If you are in the middle of a long, drawn-out personal injury claim, you might need money fast. Often, injured people lose income because they are unable to work due to injury. On top of that, you might have rising medical bills, insurance payments, and/or property repair costs in addition to your daily expenses. The safest solution is to get non-recourse pre-settlement legal funding from an authorized lender.
Pre-settlement funding is offered by a variety of lenders across the country. Still, High Rise Financial is an authorized lender that exclusively provides personal injury claimants with no-risk funds. What does “no-risk” mean? It means that you don’t have to worry about monthly payments, exorbitant compound interest, or paying us back if you lose your lawsuit. That’s right: if you don’t win compensation at the end of your case, you don’t owe us a dime!
If you’re interested in getting the cash you need from a safe, reliable lender, get in touch with High Rise Financial. Fill out our online application form today.
Understanding Your (Lack of) Risk
Getting funds to cover your expenses during your lawsuit can be a tricky affair. You may have heard of predatory lawsuit lenders like those warned about by organizations like the Center for Public Integrity. Unlike some of these other lending institutions, High Rise Financial provides solely non-recourse loans. What does that mean? It means there is no risk for you.
How Debt Is Categorized
The Internal Revenue Service (IRS) classifies all debt as either recourse or non-recourse. The categories depend on whether or not the borrower is held personally liable for what is owed.
- Recourse debt: you are held personally liable.
- Non-recourse debt: you are not held personally liable.
The difference is easily seen by looking at an example. Let’s say you take out a recourse loan to buy a boat. The boat itself serves as collateral for the loan, and you agree to pay monthly installments until you’ve paid off your loan. Unfortunately, you end up unable to pay the loan back and default on it instead. In this situation, the lender could:
- Take your boat as collateral
- Continue to demand payment if the boat’s value does not cover what is owed
- Take money out of your paycheck until the debt is paid, without your consent
However, if you had taken out a non-recourse loan, the most the lender could do is take the collateral (i.e., the boat).
How This Applies to Pre-Settlement Legal Funding
When you get pre-settlement legal funding from High Rise Financial, we are repaid from your settlement or jury award at the end of your personal injury lawsuit. That means we don’t touch your finances at all, so you don’t have to provide any of the following information when you apply:
- NO credit history check
- NO bank statements (unless they are related to your losses in your lawsuit)
- NO tax records
- NO proof of employment
This also means that the most we can pursue as payment is your compensation package. So, if you lose your lawsuit, you owe us nothing. That’s what it means for your pre-settlement legal funding to be non-recourse and risk-free.
Whom to Get Your Funding From
Many personal injury claimants are leery about getting pre-settlement funding, mostly due to horror stories of predatory lawsuit lenders, people getting locked into repayment even if they lose their case, and exorbitant interest rates. When you look for a lending institution to get your pre-settlement legal funding, what should you look for?
First, you want to make sure that the entity you are borrowing from is an authorized lender. This means they have a solid track record and abide by industry best practices. You don’t want to go with a lender who can’t guarantee professionalism.
You should also make sure that your lender has the following protections to prevent you from ending up in a worse financial spot than when you started:
- Flat fees instead of compound interest
- No repayment unless you win
- Non-recourse debt rather than recourse
High Rise Financial ticks all of these boxes, and then some. We won’t lock you into monthly payments with high interest. Instead, your attorney sends us the agreed-upon payment amount directly from your settlement check or jury award. Not only does that take the pressure off you to budget for monthly payments, but the lack of compound interest ensures that you don’t end up paying back several times what you borrowed (like you would with some other companies).
Apply to Get Your Money Now
If you have a personal injury claim and are represented by a lawyer or law firm, and if you need money to hold you over while the case resolves, look to an authorized provider of pre-settlement funding like High Rise Financial.
Fill out the easy-to-use form on our Apply Now page to get started, and our underwriters can have money in your account in as little as 24 hours. For questions, concerns, or more information, speak to one of our representatives by calling (866) 407-6404.