If you have been involved in an accident and you have a pending lawsuit, you might be exploring the option of pre-settlement funding.
For anyone with a pending lawsuit and legal representation, it is often possible to get a cash advance against a future settlement, assuming the case settles in your favor.
Lawsuit settlements are typically protracted, taking months or years to resolve. This means the demand for lawsuit loans, also known as pre-settlement loans or litigation funding, remains a popular option for those faced with mounting medical bills and expenses in the aftermath of an accident.
Discover today how you can avoid financial hardship and lowball offers from insurance companies or defense attorneys by getting the funds you need now in exchange for a portion of a settled suit.
What Can a Cash Advance on a Pending Lawsuit Pay For?
The nature of pre-settlement funding means there is no restriction on how you can use the money.
Many people who sustain injuries in accidents end up with time off work, medical bills and prescription medications to pay for. When this coincides with reduced income, a lawsuit loan can help plug the gap.
Others find the money from pre-settlement funding is useful for making rent or mortgage payments, avoiding eviction, or meeting routine expenses in the absence of usual income.
The non-recourse nature of this financing – you repay nothing unless you win your case – allows you to take advantage of some breathing space now risk-free. This will allow you to focus on your recovery and to hold out for the compensation you deserve, even if it takes months for your case to resolve.
Is Everyone Approved for a Cash Advance on a Pending Lawsuit?
As a non-recourse financial product, not everyone will qualify for a lawsuit loan.
The more straightforward and transparent your case, the more likely you are to obtain legal funding. Most funding companies consider more complicated cases too much of a risk to lend against.
You will find that some lawsuit loan companies only offer lawsuit loans for car accidents. Others offer cash advances for employment claims – accidents at work, for instance – as well as slip-and-falls and medical malpractice.
Your application will be judged solely on the strength of your case and the probability of a successful settlement or judgment. Most lawsuit loan companies will advance you between 10% and 20% of the expected settlement.
Similarly, repayment hinges entirely on the outcome of your case. You will never repay anything if your case does not settle. Your attorney will repay the advance on your behalf when they distribute the eventual settlement and not before.
All of this means that lawsuit loans do not require credit checks, verification of employment status, or proof of income. The only relevant factors are the strength and value of your case.
The simplicity of the process means you should receive funding within a week of application, assuming your cash advance is not denied. Funding can be obtained in as little as 24 hours.
How We Can Help with a Cash Advance on a Pending Lawsuit
We can help you with pre-settlement funding, so apply either online or over the phone. Once you have applied, inform your attorney that you applied for a settlement cash advance with Uplift Legal Funding. We then immediately reach out to your attorney’s law office to request documentation concerning your case.
Once your lawyer responds to our request for information, we will review your case. If your application is successful, we send a contract to your attorney. You review this and sign the document if you are happy to proceed. We can then send funds the same day.
Qualification depends on the following three factors:
1. Strength of the case
2. Stage of the case
3. Cooperation from your attorney
While personal injury settlement loans are not the right choice for everyone, they can help you to get a better overall settlement rather than caving in to demands from insurance companies looking to settle out of court.
By taking an advance against a future settlement, you get the breathing space and bargaining power to seek the full value of your case.
Assuming your lawyer provides us with the information we request in a timely fashion, you can expect swift approval and rapid disbursement of funds.
[LEARN MORE]: How do you qualify for pre settlement funding?
