Learn more about your injury lawsuit and how a funder may decide if your case is eligible for a loan.
As you are aware now, getting a loan against your lawsuit has no risk. The only one who is taking a massive risk is the investor investing in your injury case because credit scores or job verification are not a requirement to get approved. We are not holding you personally liable for the advance, we cannot pursue you to pay us if your case doesn’t successfully conclude; therefore, a pre-settlement loan can bring a tremendous risk to the funders if the case is not reviewed effectively.
For a lawsuit lending firm to lessen the risk, some critical criteria must be applied before approving an injury case loan. A company won’t provide pre-settlement funds to a plaintiff whose case has tremendous liability concerns with the defendant or minor injuries.
Proving fault in personal injury claims we fund
A reasonable attorney will do all he or she can to prove your injury claim’s fault as long as it is a legitimate injury caught from the current accident. Proving fault is one of the most challenging jobs, and only legal professional representation can get it done beneficially. If you have injuries from a previous accident, then it can become more challenging to prove who is at fault, but not impossible. Medical records will show whether your injury was caused by this accident or you were already hurt from another incident. In the case, you have previous injuries, and the accident damaged those injuries, a doctor’s evaluation can always confirm this. Injury funding companies are more interested in seeing the cause of your injuries before approving you for a loan.
Giving your case a value
Legal funding companies work similarly to the explanation above when evaluating a case. Your claim and final settlement will depend on many different factors, as all cases are entirely different. When we study your case, we go through these factors to give it a fair value. The chances of a plaintiff getting an injury lawsuit cash advance approval can decrease if you were injured in another accident. That’s why the firm will ask your attorney to provide your injury file, doctor visits, medical records, etc. These factors help us give your claim an approximate settlement value based on the amount we think your case is worth.
The bigger the injury, the bigger the approval
Doctors are professionals who can identify issues with the human body. With a doctor’s formal letter stating that you are suffering from severe injuries resulting from your accident, you have a big chance on your case valuing more and getting approved for the advance. We must point out that the defendant’s insurance is worth your big injury claim. For example, if the defendant only has $20,000 in insurance limits, and your injuries are severe, depending on the state (each state has its law), we may or may not look into the case.
The average settlement timing in personal injury cases we fund
The time when a settlement is reached depends on your injury because not all cases are the same. Depending on how complex your injuries due to an accident are, it affects how long your claim will reach a settlement. Catastrophic injuries are cases that will take longer to settle because they are worth millions of dollars. Soft tissue injuries, where only the muscle was affected, usually carry a much lower value. The cases we fund take anywhere between one to two years to settle. The cases that take longer are sometimes due to complications with the case. We don’t fund complicated cases because if a claim takes more than three years to pay, and the company funds it, there is the potential of losing money because those cases usually carry too much risk. Funding companies also risk getting sued by the plaintiff because interest rates can get much higher than anticipated. At Baker Street Funding, we are not interested in charging you a ridiculous amount of interest rates by financing an injury lawsuit that will take longer than three years to resolve.