Pre-Settlement Legal Funding

The legal funding process length varies from 24-48 hours from when your lawyer sends your case file. 

However, a huge factor that can delay your application is if your attorney does not respond to our request.

Potential settlement borrowers should ensure their attorneys are communicative during the funding process because the longer your lawyer takes to respond, the longer the process will be. 

Baker Street Funding has excellent attorney relationships all over the United States and understands that legal representation is busy working on getting the best possible outcome for you. However, you cannot get a pre-settlement loan without an attorney or their cooperation.

If your lawyer needs to find out who we are, we can contact them after you fill out your application. With our initial conversation, we can get the funding process moving fast.

To understand how much cash you should borrow, first realize how much money you need. Once you figure out precisely the amount you need, only take enough money to cover those primary needs.

Pre-settlement loans help you cope with financial challenges during litigation or a legal claim. Although you may get approved for a significant amount, only take out what you need to keep you afloat. You can constantly re-apply.

The funding amount you can take out depends on the value of your case, and they can go up to 10% of that value. Approval amounts range from $1,500 up to $2,000,000 or more.

If your case is worth $250,000, you can potentially get approved for 10% of that amount, that is a maximum of $25,000.

If your case is worth $50,000, you can potentially get approved for a $5,000 lawsuit loan max.

Some of the criteria most lenders require to get approved for a loan against your settlement are:

• You must be a plaintiff with a viable legal claim seeking compensation for physical injuries from an accident caused by someone else’s fault;
• You have retained an attorney on contingency;
• The applicant must be at least 18 years of age;
• All applications must have legitimate claims;
• The defendant has to be insured.
• If you have a settled claim of over $50,000 but need funds now, you may automatically qualify for settled claim plaintiff funding.

Non-recourse legal funding means a third-party financier will buy part of your expected settlement payout or personal injury award based on your litigation or claim strength in exchange for the advance. Additionally, lawsuit funding providers are prohibited from seizing your assets (house, car), they are forbidden from trashing your credit, or trying to collect on the funds if your court case does not settle in your favor. 

Baker Street Legal Funding provides non-compounding rates starting at 2.95% to 3.4%. However, your case’s strength and value will predict the interest rate because it either poses more or less risk to the lender, and they lose investments in suits every day.

For example, if you have a personal injury claim with prior injuries, you may default on paying back the money because the case may end up as a loss. Therefore, your rate may be around 3.4% per month.

Additionally, lower rates are only offered to those plaintiffs with provable merits of the case.