If you are a personal injury victim with a pending claim and don’t have the financial means to pay your medical bills and daily costs, you can potentially get money before the final settlement of your case by applying for legal funding.
But before getting lawsuit settlement funding, learn what questions to ask.
1) What are lawsuit settlement loans?
The term lawsuit settlement funding (or lawsuit loans, settlement advance funding, or pre-settlement legal funding) refers to a non-recourse financing arrangement in advance of and against the monetary award of a future legal settlement or lawsuit judgment.
Fundamentally, a company will provide you with a portion of your settlement today, and in exchange, they will purchase a percentage of the ultimate recovery or award.
Lawsuit loans allow you to get quick access to cash to pay your bills before the disbursement of your settlement proceeds.
2) What are the risks?
Lawsuit settlement funding is a risk-free financial option to the money troubles of personal injury victims. You don’t have to worry about monthly payments, job verifications, or credit scores.
Similarly, the repayment of the advance is contingent on successfully defending your case after obtaining the settlement check. If you don’t win your case, you will not be responsible to pay back the money you took out and your assets will not be seized.
One of the risks you can run into is funding with a predatory lender. Always ensure you choose a legitimate pre-settlement funding company before signing your loan.
3) Why do people apply for lawsuit loans?
These are the reasons why people get lawsuit loans:
- While many victims of personal injuries recur to family and friends for temporary financial support, they end up taking out traditional loans they can’t pay back and use unemployment or other benefits that don’t last.
- Insurance company know you need money, so they escalate your financial tensions to pressure you to accept low settlement terms early on.
- If you take your case to trial, the legal system may allow you to present your claim to pronounce judgment after proving the defendant’s fault. Although the civil courts can grant you an award, their modus operandi is lengthy and complex. Since verdicts can drag for a long time, if the defendant appeals, you could end up losing your case.
4) What are the requirements?
You can get an advance on your lawsuit subject to eligibility. If you are waiting to obtain money from your pending lawsuit and have a high probability of success, you can potentially qualify for funding at any stage of your litigation.
Look to Baker Street Funding for fast cash loans for pending settlements and settled lawsuits paired with the lowest rates available.
At Baker Street Funding, we realize the financial ordeals of accident victims and provide every possible assistance to ease their difficulties. Some of our requirements consist of:
- You must be 18+ years of age;
- You must have an attorney representing you on a contingency;
- Your attorney must consent to release the case file and be fully cooperative;
- If approved, your lawyer must acknowledge the pre-settlement funding lien;
- Your case has to have merits;
- Your claim must have a value of a minimum of $50,000.
5) What are the advantages?
Settlement funding can make sense when there is an emergency or medical bills are mounting with each passing day.
When people suffer physical injuries from an accident, they will often be unable to continue their employment, depriving them of earning opportunities. These financial restraints won’t allow them to pay their financial liabilities leading them to exhaust many available options.
In general, injury victims have to confront well-funded insurance companies with amble resources to fight a lawsuit. Even if the defendant’s fault is evident, a plaintiff must provide enough evidence to substantiate their claims.
To deprive your rightful settlement money and minimize financial responsibility, insurance companies employ delaying tactics to drag cases for months and even years leaving victims in tough spots financially.
Lawsuit settlement funding is especially advantageous when outstanding debt is causing significant stress due to settlement delays.
This type of financial assistance helps accident victims cope with daily expenses while the attorney prepares the case for a max settlement value.
Without a lawsuit loan, you will have to wait for a minimum settlement offer, whenever that is.
Lawsuit loans provided by Baker Street Funding have been instrumental for plaintiffs and attorneys to pay off their outstanding dues, permitting them to focus on winning a maximum settlement in a matter of 24 hours.
6) How does a settlement loan work?
The procedure to obtain a loan for a pending lawsuit settlement is easy and quick. Here is a breakdown of how it works:
- First, you apply for a lawsuit loan and provide essential information about your case and your attorney’s contact.
- Next, our experts will demand information related to your pending lawsuit from your attorney. Since this is the most critical part of the process, you must ensure that your attorney is present and active throughout the whole process.
- Once your attorney provides your essential claim information, our underwriting team will evaluate the merits of the case.
- 24 – 48 hours later, if your case fulfills all requirements, we will provide you with a non-recourse financing contract.
- Hours after both you and your lawyer sign the lawsuit advance funding agreement, our investment credit facility will release the money to you by check or wire.
If you are a plaintiff with a pending case, are strapped for cash, and cannot wait for your compensation payment, lawsuit settlement funding can be an excellent option to help you through your difficulties.
Baker Street Legal Funding is fully aware of the suffering and difficulties of victims of personal injury victims; thus, we can assist you with essential financial support during challenging times before or after your claim settles.
Borrow money from your pending lawsuit and get 2.95% to 3.4% in lawsuit settlement funding rates, fixed monthly, capped in the second or third year when you fund with Baker Street Funding.
A capped rate means even if your case takes five years to settle, your rate will end in the second or third year from when you took out your loan.
Apply for lawsuit settlement funding online in just 2 minutes and get your money fast.