Are you the victim of someone else’s negligence in that you are now embroiled in a personal injury lawsuit as the plaintiff? These are times that can be tough, of course, but they can be made somewhat easier if you have the money you need to take care of bills and medical expenses, among other things, while you wait for your injuries to heal.
Your settlement or jury award will do that for you, of course, but that will not be given to you until your case is decided. That could take a very long time, indeed, sometimes months or even longer. Fortunately, there’s a way to get part of that money upfront right now when you need it, without having to be subjected to a credit check or other arduous restrictions as required by traditional loans. These are called lawsuit loans, litigation financing, or pre-settlement funding; this funding can help tide you over until you receive your settlement or jury award.
What happens with this funding?
This pre-settlement funding can be given to you while you wait, but you have to apply for it. There are several things you need to qualify for in order to do so.
Number one, your lawyer must have been hired on contingency to represent you, meaning that he or she won’t get paid until and unless your case is has been won or settled.
Number two, your lawsuit must be valid, with no questionable aspects to it.
Number three, your case must be likely to result in settlement or jury award.
Number four, your lawyer must also agree that it’s a good idea for this to happen and must sign off on it, in that you can’t get the funding without your lawyer’s approval.
The pre-settlement funding company in question, the one you’ve applied to for the funding, will thoroughly investigate your case to make sure it meets all of their requirements.
Once all of these apartments have been met, though, you’re given a small portion of your likely settlement or jury award, usually about 10% of it. If you win your case, you’ll be expected to pay the loan plus fees and other costs back, plus interest. If you lose, though, pre-settlement funding is a true godsend, because you won’t have to pay anything back. If you lose, you simply walk away and focus on getting well.