How does a lawsuit cash advance work?
A lawsuit cash advance, also known as pre-settlement funding, provides you with quick access to money before your legal case settles. If you’re involved in a personal injury lawsuit and waiting for your settlement, this cash advance helps cover essential expenses like medical bills, rent, and daily living costs. The best part? You only repay us if you win your case, making it a low-risk option.
No Risk Borrowing
Unlike a traditional lawsuit loan, all cash advances from Baker Street Funding are non-recourse. You don't have to pay back a penny if you lose the case. That's right, not a single cent. Your advance is based on the potential settlement amount of your lawsuit, not your financial standing.
No Credit Checks
Our advances don't require you to jump through hoops like credit checks or income verification. Instead, the value and strength of your legal case is what counts. This is a significant advantage when 30% of Americans have poor or bad credit, according to survey by Credit.com.
No Collateral or Assets Required
Worried about your personal assets? Rest easy knowing your belongings are safe. Our risk-free lawsuit advances offer cash support without risking your home, car, bank account, or anything you own.
How to get an advance on your case.
The process of applying for a lawsuit advance with Baker Street Legal Funding is easy and fast, with cash in your hands the very same day you get approved.
Apply online
Start by applying either online or over the phone. It's a simple process, and you'll receive a prompt response regarding your qualification.
Case Evaluation
If your case is accepted, our expert underwriters will work with your attorney to determine your case's value. This helps us decide how much we can advance you.
Approval
Upon approval, you'll receive a non-recourse financing agreement. This agreement needs to be signed by both you and your attorney before we can release the funds.
Receive Your Cash
Signed the funding contract? Great! You can choose to receive the money via wire transfer to your bank account or by check.
Lawsuit cash advance benefits.
A lawsuit cash advance loan is more than a financial tool; it’s a lifeline, a beacon of hope during a difficult period in the settlement process. It gives you the assistance you need to fight your legal battle without the added stress of financial hardship.
Life doesn’t stop when you’re in the middle of a lawsuit. Bills still need to be paid, groceries still need to be bought, and life’s unexpected expenses don’t take a break.
With a pre-settlement cash advance, you are able to cover your day-to-day expenses, child care needs, medical bills, utilities, transportation, and other costs.
Experts have concluded that the personal injury liability litigation system requires significant improvements due to settlement delays. As the clock ticks on, immediate compensation needs, coupled with the psychological impact of the claims process, can push many victims to the brink, forcing them to settle early for less.
In your pursuit of a fair settlement, a lawsuit cash advance can provide the financial stability you need to continue fighting for justice without compromise.
As your expenses continue unabated, the slow legal process can seem like an endless wait for financial peace. Obtaining a cash advance on your pending lawsuit can help reduce this stress by giving you the liberty to remain true to your personal recovery and other important things in your life. It’s a great way to bring a much-needed sense of calm and stability when you’re injured and have no money.
Why Baker Street Funding for your lawsuit cash advance.
Choosing Baker Street Legal Funding for your lawsuit cash advance means choosing a partner who’s committed to providing you with the best possible solution. No need to worry about upfront costs, hidden fees, high costs, or repayment if you lose. Here’s why we are your go-to choice:
Easily apply for a cash advance.
A pre-settlement cash advance is about empowering victims of personal injury to seize control of their future. It’s about giving you the financial freedom to make decisions based on what’s best for you and for your lawsuit, and not what your financial circumstances dictate. It’s about putting you back in the driver’s seat of your life. If you’re ready to take the next step, Baker Street Legal Funding is here to help every step of the way.
Common questions about lawsuit cash advances.
How much money can I borrow?
The amount you can borrow depends on the estimated value of your lawsuit. Typically, you can borrow between 10% and 20% of your expected legal settlement.
What are the interest rates on lawsuit loans?
Interest rates vary and are typically higher than traditional loans due to the risk involved. With Baker Street Funding, you get anywhere between 2.95% to 3.4% simple rates, capped in the third year.
How quickly can I get the funds?
Most lawsuit funding companies can provide funds within 24-48 hours after approval, after the attorney has verified the documents. At Baker Street Funding, you can get your cash advance within 2 hours.
Can I get a pre-settlement loan without an attorney?
Without an attorney or your attorney’s participation, obtaining a lawsuit loan is impossible, as all lenders require attorneys to sign a lien. This lien is a commitment to repay the advance from the settlement amount when the case is resolved.
