When you have been injured and are involved in a lawsuit or waiting for the insurance company to settle, it can seem like forever – and your money isn’t holding up. Pre-settlement funding is just as the name implies, a way to get money before your case settles now, when you need it most. More of an advance, litigation funding companies make it possible for those who qualify to get a portion of their settlement immediately, so that they can pay household bills, medical expenses, the mortgage and more.
How do you know if you qualify for pre-settlement funding? If you have a strong case, chances are you will. However, there is a process you go through in order to determine if you qualify, but it’s quick and easy. Your lawyer will submit the necessary information relevant to your claim, such as how/when the accident or circumstances causing your injuries took place, and details about the injuries. Litigation financing is not based on your credit standing or employment status, only the strength of your case. If you do qualify, you will have the money you need usually within 24 hours.
What about payments, fees, interest, etc? With pre-settlement funding, you only repay the advance at the time you actually win your case and have your settlement, along with any applicable fees and interest. Therefore, there are never any out-of-pocket expenses. Litigation funding is non-recourse as well, which means that in the event you lose your lawsuit and are not awarded a settlement, you owe nothing – no fees, interest, nothing at all.
Pre-settlement funding simply allows those waiting on payment for injuries they have suffered and related costs to live comfortably and avoid financial stress while waiting on the insurance company’s settlement or jury award. Both of these processes can be drawn out and seemingly take forever. Now, you can pay the bills, keep creditors at bay and pay attorney fees so that your lawyer can fight aggressively to win your case.
Most litigation financing companies advance those who qualify about 10% of their expected settlement and offer loans of between $500 and $250,000 depending on your claim’s value. If your attorney is working on a contingency basis, ask him/her if pre-settlement funding is the right choice for you. There is a way to avoid financial distress for those who qualify! Don’t let the insurance company or those who have wronged you run you into bankruptcy, learn more today by contacting Mayfield Settlement Funding.