Pre-settlement funding can seem like an intricate process, and while it can be, the process is only complex if you are the underwriter. As the victim who needs access to settlement funds before the case is settled, the process is fairly simple. Settlement loans are obtained by applying for a loan once a lawsuit has been filed in a court of law in Florida. They are often recommended to those who need access to funds now because their injuries have left them unable to work or are facing large amounts of medical debt.
The process of obtaining pre-settlement funding is very simple when you choose to work with Uplift Legal Funding. Simply apply on our website and we will contact the lawyer who is representing you for the facts about your case as well as the expected settlement offer. Once we receive the information our underwriter will review the facts. After the case is approved you will receive your funds within 24 hours via a variety of payment methods including direct deposit, Western Union, FedEx check, and more.
Nervous about your case? You shouldn’t be. The best thing about pre-settlement loans is if a mistake occurs and you are not awarded a settlement you do not have to repay your loan. In fact, you are not responsible for repaying your loan even if you do win. That task is taken care of by your lawyer before the settlement is disbursed.
Quick Reference Florida Pre-Settlement Facts
|Uplift’s Avg. FL Funding||$11,986 per claim|
|Funding Range in Florida||$500 to $250,000+ to clients in Florida based on the facts of your case|
|Funding Turnaround Time||Same-day funding is possible from $500 to $100,000|
|Florida Fault Laws||Florida follows the law doctrine of “no-fault” in injury cases which means both parties in a dispute must file claims with their insurer regardless of who was the negligent party.|
|Statute of Limitations in Florida||4 years for personal injury; 4 years for property damage|
|Minimum policy limits in Florida||$10,000 bodily injury liability per person|
$20,000 bodily injury liability per accident
$10,000 property damage liability per accident
Why Plaintiffs Should Choose a Direct Pre-Settlement Funding Company in Florida
Generally, plaintiffs have two choices for a pre-settlement loan: direct funding versus a broker. Brokers in Florida tend to charge a broker fee (also known as an origination fee) that accumulates interest until the case closes. Depending on how long the insurance company draws out your case, this number can quickly cut into your final net settlement.
Working with a direct pre-settlement loan company usually means lower fees, lower rates, and a quicker processing time. In short, direct settlement loans are the more affordable option. In addition, since a direct lender works directly with your law firm your case information will be shared less. If privacy is an issue, this can be a major benefit of choosing a direct funding company in Florida.
What Does a Florida Settlement Loan Cost?
There are several factors that influence how much a Florida settlement loan will cost you with Uplift Legal Funding.
First and foremost- all potential clients need to know you only pay back your settlement loan if you win your case. This is a no-strings-attached guarantee. Therefore, you don’t have to worry about being saddled with more financial debt if you seek out pre-settlement funding.
Second, the biggest influence on total loan cost in Florida is time. Your loan accrues interest, which is the trade-off of receiving pre-settlement funding. The longer your case takes to close, the more interest will accrue.
Bear in mind, however, that cases that stretch out for years often end up with higher settlement amounts. Sometimes a settlement loan offers you the financial stability to wait out a case so that you can settle for a much larger amount versus finding yourself financially forced to accept a lowball figure earlier.
Keep in mind also that all companies offer different rates and some compound interest rates. Therefore, it is highly important to compare legal funding companies before choosing one in Florida. Uplift Legal Funding makes it easy to see the true costs of a settlement loan with our lawsuit loan calculator.
Do I Need a Lawyer to Get Settlement Loans in Florida?
Yes. In fact, outside of filing a lawsuit, retaining a lawyer is the number one qualification for obtaining a lawsuit cash advance. In almost all scenarios you must have a lawyer that has taken your lawsuit on a contingency basis. This serves as proof that your law case is viable.
The lawyer is ultimately tasked with paying back the loan company once the settlement is disbursed and is responsible for sharing details of the case with the legal funding company you choose. Without a lawyer, this important step is not possible, which means you cannot obtain a settlement loan.
Can I Get Pre-Settlement Funding in Florida with Bad Credit?
Yes, in fact, bad credit has no bearing on whether or not you are approved for pre-settlement funding. Since you don’t pay back your funding if you don’t win the case, settlement loans are considered no-risk consumer loans and do not require any financial history.
The only thing that matters when you pursue a settlement loan is the value of your case. A personal injury case with a valid claim is the key to being issued pre-settlement funding in Florida.
When Uplift Legal Funding looks a the case we determine who’s at fault, the number of medical bills that reduce the settlement amount, and several other key factors. Credit plays no role in this decision.
Is Pre-Settlement Funding Considered a Loan in Florida?
While there is legislation being advanced that may regulate the legal funding industry in Florida, currently, pre-settlement funding is not considered a loan in Florida. Therefore, settlement loans will not affect your credit history and operate independently from other financial transactions and/or loan avenues.
What Can I Use Settlement Loans for?
Unlike traditional loans, once you receive pre-settlement funding you are free to use the funds as you see fit. Plaintiffs are allowed to spend the money any way they like, much like they could if they waited until the money was dispersed following the actual settlement.
Many people choose to use pre-settlement funding to pay for living and medical expenses while they are waiting for their settlement to help bridge the gap and make up for missed income. However, there are no restrictions that prevent plaintiffs from spending money in other ways as well. Keep in mind however that all settlement loans will accrue interest, so it is generally a better idea to only take what you need while waiting for your case to settle.
The one restriction is that it cannot be used to pay for the fees of an attorney. However, since most personal injury attorneys take cases on a contingency basis, this should be a moot point.
Is There a Benefit to Choosing a Local Florida Pre-Settlement Funding Company?
No. There are no benefits to working with a local Florida pre-settlement funding company. Regardless of where your settlement loan is issued from you will have to pay a set interest rate. Therefore, the only thing that matters is that you choose the company that offers the lowest interest rate.
Many companies can Service the Florida region, make sure to explore each and every one before applying for a settlement loan. Shopping around can save you a great deal of money, especially if you choose a company that offers a simple interest rate over a compounding interest rate.
Why Choose Uplift Legal Funding in Florida
There are dozens of companies that offer online settlement loans to Florida residents, but none can compete with Uplift Legal Funding. We work hard to make the process as simple as possible with a quick turnaround time that on occasion is less than 24 hours.
Our goal is simple – to get money in the hands of victims who need access to settlement cash now instead of in a year. If your life has been turned upside down due to someone’s irresponsibility, we are here to help. Our friendly staff works hard to streamline the process and we offer some of the lowest (if not the lowest) rates within the industry.
Uplift Legal Funding has earned an A+ rating from the BBB because of our great reviews and customer-first pledge. Following an accident, everything in your world is flipped upside down, pre-settlement loans from U[lift help to take some pressure off your financial situation.
Choose a company that cares about you, choose Uplift Legal Funding for your Florida pre-settlement loan.