Lenders see the presence of legal representation as a sign of the seriousness and credibility of your claim. Without it, you may be seen as a risky investment, leading to denial of your loan application.
Is a cash advance on my pending lawsuit right for me?
It depends on your individual circumstances and needs. Lawsuit cash advances are a form of financing that should be used with caution and only when absolutely necessary. That being said, if you need financial assistance to help cover medical expenses or other costs while waiting for your case to resolve, pre-settlement funding may be the right option for you.
What happens if I lose the case?
If you lose your case, you will not be responsible for repaying the money that was advanced to you.
Will you check my credit or income?
Your income or credit are not required to obtain a cash advance on your pending lawsuit.
What states do you fund?
Baker Street Funding provides lawsuit cash advances in 42 states. To learn more, please visit our Legal Funding States here.
What cases do you fund?
Baker Street Funding offers legal funding for a wide range of civil lawsuits. These include personal injury cases such as medical malpractice, slip and fall, car accidents, truck accidents, and more. We also provide funding for civil rights claims, such as wrongful imprisonment, employment discrimination and more.
Learn more about the types of legal claims we fund by visiting our Cases We Fund Page.
Why Baker Street Funding?
| Interest | Non-compounding starting at 2.95% p/month |
| Loan protection | 2-3 year cap |
| Funding time | 24 hours |
| Average loan amounts | $10,800 |
| Funding amounts | $1,500 up to $10mm |
| Type of loan | Non-recourse |
| Workers’ comp eligibility | Depends on the state |
| Personal injury claim eligibility | Yes |
| Civil rights case eligibility | Yes |
Tips for securing the cash you need for your lawsuit.
The following tips will help you obtain the lawsuit cash advances you need without the headaches you do not want:
- Choose Your Lender Wisely: While it’s true that some brokers can inflate the costs of your transaction, there are others who have established relationships with direct loan companies and can negotiate better terms on your behalf. Always remember, the right broker can be a valuable ally, but the wrong one can turn your lawsuit funding experience into a costly affair.
- Ask About Fees and Rates. Be sure to ask about all fees and rates upfront. A good lawsuit funding company will be transparent about these costs, so there are no unexpected costs later. Never pay more than 3.4% a month in interest rates for lawsuit advances.
- Ask What Type of Rate They Offer. Verify that your rates are capped and non-compounding. Avoid falling into the trap of “compounding rates”, “tiering”, or “sliding scale” interest rates. These types of rates can significantly increase the cost of your lawsuit settlement loan.
- Understand Your Case. Before applying for a cash advance, make sure you know your case inside and out. The more details you can provide about your lawsuit, the smoother the application process will be.
- Come Prepared with Case Documents. Having key documents at hand can speed up the process. These might include the filed complaint, key medical reports, ER report, your demand letter, and the police report (if applicable).
- Estimate the Value of Your Case. Knowing the estimated value of your case can help you understand how much you might be eligible to receive in litigation advances. This can help you manage your expenses more effectively. Most funding companies provide up to 10% of what your lawsuit settlement is potentially worth and up to 20% if the case is settled.
- Notify Your Attorney. Let your attorney know you’re considering lawsuit cash advances. Not only can he or she offer valuable advice, but your lawyer’s involvement is also a necessary part of the legal funding process.
- Borrow Only What You Need. A legal cash advance can help you get through your lawsuit, but it can also be expensive. So only borrow what you truly need to stay afloat. Remember, this is not free money. It’s an advance on the settlement you hope to win.
- Research Your Funding Company. Not all settlement funding providers are created equal. Look for a company that is transparent about their rates and terms for lawsuit advances. Make sure the lender has a strong reputation for customer service.
- No Credit or Employment Checks. A reputable lender company won’t require credit checks or employment verification when applying for lawsuit cash advances. Approval should be based solely on the merits of your case.
- No Repayment If You Lose Your Case. In the lawsuit funding industry, it’s common practice to waive repayment if a case is lost. Despite this, ensure the advance company offers non-recourse legal funding, meaning if you don’t win your case, you owe nothing.
- Fast Funding. When you are dealing with an injury lawsuit, it is imperative that you find a company that can approve your application and disburses funds quickly. Generally, you should receive your loan within 24 hours of approval.
