How Can I Get Money Before My Settlement?

Staff Writer | June 21st, 2019

Were you injured in an accident and was it the result of a negligent third-party? A personal injury settlement can take months and even years to resolve. In the interim, you have financial obligations. You may have difficulty paying the bills due to injury or court appearances keeping you away from work. Fortunately, there is a solution that tides you over until a settlement is reached. The solution is a pre-settlement cash advance known as legal funding.

A Primer on Legal Funding

Legal funding goes by several names, such as lawsuit funding, lawsuit advances, and settlement funding. They all refer to the same thing. A lending institution provides you with the funding to foot your daily living expenses and bills while awaiting the outcome of your case.

With legal funding, the lender purchases the rights to some or all of your settlement award in exchange for the cash advance you receive while the case is pending.

To qualify, borrowers only need to meet two criteria: they need to have a pending personal injury case and be represented by an attorney.

The Benefits of Legal Funding

Legal funding is a cash advance that provides plaintiffs with the money to cover expenses like mortgage payments, car loan payments, utilities, and groceries. There are no limits on what you can spend the money on.

Many plaintiffs often agree hastily to a premature settlement offer to avoid further court appearances, which can be extremely time consuming and costly. With legal funding, plaintiffs have the financial stability to take the time to consider settlement offers and negotiate a fair deal rather than reluctantly agreeing to a low-ball offer.

Also, unlike a traditional loan, you do not require a stellar credit history. LawStreet Capital does not look at your credit score or evaluate your assets.

What if the Case Is Unsuccessful?

One question potential borrowers ask is what will happen if they receive legal funding but their case turns out unsuccessful or ends in no settlement? In this scenario, is the lender going to endlessly hound you by dispatching a collector at your doorstep? Fortunately, this will not happen. Should your case be unsuccessful, you owe us nothing.

Legal funding is a cash advance (also known as a non-recourse loan) and not a traditional loan. The funding company is essentially buying the value of your claim. The lender takes all the risk and is essentially betting that your case will end in a settlement or some form of monetary compensation.

Is Legal Funding Right for You?

Are you the plaintiff in a personal injury case? Is the case creating financial hardship? If you answered in the affirmative to both questions, then please give LawStreet Capital a call. Speak with one of our representatives to determine whether lawsuit funding is right for you and your particular case.

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