Pre-settlement legal funding can tip the balance of a lawsuit in your favor. Do you need to obtain the consent of your attorney before you can take advantage of it? Find out what to expect from your attorney and what their answer can mean for you.
Many defendants try to drag out a lawsuit in the hopes of making a plaintiff succumb to financial pressure. With mounting bills, defendants hope plaintiffs will settle for less just to keep their heads above water. Your attorney’s approval of legal funding could make all the difference.
Can My Lawyer Deny Me From Getting Pre-Settlement Funding?
Yes, your lawyer can deny you from obtaining pre-settlement funding. We work with your lawyer to understand your case, how much you stand to earn in your settlement, and how much to give you in pre-settlement funding. But your lawyer will only be paid at the end of your case, and they may not want to involve a third party in this process.
You can always hire a new lawyer who will consent if you need legal funding. For some cases, though, this can be difficult to accomplish, especially if your case is highly complex. However, you can obtain legal funding at any stage of your case once your lawsuit has been filed, and you might even be able to obtain more once the outcome becomes more certain.
How Long Does It Take to Get Approved for a Pre-Settlement Loan?
The time it takes to get approved for legal funding will depend on which company you work with. However, reputable legal funding companies usually have an application process that takes just a few minutes to complete. In order to qualify for legal funding, you’ll usually need to meet the following two conditions:
- You have a pending lawsuit
- You have a contingency-based lawyer
There aren’t any credit checks for legal funding and your assets don’t impact your eligibility for it. This is because legal funding is classified as a non-recourse loan, which means that your personal assets can’t be used to repay it. The only collateral there is for your legal funding will be your settlement, which also means that if you lose your case, you owe nothing.
How Do Pre-Settlement Loans Work?
Pre-settlement loans are issued based on the expected value of your future settlement. If your lawyer consents, a legal funding company will examine the facts around your case and make a determination as to how much they expect you to receive should you win your case. Once you receive your money, you can use it to cover any expenses you want with no strings attached.
In most cases, a legal funding company won’t lend you more than an amount equal to 15 to 20% of your expected settlement. The reason for this is that a higher amount would expose the company to too much risk should you lose your case. However, should you require more legal funding, you may be able to seek a settlement buyout to receive a lump sum now.
Get Pre-Settlement Funding for Your Lawsuit Today
Tribeca Lawsuit Loans can provide you with up to $1 million in legal funding for your pending lawsuit. Contact us today to find out how we can help you and to speak with a team member who can answer any of your questions about the application process. We offer low, simple interest rates so that our clients can take home more of their settlement once they win.
We’ve awarded over $45 million to our clients and can provide you with the funding you need to fight for your maximum settlement. With our help, you can resist the financial pressure tactics the defense will rely on to get you to settle for less. We look forward to helping you fight for the full measure of justice you deserve.