Being a plaintiff in a personal injury lawsuit is a sort of double whammy given to you by life, and an unfair one at that. The first insult of course that you have been a victim of someone else’s negligence, and the second is the fact that you have to wait for the insurance company to settle your case.
You may know that at the very least, you have the right to hire an experienced personal injury attorney at no cost to you to defend you in your case, so that you are actually given a commensurate jury award or settlement based upon the severity of your injuries. This is a right you deserve as a victim, and one that will serve you well so that you truly get the compensation you deserve.
However, what you may not know is that you have a rate to receive part of your settlement or jury award while you wait for your case to settle, through something called pre-settlement funding.
Pre-settlement funding, or settlement loans, is a means by which you are given part of your settlement or jury award upfront by companies that specialize in this type of funding. You don’t have to wait for your case to finish, in other words, to begin to rebuild your life. Instead, you simply request this funding (with your attorney’s full cooperation and permission). Once received, you’ve got the money you need to begin to move forward.
How this funding works
If you’ve got a personal injury case that’s very likely to settle out-of-court or result in jury award, you can apply to receive this funding from a company that specializes in it. You’ll fill out an application with your attorney’s full cooperation and consent; once approved, the company in question will give you a percentage of your expected settlement or jury award, usually about 10% of the expected funds, immediately. There’s no credit check, income verification, or other ordinary hoops to jump through as is true with most loans. Instead, your status as a personal injury victim with a valid case that’s likely to win is all that matters.
Once your case settles, you are expected to pay back the loan plus interest and fees. However – and this is very important – if you lose your case, you don’t need to pay the money back at all. This is the biggest advantage of Mayfield settlement funding. When you’re out of work and hurting, the last thing you need to have as yet another financial hardship if you should happen to lose your case. Because you don’t have to pay back the pre-settlement funding, you can simply put this unfortunate time behind you and move forward, with no further obligation or expense.