Texas Legal Funding
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Stay afloat with cash through pre-settlement legal funding.
Receiving money from an accident is commonly and mistakenly referred to as a “loan,” lawsuit “loan,” etc. Consumer legal funding is not a loan since if you lose your case, you don’t have to pay it back. For simplicity reasons, we will use the word “loan” here.
According to the Texas Department of Transportation’s statistics on crashes and injuries in 2019, there were 439,388 total crashes, comprising 139,598 possible injuries. A serious traffic collision can leave the accident victims with huge medical bills and other expenses.
Although you can recover damages by filing a personal injury claim, the legal process is usually stressful and overwhelming. But acquiring legal funds in Texas can provide you with the financial stability you need while pursuing your injury claims.
In This Article
- What Is a Settlement Loan in Texas?
- How Is Legal Funding in Texas Different from Traditional Loans?
- Eligibility for Settlement Loans
- Legal Funding We Offer in Texas
- What Can Texas Legal Funding Cover?
- Is Pre-Settlement Funding Legal in Texas?
- How Is Pre-Settlement Funding Regulated in Texas?
- What to Expect from the Texas Legal Funding Application Process
- How to Pay Back Your Non-Recourse Loan
- Get Pre-Settlement Funding in Texas
- Contact High Rise Financial Today
What Is a Settlement Loan in Texas?
A settlement loan is a non-recourse cash advance that you get depending on the potential value of your personal injury claims. The “collateral” for the loan is your potential settlement, not your personal assets. By obtaining a pre-settlement loan, you will only pay back your loan when you win your legal case.
How Is Legal Funding in Texas Different from Traditional Loans?
Pre-settlement lawsuit loans in Texas are different from traditional loans in many ways. When applying for a traditional loan, you will need to approach a financial institution such as a bank or credit union and fill out a lengthy application that goes over your finances in detail. The bank will need to see that you can pay back the loan using your income which will generate interest over time.
When you apply for Texas legal funding, instead of running a credit check and requiring you to pay back the loan through your wages, your lawsuit loan in Texas operates differently. Legal funding is based on the likelihood that you will be awarded compensation through an injury settlement, civil payout, or insurance claim settlement. Lawsuit loans never generate interest – you will only be expected to pay back what your pre-settlement funding was worse.
Eligibility for Settlement Loans
Eligibility for legal funding in Texas is based on the strength and potential value of your case. We do not perform a credit check or income validation to approve your application. Our experts will receive relevant information from you and contact your attorney to discuss your case.
If you need a pre-settlement loan, contact us today to discuss your pre-settlement funding options. Your personal credit history or finances do not impact your eligibility for funding. The quality of your case and whether or not your lawyer approves of third-party funding are the only factors we will consider when weighing your approval.
Your lawyer will only approve of third-party funding if they believe they will likely produce a recovery in your case. The lawyer has also likely already absorbed substantial risk in taking on your personal injury claim.
If they are working on contingency, they are covering all the costs of building a case against the liable party so you can recover compensation for your damages.
This assures our loan specialists that a financial award is likely in your case. If you are unsure whether you meet the eligibility requirements, you can discuss your concerns with your lawyer or contact High Rise Financial to discuss your opportunities for a Texas lawsuit loan.
Legal Funding We Offer in Texas
We offer pre-settlement funding in Texas and other risk-free pre-settlement loans to Texas accident victims and their families. We offer settlement loans for the following types of cases:
- Personal injury lawsuits
- Premises liability lawsuits
- Auto accident lawsuits
- Medical malpractice lawsuits
- Product liability claims
- Qui Tam lawsuits
- Whistleblower lawsuits
- Employment law violations
- Sexual harassment
- Labor law violations
If you were involved in another accident, incident, or legal event, and you are expected to recover compensation in your case, legal funding could be appropriate for you. You can find out whether you are eligible based on the circumstances of your case by contacting our loan specialists today.
What Can Texas Legal Funding Cover?
When you secure pre-settlement funding, we can provide the legal funding you will need to cover your basic essentials and other financial obligations. We offer alternatives that get you the immediate funds to pay your medical bills, rent, utilities, food, and settle monthly expenses. With our settlement loan, you may not need to apply for a regular lawsuit loan.
If you were to apply for a traditional loan, not only would the financial institution need to run your credit score and your ability to pay back the loan using your own income, but your loan would also come with interest. Legal funding in Texas is interest-free and is not based on your creditworthiness.
