In order to qualify for a pre-settlement lawsuit loan, your case must meet certain requirements. The first one is that you must have an attorney, and you must be charged a contingency fee.
This means that your attorney will not send you a bill at any time while your case is being litigated or while the negotiations are ongoing. It means that your attorney will only be paid if the jury sides with you or you accept the settlement that the other side offers you.
Another requirement you must meet is that you must be able to present evidence that you suffered a physical injury. The defendant must also have an insurance policy that will pay out in the event that the defendant is determined to be negligent in your accident.
Finally, your attorney must agree to reimburse the pre-settlement funding company for the amount of money that it advances you. Because of this, you will need to have your lawyer’s approval before you choose this type of funding.
Which Cases Are Eligible?
If your case qualifies for this type of funding, this may be a good option for you to take advantage of, especially if you’re struggling with expenses related to your accident. You can click here to find out if you qualify for pre-settlement lawsuit loans. Many types of cases are eligible, including the following:
- Wrongful death
- Pharmaceutical cases
- Wrongful termination
- Product liability cases
- Medical malpractice
- Construction accidents
- Premises liability cases
- Slip and fall cases
- Car accidents
- Birth injuries
How Much Money Can I Get?
The lender will determine how much money you can receive by estimating the amount of money that you can expect to obtain in a settlement or a jury award. Everybody’s needs are different, and the amount that each person can expect is different as well. Some people have been approved for as little as $300, while others have been able to obtain as much as $75,000.
Can You Take Out More than One Loan?
If you take out one pre-settlement lawsuit loan, you don’t have to worry that you may not receive enough money to last throughout the entire course of events. You can apply for a second or even a third pre-settlement loan.
The process of filing a lawsuit, going to trial, and coming to the end of that trial can take several months. Because the other side does its best to delay the negotiation proceedings, these can take a long time as well. For this reason, you may need to apply for a second loan if the process is taking longer than you estimated that it would take.
In addition to what goes on during the legal proceedings, your financial difficulties can become even more difficult if you are not working. You may have expensive medical bills to pay at the same time that you need to pay all of your other monthly expenses. Therefore, if you find that you need more money, you are already qualified to apply for another pre-settlement lawsuit loan.
What Happens if I Lose My Case?
If you cannot settle your case or the jury decides in the defendant’s favor, you will not owe the lender a cent. Even though this funding is known as a “pre-settlement loan,” it really is not a loan because you don’t have to pay the lender back.
The lender is actually purchasing a portion of the award or settlement that you are expecting to receive. It is a non-recourse financial product. A non-recourse product is one that you do not have to repay if you do not win your case.
You may have a quote from a pre-settlement lender in as little as 48 hours after your attorney presents all of the information that the lender needs. Before you apply, talk to your attorney. They will advise you on whether or not this is the right choice for your specific situation.