A personal injury case can take months or even years to settle. During that time, you could face mounting bills and have less money to pay them than before your accident. Legal funding can help you cover these expenses and help you resist pressure to settle for less.
Legal funding, also known as a lawsuit loan, can provide you with a risk-free source of cash during your lawsuit. It could be just what you need to win out against well-funded defendants. Find out if a lawsuit loan is right for you.
How Does Pre-Settlement Legal Funding Work?
Your settlement may not arrive for months or even years from now. However, it’s possible to estimate its size based on the facts around your case. This is the principle behind legal funding, which allows you to borrow against this expected amount.
After a personal injury, you may have incurred steep medical bills and other damages. At the same time, you could have lost income or even future earnings, especially if your injury caused you to switch industries. Legal funding allows you to access the money from your settlement early so you can resist the financial pressure tactics defendants count on.
Legal funding has several advantages over other sources of funding you might turn to, such as a personal loan, second mortgage, or credit cards. For one, a lawsuit loan is considered a nonrecourse loan by the IRS. This means that you don’t have to repay it if you lose your case, and you won’t ever owe more than your settlement is worth.
Types of Personal Injury Lawsuits That Receive Legal Funding
Legal funding can be used across a wide array of personal injury lawsuits. Here are some of the most common cases that use pre-settlement legal financing:
- Car Accident Loans
- Workers Compensation Lawsuit Loans
- Slip and Fall Accident Loans
- Sexual Abuse Lawsuit Loans
- Medical Malpractice Lawsuit Loans
- Product Liability Lawsuit Loans
- Construction Accident Lawsuit Loans
If you have a pending settlement, it’s likely that you’re already pre-qualified to receive legal funding. However, that alone won’t be enough to help you obtain a pre-settlement loan.
Am I Qualified for Pre-Settlement Legal Funding?
In order to receive legal funding, you really only need to fulfill a handful of qualifications:
- You’re at least 18
- You have filed a personal injury lawsuit
- You have retained a contingency-based lawyer
Unlike other forms of financing, there are no credit checks you have to pass and your amount of personal assets does not impact your eligibility. All that cand determine whether or not you get legal funding and how much is if you’re represented by a lawyer and the quality of your case. Legal funding is an investment, and the company offering it to you wants to see a return.
What State Laws Impact My Legal Funding Eligibility?
The most common state laws that can impact your eligibility for legal funding are statute of limitations laws. In some states, you can have as little as a year to file a lawsuit for a personal injury claim. As it can take this long, and sometimes longer, to even know the full scope of damages you expecirned in a car accident, it can be difficult for some people to file on time.
Some states are not as friendly to third-party lawsuit funding as others and can make it difficult for legal funding companies to operate. Another hurdle that can keep you from legal funding is a state’s fault laws. Some legal funding companies are averse to working in at-fault states, as it’s possible for them to absorb a total loss if a plaintiff is found to be partly at-fault in their case.
How Much Does Legal Funding Cost?
The price of your legal funding will depend on the circumstances around your case. There is no one set price that you can expect to pay for legal funding because each settlement is different and varies in both risk and potential payout. A legal funding company can provide you with a specific estimate once you apply for pre-settlement funding.
While we can’t give you an estimate of how much your legal funding will cost ahead of time, we can say that you can expect to pay interest on the money you receive. A reputable legal funding company will charge a low interest rate using only simple, not compound, interest. Regardless of what that is, you will never owe more than your settlement is worth.
Get a Personal Injury Lawsuit Loan Today
Tribeca Lawsuit Loans offers pre-settlement legal funding to qualifying clients for pending personal injury cases. We can offer you up to $1 million in personal injury lawsuit loans should you meet our qualifications. Our application process is simple and easy to complete, and you could be approved within minutes.
We can send money to your bank account within 24 hours of your application’s approval. We’ve disbursed over $45 million to our clients across the United States and have the financial power to help you win your case. Contact us today to get the resources you need to complete your fight for justice.