Companies that offer pre-settlement funding know that injury victims who are involved in a lawsuit often have to wait for months or even longer to see any cash from their claims. If the injured individual is unable to work, it becomes more and more difficult to pay bills over time. For some, the answer is litigation financing.
Pre-settlement funding essentially helps those involved in a lawsuit avoid ruined credit, bankruptcy, foreclosure and other financial issues. Through litigation funding, you can get the money you need to pay your bills and other financial obligations while your lawyer pursues full compensation on your behalf, if you qualify. Ultimately, you can get your life back on track while the lengthy process of litigation continues, living comfortably while paying your bills.
The great thing about this type of litigation funding is that the plaintiff is at no risk financially, because the process is no-recourse. This simply means that even when you qualify and are advanced money on your settlement, you do not repay the advance if for any reason there is no recovery in your lawsuit. You only repay the loan when you do win, and have possession of your money. Any applicable fees and interest will be paid at that time as well.
Additionally, there are no hassles involved in finding out whether you qualify for pre-settlement funding. The information required is related only to your injuries and how they occurred (accident, defective product, etc.). Litigation funding companies do not perform credit checks or verify your employment; it costs nothing to find out if you qualify. The funding company simply wants to make certain that you have a viable case that will likely be won before approving an advance.
Once it is determined that you do qualify, you can get the money you need to pay household bills, medical expenses and other obligations very quickly, usually within 24 hours. There are no up-front fees or out of pocket expenses to put you further in debt.
Litigation funding companies know that it is very enticing to settle with the insurance company when you are desperate for money; however, they also know that the insurance companies do not generally offer a fair settlement, so filing a lawsuit is often the only way to pursue full compensation. However, because a personal injury lawsuit frequently drags out over a substantial period of time, injured victims suffer financially. Talk to your attorney today to learn if pre-settlement funding may be a good option in your situation.