PRE-SETTLEMENT FUNDING: HOW TO GET THE MONEY YOU NEED
A deeper view into pre settlement cash advances
Pre-settlement funding is the process in which you, a plaintiff involved in a personal injury lawsuit, receive cash up front in return from your coming settlement, for repayment of principal plus a guaranteed rate of return if and only and when their case settles. While this seems like a simple process, pre-settlement lawsuit funding aka settlement cash advances can be complex and most Americans still don't know it exists. We hope you never find yourself injured, involved in a lawsuit and in need of cash. Read information regarding the process of pre-settlement funding:
- Recognize the pros, cons and clowns in pre settlement funding
- The two main types of funding
- A further look into pre-settlement funding (also known as lawsuit loans)
- Why do plaintiffs borrow money against their lawsuits?
- How pre-settlement funding compares to other financial options?
- The advantages of getting a cash advance from a pending lawsuit
- The pre settlement funding process
- Looking into Baker Street Funding's average annual funding numbers
- How to find out if a lawsuit loan is right for you?
- How Baker Street Funding can help
- Cases that qualify for pre-settlement loans
- Pre settlement cash advance questions
Do you have a lawsuit and need money now?
Oftentimes, personal injury victims seek help due to the long going battle with the defendant's insurance company leaving the plaintiff in tough financial positions. Pre-settlement funding companies are here to help you get through this tough period until you can finalize your settlement. By applying for pre-settlement funding, upon approval, this type of loan can make a positive impact in your life.
DIsclaimer: Please be advised, pre and post settlement advances are not considered loans. All funding provided is non-recourse and repayment of funds is wholly contingent upon the successful settlement of your litigation.
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RECOGNIZE THE PRO'S, CONS AND CLOWNS OF LEGAL FUNDING FIRMS
Being on top of your settlement cash advance game
There are many pros, cons and clowns when it comes to choosing a top rated pre-settlement loan company. Since pre settlement funding is a relatively new industry, there are some companies that may try to take advantage of your situation by promising what they can't and won't ever deliver. One of the annoying stations comes when these "reputable settlement lenders" as they call themselves, promise you the world bringing zero results or ultra high interests. Talk is cheap. And so is the marketing being used to temp victims into applying with companies that simple, again, cannot fulfill your "now" needs.
"THE BEST LAWSUIT LOAN DEAL POSSIBLE, NON-COMPOUNDING RATES! THE BEST REPUTABLE SETTLEMENT LENDER!"
And so they say. Knowing what your rate is and what is on your contract is imperative. While pre-settlement funding rates can be high for a pre and post-settlement advances, make sure the funding company you work with clearly explains the contract to you. At Baker Street Funding, we help you get the best deal possible on your lawsuit settlement loan, period.
ALWAYS ASK QUESTIONS ABOUT SETTLEMENT ADVANCE LOANS
Always ask questions and if you ever feel uncomfortable with the company you are working with, it is always fine to get a second opinion.
LAWSUIT FUNDING COMPANIES' SALE TACTICS
If you ever feel like the funding company is using high pressure sales tactics to get you to close on a transaction that you don’t understand you can always walk away and call someone else.
PROMISES OF FAST LAWSUIT SETTLEMENT CASH ADVANCES
Most legitimate settlement funding companies can close a transaction for you in as little as 48 hours. There can be complications with your case that can make the process much longer, but if your attorney is being responsive and the funding company is dragging their feet, get a second opinion.
MYTHS ABOUT LAWSUIT FUNDING
Learn more about the famous myths about lawsuit loans here.
A FURTHER LOOK INTO PRE-SETTLEMENT FUNDING FOR PLAINTIFFS
Legal funding definition: what are pre settlement advance loans?
Put simply, as stated above, pre settlement lawsuit funding (aka lawsuit loan) is the process in which plaintiffs involved in mostly personal injury lawsuits are provided cash in advance of their lawsuit settling. The correct terminology is legal funding. Upon settlement, the plaintiff's attorney will pay back the pre settlement funding company the principal amount as well as a guaranteed rate of return. If the case does not settle for some reason, you are not obligated to pay back the funds. The amount of the advance is determined by the funding company who will analyze the merits of your case and determine how much of the future estimated settlement amount they can make available to you today. Lawsuit settlement loans do not involve credit checks or job checks and are solely based on the funding company’s analysis of your case and the probability of it being successful. A lawsuit loan is sometimes referred to as “pre-settlement loan” or “lawsuit cash advance” or a "lawsuit pre settlement cash advance". Essentially, this is an advance on the proceeds of your future lawsuit settlement.
THE TWO MAIN TYPES OF LAWSUIT FUNDING
Pre-settlement funding and post-settlement funding
The two main types of settlement funding are:
- Pre-settlement funding
- Post-settlement funding
Simply put, pre-settlement funding is given when your case has not yet settled and the award amount of your case is unknown. These are the most typical types of lawsuit loans and carry higher interest than pos-settlement loans because of the extra risk involved. Post-settlement loans are given when your case has settled but you have not received payment yet. While lower risk, these advances are not risk-free because there is still a chance that the defendant can default on the judgment and not pay.
WHY BORROW LAWSUIT MONEY AGAINST A FUTURE SETTLEMENT
If you don't win, you don't pay back the lawsuit advance
Every situation is different. Many plaintiffs find themselves in the position where they are injured from their accident and unable to make ends meet. You are now a victim. Lawsuit settlement loans help bridge that gap and provides you with the necessary cash to cover for your life’s expenses. If you have a lawsuit you can easily apply for a lawsuit pre settlement funding loan also known as 'a lawsuit cash advance'. A settlement funding company will evaluate the merits of your case and if the case is strong, will offer you upfront cash for the promise of repayment with a pre-determined rate of return when the case settles. They are not based on your financial history as stated above and job and credit checks are not needed. These funds are non-recourse and only paid back upon successful settlement of your claim. If you don’t win, you do not pay back the lawsuit cash advance. We practically take the fall on it. The payment is dispersed to the funding company ONLY when your settlement check arrives and the balance is paid to you.
COMPARISON OF FINANCIAL INSTITUTIONS VS. LAWSUIT FUNDERS
Pre-settlement funding companies are not banks, many call it legal loans but they are not loans!
Plaintiffs normally look at other financial options for funding before turning to lawsuit loans. This could involve bank lines of credit, reverse mortgages, borrowing from friends and family and other options. While some of these options can carry less interest than a lawsuit loan, they can also be based on factors like personal credit and job history. If you do not have spotless credit then many banks will not lend to you. Most plaintiffs find themselves in a position where they are unable to pay their bills and their credit is negatively affected leaving them unable to get traditional financing from banks. This is where lawsuit loan companies come in. While traditional banks do not recognize the proceeds of a lawsuit as collateral, lawsuit loan companies do. As mentioned above, lawsuit funding is a non-recourse transaction. This means that unlike a traditional loan, there is no monthly payments and no obligation to repay if the case does not settle favorably. There may be fees associated with an advance but all fees are paid upon successful settlement of the claim.
THE PRE-SETTLEMENT LOAN ANALYSIS AND EXECUTION
How does a pre-settlement funding company analyze your case?
This process consists in the analyzation of your case for the purpose of underwriting a settlement advance through the following three main factors:
- FAULT
The first thing the lawsuit funding company looks at is fault; all the facts surrounding the incident as well as the police report (if applicable), or any other supporting documents to verify that the defendant in your case is at fault.
- INJURY
In accident cases, the second thing a pre-settlement funding firm will look at is injury. Ambulance and emergency room report and any other medical files so that underwriters fully understand the extent of your injuries. If needed, pre-settlement funding companies also provide surgical funding to help you pay for surgery as a result of the accident.
- INSURANCE
Finally, the lawsuit loan company will look at the defendant’s insurance coverage. This part is simple: underwriting will make sure the defendant in the case was sufficiently insured to cover the damages and/or injuries that resulted from the incident.
Same day pre settlement loans
Is there such thing as same day pre-settlement loans?
Same day pre-settlement loans are possible. Although we are not going to sugar coat the words here to get you to apply like other lawsuit advance companies do, lawsuit financing is possible to achieve in less than 24 hours. It is not an easy task, same day pre-settlement loans are very difficult to do but can be done.
- With pre-settlement funding, essentially your attorney would have to co-operate by sharing the files and speaking to underwriting team of the legal loan company the same day. If your lawyer is willing to do that, the the lawsuit settlement advance firm can analyze the case in 12-24 hours.
- With a post-settlement loan, post-settlement funding can be done much quicker. All the settlement funding company needs is one document. We normally will ask for a settlement agreement.
THE PRE-SETTLEMENT FUNDING APPROVAL PROCESS
Is the settlement loan company's funding process easy?
- YOUR APPLICATION
Baker Street Funding’s team of pre settlement funding advisors will handle the intake and review of your application. Depending on a number of factors, you advance will either be funded by us in house or with one of our parter firms with a relationship based rate. To get started you can either call our 800 number or apply with a few simple click online. Learn more >
- YOUR ATTORNEY
Our team will work with your attorney to ensure our underwriters understand your case and get you the most amount of funding available now. Baker Street Funding requires you to be represented by a bar licensed attorney and for that attorney to participate in the due diligence process. The faster your attorney responds to our questions, the quicker your application will get approved. Baker Street Funding will, with your permission, contact your attorneys office to get a copy of your case file. Once we review your case documents we will have a call with your attorney to address any questions we may have about your case. After that conversation, our underwriter will issue an approval or denial. If approved we will send out paperwork for you and your attorney to sign.
- YOUR FUNDS
Once we, the settlement lender company, receive back signed copies of the lawsuit funding contract from both parties, we will immediately distribute the funds in the manner you choose. Funds can either be sent by bank wire or by overnighting a certified check to the address of your choosing.
A PRE SETTLEMENT CASH ADVANCE MAY BE RIGHT FOR YOU
Do you have a lawsuit and need money now?
A lawsuit loan is not the right choice for everyone, but if you find yourself in the situation where you are unable to obtain traditional bank financing and are in desperate need of cash, it could be the right choice. As with any financial transaction, knowledge is key and education yourself on the ins and outs of how a lawsuit loan works could end up saving you thousands of dollars when your case settles. Always work with a company you trust and always try to get a second opinion. If you find yourself in a financial hole that a lawsuit loan can help you out of, and you think the rate is fair for the risk that the funding company is taking, a lawsuit loan can be a great tool to help you fight for the settlement you deserve instead of taking a lowball offer from the insurance company because you have to pay your rent. Baker Street Funding is one of the top lawsuit settlement funding companies in the market here to help you find the right lawsuit advance program through a positive, clear, concise and benevolent approach. From the moment you apply, you will get live updates on your pre settlement loan process all the way to the moment you get paid. Baker Street Funding works with you every step of the way to make sure your experience is the best it can possibly be by keeping the client informed throughout the entire legal funding process and approving higher amounts with lower rates than our competitors.
Get the cash you need as quickly as possible, Baker Street Funding will provide you with the best possible rate with no hidden fees and mark ups.
GET HELP FROM A TOP LAWSUIT LOAN COMPANY
Choose the best pre-settlement loan company in the market
Pre-settlement Funding from top companies like Baker Street Funding that has been mentioned on major media outlets with 5 star reviews has helped thousands of Americans get through the hardships life brings when facing a lawsuit especially those involved on personal injuries. Pre Settlement Lawsuit Funding is a MAGNIFICENT way of getting access to your future settlement award when you pick the right company. Then, you can re-arrange your finances. Getting the lawsuit cash advance you need now secured by your future settlement award can help make this change. Whether you’re looking for an auto accident lawsuit advance or you’re in need of a small lawsuit loan, we’ve got you covered. Baker Street Funding is a leading online pre-settlement funding firm with one of the most efficient underwriters in the nation. Some of our services include:
- Pre settlement cash advances can help you avoid the pitfalls of settling quickly for less money by making the cash you need now available so you can fight for what you deserve.
- A pre settlement funding company like Baker Street Funding can help you find the most convenient program advance on your lawsuit settlement for your time in need.
- We work with you every step of the way to make sure your experience with us is the best it can possibly be.
- We work with some of the best former attorneys in America to help us efficiently evaluate each case and provide you with the help you need in the fastest time available.
- We have the quickest turn around times in the industry to get you the cash you need when you need it.
- We make sure you get the FASTEST legal funding solution at the lowest rates possible.
- If one of our competitors offers you a good rate, we will beat it.
QUESTIONS ABOUT PRE SETTLEMENT LOANS?
I have a lawsuit and I need cash now. What are my options?
First and foremost, legal funding is not considered a loan. It is a non-recourse financing agreement based on only the outcome of your pending case. If you have a valid lawsuit you can potentially qualify for funding. Credit and job history are not considered in a lawsuit funding company's analysis of your case.
Should I get a lawsuit loan?
Lawsuit loan is a commonly used term to describe pre and post-settlement funding. This is a transaction in which we provide you with upfront cash that is secured against the successful settlement of your lawsuit. They are extremely popular with personal injury and medical malpractice plaintiffs who find themselves hurt and out of work while their case is being litigated. Any person who is heavily injured and in need of lawsuit cash, should know that lawsuit advances are an option.
How long does it take to get approved for pre-settlement funding?
It usually takes between 24-48 hours for us to analyze your case and see if you qualify. If you are looking for other products such as litigation funding or attorney funding, the process can take a little longer.
Do I qualify for a pre-settlement cash advance?
Pre-settlement funding and post-settlement funding are commonly known as pre-settlement lawsuit loans. If your case is strong and you have a high probability of winning your case, you more than likely qualify.
Do you offer the lowest cost pre-settlement funding?
Many pre-settlement funding companies charge outrageous rates. At Baker Street Funding we offer fair risk based rates to our clients. Some of our clients have seen savings as high as 20% a year by working with us instead of a competitor.
What if I have previous pre settlement lawsuit funding?
If you have previously gotten a pre-settlement advance and are in need of more capital, we may be able to help. Many of our clients come to us with previous funding and as long as they have a strong case, we can get them additional funds. We also offer them the ability to consolidate their previous advances and save money on future payments by giving them an overall lower consolidated rate.
Am I at risk with a pre-settlement loan? Are they safe?
Pre-settlement and settlement funding is non-recourse. This means there is no risk in having to pay back the money if your case does not come to a successful settlement agreement.
What are the alternatives to pre-settlement funding?
Traditional bank lending is an alternative to settlement funding, the problem is you can't access it with bad credit, no job history or a large amount of outstanding debt. You also cannot access if you had a bankruptcy recently and there are other hinderances that don't apply unlike when you get approved for a settlement cash advance because is strictly based on the merits of your case and nothing else. Its important to also try to get a personal loan from a financial institution, try to look into leveraging an asset such as a home, an automobile, borrow money from family members and/or friends; and if you can't do that, your only other option is a settlement advance.
What states do you fund?
Pre-settlement funding by Baker Street Funding are provided in following states:
Alabama, Alaska, Arizona, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island,South Dakota, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming.
