There are over 6 million car accidents in the United States every year. This means that over 16,000 people per day get injured. Following a personal injury, accident victims need a fair settlement for their damages.
Meanwhile, injured plaintiffs got bills to pay, such as medical bills and rent.
If the average accident lawsuit takes a year to conclude, that means that injured victims need some financial assistance until the legal case concludes.
With this said, your lawyer cannot be forced to close your case because of unexpected financial distress. Your attorney needs time to get the best settlement for you. On another note, the best lawsuit loan companies ensure that plaintiffs like you have the money they need for their day-to-day living expenses or medical bills. You can borrow a portion of your expected settlement now while your attorney properly handles it.
To get a lawsuit loan, you must have an attorney and their consent.
You cannot receive a pre-settlement lawsuit loan without an attorney or their consent. Every lawsuit funding company will require you to have retained an attorney under a contingency agreement because plaintiff borrowers are considered highly risky. The reason for this is because lawsuit loans are non-recourse therefore, they carry no risk to you; your credit/employment status is not part of the lawsuit loan eligibility criteria, and if you don’t win your case, the lender loses all of the money provided to you.
Funding companies can provide cash to plaintiffs with attorneys today in exchange for a portion of the settlement tomorrow under contracts made between the third party funding firm, the attorney, and the plaintiff.
The first part of the funding process consists of communicating with your attorney about your case information. Having a legal practitioner handling your lawsuit shows us that your case has merit. If your case gets approved, the funding company will put a lien on your case, so they get repaid when you obtain your settlement payment. This is the reason why your attorney’s signature on the loan agreement is required. A lender will only secure payment when the settlement proceeds of your claim get credited in your attorney’s escrow account (before the money is distributed to you).
But remember, even if you have an attorney, they cannot give you an advance on your settlement. By law, you cannot borrow money from your lawyer because they are not allowed to provide you with a lawsuit loan or lend you money. Lawyers are barred from giving any financial assistance to their clients, no matter how critical the circumstances are.
Learn more about this topic here: Can my attorney deny me from getting a pre-settlement loan?
What are the eligibility criteria for getting a lawsuit loan?
The number one criteria, as mentioned above, is to have an attorney and their consent on the lawsuit loan. And if you don’t have one, it would be best if you hired one soon. Every pre-settlement personal injury loan company will require you to have legal representation.
The best pre-settlement funding companies want to approve you for the cash advance on your pending lawsuit. Still, they want to make sure that you are 100% eligible for the advance.
To qualify, you must also have a strong case, as it will determine how much of a lawsuit loan you can get approved for.
For example, if your case is valued at $250,000, then you could get cash up to $25,000 today. If your case values at $50,000, then you could only get $5,000 max. So the more your case is worth, the more money you’ll qualify for.
With this in mind, never pay any hidden fees or upfront fees. And never allow a lawsuit loan company to run your credit check. That is not part of the criteria.
At Baker Street Funding, we are mostly interested in helping you and forming a relationship with the law firm representing you, this way we can get you the lowest interest pre-settlement loan for the best amount possible.
Our underwriters are all former personal injury attorneys who will quickly study your claims and give them a fair value. As your lawsuit progresses, the value of your claim goes up and so does your loan amount.
How else can Baker Street Funding lawsuit loans help?
Baker Street Funding will provide you with a lawsuit loan with a low-interest rate that is the least expensive. We will work with the preferred law firm representative to ensure you get cash immediately. A settlement loan will help your attorney buy time to settle your case in your favor and win justice for you.
Our lawsuit loan application is easy to navigate; we’ve made it hassle-free so that you can apply in less than 2 minutes. And if you need a second pre-settlement loan (or more), you are always welcome to re-apply, as you can get as many pre-settlement loans as your case allows. No matter where your case stands, Baker Street Legal Funding could provide you with the best available option today. Apply for lawsuit loan funding today, and we will structure your loan with the lowest rates.
Want to learn more about how much pre-settlement funding costs? Use our lawsuit loan calculator to learn more.
Ready to apply?
The best lawsuit funding companies can provide you with a cheaper way to borrow funds from your litigation. If your personal injury claim is taking long, worry not. Baker Street Legal Funding is one of the few companies nationwide that provides pre-settlement funding interest rates that are non-compounding. Our experts can take your application now.
Easily apply for a lawsuit loan today, and Baker Street Funding will have a pre-qualification decision for you instantly.