit, you might need cash now. Fill out the information on High Rise Financial’s Apply Now page to complete the application process for FREE. If you need more information before making your decision, call us today at (877) 823-4377.