Is Pre-Settlement Funding Legal in Texas?
In short, yes, Texas pre-settlement legal funding is legal. The practice of third-parties funding lawsuits is known as champerty and maintenance and is legal in Texas and 16 other states.
The landmark 2006 case Anglo Dutch Petroleum International Inc. v. Haskell established that Texas does not maintain legal provisions against third-party legal funding. Texas courts found that this funding actually constitutes an investment and not a loan since there is no “absolute obligation” of repayment.
How Is Pre-Settlement Funding Regulated in Texas?
Few specific regulations are impacting pre-settlement legal funding in Texas. However, your ability to use it will be constrained by Texas’ laws and regulations for filing a lawsuit.
Specifically, the statute of limitations and Texas’ proportionate responsibility laws could influence the outcome of your injury settlement.
The Statute of Limitations for Personal Injury Claims in Texas
Under the law, personal injury claims in Texas must be filed before the two-year statute of limitations expires. If your personal injury claim is not filed before this deadline, you will lose your chance to recover compensation through the civil court system.
However, that does not necessarily mean you could not recover compensation through an insurance claim. If you hope to avoid the statute of limitations adversely impacting your ability to recover the compensation you need when you need it most, make sure to pursue your civil claim as soon as possible.
Your attorney can handle the legalities of your case while you focus on recuperating and handling your family’s financial dilemma.
Texas’ Proportionate Responsibility Laws
Texas is a proportionate responsibility state. Also commonly referred to as modified comparative fault, Texas follows a 51% bar threshold which limits the amount of salt a person can share for causing their injuries. If you are partially at fault for causing your injuries and your portion of the liability is below this bar, your portion of the liability will reduce your injury settlement.
For example, if you were injured in a motorcycle accident but were not wearing your motorcycle helmet at the time of the accident, the judge might find you 25% responsible for your traumatic brain injuries.
If the jury awarded you $750,000 for damages, your settlement would be reduced by 25%. This would leave you with a total injury settlement of $562,500.
After reviewing the details of your case, your loan specialist and an attorney can give you a better idea of how much you could expect to be awarded through your injury settlement and provided in pre-settlement funding through High Rise Financial.
What to Expect from the Texas Legal Funding Application Process
If you feel overwhelmed at the thought of filling out an application for legal funding, you are not alone. That is why we took the time to formulate a loan application designed for those who have already been through a difficult time in their lives.
We need basic details, including your attorney’s contact information, to approve your loan. If your application is approved, you can expect to receive your funds within 24 hours. From there, you can use your Texas legal funding to cover a variety of expenses, such as:
- Vehicle payments
- Credit card bills
- Utility, phone, and Internet expenses
- Insurance premiums
- Groceries and gas
- Entertainment costs
- Other expenses
Your lawsuit loan is yours to spend as you need to spend it. There are no limitations or restrictions on how you can spend your legal funding. You should be able to treat your pre-settlement funds the same way you would treat your injury settlement, wages, or other income.
How to Pay Back Your Non-Recourse Loan
Your lawsuit loan only needs to be paid back if your lawyer recovers compensation through your injury settlement, civil litigation, or insurance settlement. You can use your settlement to pay back your pre-settlement funding.
However, if your lawyer does not recover compensation in your case, you do not need to worry about paying back your legal funding. Non-recourse loans can only be paid back with settlement funds.
You will never be expected to use your own wages or other income to pay back a lawsuit loan from High Rise Financial. After everything you have been through, legal funding in Texas is a risk you can comfortably take.
Get Pre-Settlement Funding in Texas
If you want to apply for lawsuit funding in Texas, working with a reliable legal funding company is important. We understand the challenges personal injury victims go through. Hence, we offer the best service possible to our esteemed clients.
Our legal funding experts will help you with the following:
- Provide you access to affordable and risk-free legal funding in Texas.
- Process your pre-settlement funding application efficiently and ensure it is approved within 24 hours.
- Guide you through the entire application from start to finish.
- Offer honesty, fairness, and transparency without hidden fees or charges.
- Treat you right and help you understand your available options.
Contact High Rise Financial Today
If you have any questions about our legal funding options in Texas, do not hesitate to contact High Rise Financial. We can discuss your needs and help you understand your options. Call us today to apply for a pre-settlement loan and achieve financial stability as you fight for justice.
We offer services in the following TX cities and more: