Your credit score does not affect your ability to obtain a pre-settlement loan. Pre-settlement funding companies do not check your credit score, income level, or employment history. Instead, they base their funding decisions solely on the anticipated settlement value of your lawsuit. In this article, we will explain why credit scores are not considered in pre-settlement funding, how pre-settlement loans are used, how financiers evaluate your case, and what the application criteria are.
Unlike regular loans, pre-settlement loans do not involve credit checks, income verification, or employment history assessments. The basis for issuing legal funding is the expected settlement amount of your lawsuit.
What Are Pre-settlement Loans Used For?
Often due to financial stress, plaintiffs are forced to accept an earlier settlement far below what they are justified to receive. Pre-settlement funding will keep you afloat so you can pay all your household bills, pay for medical expenses, physiotherapy, or anything else depending on your individual needs. Under those circumstances, you can focus on rebuilding your life without the worry of financial hardship whilst you wait for your lawsuit to conclude.
Financiers are expected to get repaid out of the settlement you receive at the end of your case. And because of the non-recourse structure, in the unfortunate event that you lose your case, you are not required to repay the pre-settlement funding.
Why Does My Credit Score Not Matter?
Pre-settlement financiers believe in your case and know that without financial support to cover your living expenses you are likely to be pressured into agreeing on taking on a reduced settlement. They invest in your lawsuit and a return of this investment is guaranteed by the strength of your lawsuit, and not your current or past employment or credit score.
How Do Pre-settlement Financiers Value My Case?
Legal financiers value your lawsuit by looking at the expected settlement from your lawsuit.
This is influenced by various characteristics of your case:
- The type of lawsuit you have
- Previous verdicts for similar cases
- The financial impact to yourself (economical damages)
- The emotional and physical impact on you (non-economic damages)
- The expected duration of the court proceedings
- The legal theory applied to your case
- The evidence supporting your claim
- Potential punitive damages
What Are The Application Criteria?
To start your pre-settlement application, you must have a pending legal claim and an attorney who has already done the preliminary groundwork on your case. They will have assessed the evidence, estimated the damages to be claimed, gathered necessary expert witnesses, and mapped out potential legal theories that can be used to argue your case. Therefore Tribeca Lawsuit Loans assesses every lawsuit on an individual basis.
I Need Financial Help Quickly
Is your electricity going to be cut out if you do not pay your bill, or are you behind in your mortgage repayment? If you need emergency cash, apply now with Tribeca Lawsuit Loans. We have a quick application process, with just one phone call you can initiate the application.
As soon as we speak to your attorney and receive all the relevant documents supporting your lawsuit, we can issue you with pre-settlement funding. From the point of approval, we can have a cash advance sent to you as soon as 24 hours.
We are available 24/7 as we are aware that unexpected circumstances happen in your life while awaiting a pending lawsuit.
Call Tribeca Lawsuit Loans now on 866-388-2288 or fill out the online form.