If you’re facing a financial crisis from your personal injury lawsuit, discrimination, or wrongful conviction claim lawsuit funding might help you get back on track. Learn more about this excellent type of loan and if it is the right choice for you.
What is lawsuit funding?
Lawsuit funding (or lawsuit settlement loans) is a type of non-recourse no-risk cash advance that comes from pending settlements or legal compensations with quick funding times. This type of funding is not a loan in the traditional sense since repayment of the advance is contingent on you winning your lawsuit. You are essentially selling a portion of your pending settlement in exchange for the money you get.
In essence, lawsuit funding allows you to get the money you need from your legal case when you are desperate for cash.
Benefits of settlement loans
If you don’t have enough money to cover the costs that come from your accident or case, borrowing money from your lawsuit may be able to help you bridge the gap. They come in handy when you need to cover those unexpected expenses, like medical bills, rent, veterinarian care, or a car repair to get to work.
A lawsuit settlement loan can serve as a financial backup plan if you run out of money while dealing with a personal injury lawsuit. Here are some benefits that this type of funding can offer you.
Lawsuit funding is nonrecourse and risk-free
Non-recourse lawsuit loans are a type of loan where the lawsuit funding company assumes all of the risks and the borrower carries no risk.
For example, if pre-settlement lawsuit funding was a recourse debt, the funder could repossess your assets, go after your bank account, inheritance, home, etc. But with non-recourse settlement funding, you have more favorable terms if you were to lose your litigation.
As a personal injury claimant, you are probably expecting a big settlement win. But what happens if you lose your case? Logically, you will default on the loan. However, in that event, you don’t have to pay back the loan anymore. This also means that the lender cannot levy your bank account, deduct your wages or trash your credit. They cannot come after you at all. The lawsuit lending company absorbs all the unpaid balance from the failed claim.
You don’t have to have a good credit score or even a job at all
Most lenders that operate providing lawsuit funding loans allow you to apply for a settlement loan without credit verification. Pre-settlement cash advance companies are not concerned about your credit score. That’s because a pre-settlement advance is based only on the strength of your case and nothing else.
The best part of it all is that you can be unemployed, and your employment status won’t matter.
Easy application that takes only 2 minutes
Pre-settlement lawsuit funding offers an online application that eliminates the hassle of going to a bank, filling out massive paperwork, plus all the criteria you need to meet to get qualified for a conventional loan.
On the other hand, applying for a cash advance on your pending lawsuit is quick and easy. You can apply for Baker Street Funding lawsuit loans online or by phone, depending on your preference. The application takes just a few minutes.
Before you apply for a lawsuit loan, ensure to have an active lawsuit and an attorney representing you.
Fast funding process and usually within 24 hours
When you apply for a settlement loan, a lawsuit funding expert will contact you within minutes to complete basic data for your funding request. From that point on, all it takes is a call with your attorney and their submission of your case file to get a funding decision.
Typically, this funding decision is made in less than 24 hours. The best lawsuit loan companies have a quick approval process, so you won’t have to wait more than one business day to get the funds you need.
You can get your surgery paid in full
Personal injury victims with catastrophic injuries or those requiring surgical intervention may not be able to get the necessary medical care due to its costs.
When you are uninsured/under-insured and need surgery as a result of your accident, you can qualify for quality medical treatment with lawsuit funding from Baker Street Funding.
With one type of medical funding plan, the company makes a lump sum payment to the provider, and then the borrower can get their treatment as approved.
When should you get lawsuit settlement funding?
You may need an immediate need of cash for a variety of emergency situations. Many of our clients use Baker Street Funding loans for:
- Medical bills: So if medical bills keep piling up, Baker Street Funding offers lawsuit funding assistance to get you or your family back to health.
- Car repairs: When you are involved in a personal injury lawsuit and need to work to make ends meet, the breakdown of your car could mean additional days of lost work — a lawsuit advance can help you cover those costs.
- Funeral expenses: When it comes to medical malpractice or nursing home negligence, the worst that can happen is not being able to afford the funeral costs. Even when your bank account isn’t prepared, lawsuit settlement funding can help you cover those costs while mourning your loss with dignity.
- Rent or mortgage: When an injury or a job discrimination litigation prevents you from working and paying your rent (or mortgage), a lawsuit settlement loan can help you pay it without missing another month.
- Pet care costs: We all love our beloved pets; however, we don’t always love the expensive costs that come with their treatments. When our pets get injured or fall sick, a lawsuit loan can help you to take care of the veterinarian bill.
Alternatives to lawsuit loans
If you want to explore alternative financing before taking a loan on a settlement, there are options available. Here are some alternatives to lawsuit loans to consider:
If you have a high credit limit and excellent credit, then you can use your credit card to pay for the costs of your needs and pay off your balance on a monthly basis.
Help from a church or a nonprofit
You can always reach out to a church or an organization to get the financial aid you need. It doesn’t hurt to try. With just a little search, you can find non-profit organizations that may be able to sustain your basic needs while you get better from your injuries or civil rights lawsuit effect.
Home equity could be a great way to secure some money now while you go through your lawsuit until its settlement. Home equity is basically offering your home as collateral. The downside is that it is not fast, and it can take from 7 to 21 days to receive the cash you need. If you can wait, then this may be the right solution for you.
Other types of loans
There are other types of financing that you can get, such as payday, pawnshops, or title loans. The downside to these loans is that they come with interest rates as high as 600% a year and are often not favorable to many victims involved in lawsuits. If you don’t have a car or a job, you won’t get qualified for their loan.
How to get a lawsuit loan
If you have a lawsuit and need financial assistance now, lawsuit funding could be what you just need. When you’re having trouble juggling multiple bills and daily expenses, Baker Street Funding can help streamline your financial situation with low-cost pre-settlement funding.
You can’t plan for the urgencies that accidents and lawsuits bring, but you can have a game plan for when woes from unexpected injuries arrive.
Baker Street Funding is here for you with lawsuit cash advance options that allow you to apply fast, and if approved, you can get your funds the same day. Our lawsuit loans range from $1,500 to $2,000,000+ that can be used for your major needs as they come.
Applying takes just two minutes, with no commitment.
There’s no recourse needed, and our funding is 100% risk-free; and since interest rates are fixed and capped, your ultimate payment is made only after you get monetary compensation. Plus, if your case takes more than three years to resolve, to protect you, we stop all interest in the third year.