Many people who are plaintiffs in a personal injury lawsuit are interested in learning more about pre-settlement funding, what it is, and how it works. Litigation financing is something many injured victims turn to so that they can pay their bills during what is often a long, drawn-out lawsuit instead of settling with the defendant and his/her insurance company for less than they deserve. If you need to learn more about this type of funding, how it works, and who qualifies, keep reading.
Pre-settlement funding is basically a cash advance against a pending lawsuit settlement. Essentially, if you qualify you are getting a portion of your own money, usually about 10% of the amount your attorney filed suit for.
Most who have a strong lawsuit qualify. As long as your lawsuit is strong, your attorney can present documentation that supports your claim, and the funding company doesn’t consider your suit frivolous, you will likely qualify. With litigation financing, all your lawyer needs to demonstrate is that your lawsuit is strong, which can be accomplished through documentation of the accident/event which caused your injuries, and the details of the injuries themselves.
No credit check or employment information required. Unlike with conventional bank loans, your credit score or employment history/status make no difference.
Pre-settlement funding is a non-recourse process, which means you are at no risk financially. What happens if you do not win your lawsuit, how will you repay the advance? With litigation financing, you only repay the funding company if you do win. If for any reason you are not successful in winning your case, you owe nothing – no fees, interest, etc.
No out-of-pocket costs to you. There are no up-front fees or other costs to worry about. In addition, there are no monthly payments – you simply repay the funding company when you win your lawsuit and begin receiving payments, or a lump sum. This way you can avoid going further in debt than you already are.
With pre-settlement funding, you can have the money you need to pay household bills, hospital and doctor bills, attorney fees and more within 24 hours if you qualify! Why settle for less than you deserve from those who were negligent, when you can continue with your lawsuit to get the full damages you are entitled to? Speak with your lawyer to learn more, and get answers to any additional questions you may have. Visit Mayfield today!