Pre-settlement funding, also known as lawsuit advances, provides you with cash advances on future compensations that you expect to receive a claim. It is one way to get cash as quickly as possible when you need it, as it helps in covering the extra expenses due to the suits which were increased.
In a nutshell, it a type of loan given by specific financial institutions for the purpose of fighting a case in the court of law.
Why is pre-settlement funding necessary?
This helps with the instant payment of one’s bills and other increased expenses. This type of funding is used to settle future claims. As the legal funding company bears all the risks so it would not cause much trouble to their client.
The clients can repay the amount as well as the interest accumulated on it. An advance is promised to the applicant by the lending firm of the lawsuit after studying all about the strengths and chances of winning the settlement.
How does it work?
The legal funding company takes all the risks of the applicants. The amount of money which is agreed between you and your lawyer would be paid by the funding company. Some applications are needed to be filled out by your lawyer, and after that, the company will evaluate it whether you are eligible or not for the pre-settlement funding.
For being eligible, you just need to have a strong case which has the maximum chances of winning. Credit rankings and employment histories are of an irrelevant genre as they come under personal loans. Usually, you will get your cash advance within 24 hours of approval. The procedure takes at least 4-6 weeks to get completed.
Eligibility for pre – settlement funding.
The common types of cases which are eligible are as follows:
- Personal Injury
- Medicine Malpractice
- Wrongful Death
- Motor vehicle accidents
- General Liability
The most intriguing and surprising fact about pre-settlement funding is, if even you lose the case you don’t have to give the repayment, as per the norms of the settlement insurance.
Therefore, from here we can conclude that if you are going to fight a case in the court of law, you can opt for pre-settlement funding. This type of funding is easy to get and if you get such benefits then why not opt for it?
Get a pre-settlement funding today and get your all your legal expenses covered.