Lawsuit loan qualifications are actually quite similar across states, but may differ somewhat by the provider you select. Reputable legal loan organizations will make the process quick and easy.
Tribeca is focused on helping you meet your financial obligations during the lawsuit process. We just need a few things to qualify you. Here are some typical qualifications:
Hire a Contingency Fee-Based Attorney
A contingency fee-based attorney only gets paid out of your settlement funds. If you lose your case, your attorney would not get paid. Most personal injury attorneys use this kind of payment system.
This fee structure minimizes risk to you as a plaintiff, especially if you are already in a difficult financial situation. Also, on average, hiring an attorney to represent you can raise the amount of compensation you could get significantly, and raise how much you qualify for.
If you cannot find such an attorney, your legal loan company may provide a referral, or you can contact your state’s Bar Association for a list of contingency-fee-based attorneys.
Your Type of Case Must Qualify
Many types of personal injury cases qualify for funds, including automobile accidents, personal injury, workmen’s compensation cases, slip, and fall injuries, and burn cases. Other cases such as the Jones Act, labor law, and tractor-trailer cases may also qualify.
Each lender is different, and sometimes state laws may limit which cases we can cover. Check with your individual state or loan provider to see if your particular case qualifies.
If your case is in the appeal process, some loan companies have special cash advances for those situations. This kind of case is very individual, so speak with a lawsuit loan qualification officer to examine your options.
Your Ability to Obtain a Settlement
The defendant in your case must have the financial means to pay a potential settlement. Most times, this will be the insurance company of the defendant. The odds are high that if your attorney took your case, then this qualification is met.
Approval From Your Attorney
Typically, your attorney must approve a legal loan agreement with a signature. This gives you an extra assurance that another set of eyes has reviewed the agreement and found it sound and in your favor.
Why Should I Get a Lawsuit Loan?
Lawsuit loan organizations level the playing field for plaintiffs. Defendants with deep pockets may not be in a hurry to pay out settlement claims, and lawsuits can drag out several months or years.
These delays drain away finances you don’t have. Maybe you’ve lost your job or you have creditors calling you. The defendant’s delay is meant to force you to accept a lower settlement in hopes of securing your payout earlier.
By obtaining a lawsuit loan, you can pay your expenses right away while your attorney works to secure a fair settlement in your case. When you win your case, your loan is paid back through your compensation package.
When Do I Need to Pay My Lawsuit Loan Back?
Typically, lawsuit loans are only paid back if you win your case. Just like contingency-fee-based attorneys, these organizations don’t get paid unless you do, which reduces the risk of taking out a legal loan.
State Laws May Vary in Other Ways
While lawsuit loan qualifications are similar between states, some states regulate lawsuit loans. While many states have taken a relatively hands-off approach to the industry, this does vary state by state. This makes it important to work with a legal funding company that has a firm grasp on their duties in your market.
Tribeca can advise you about state differences in settlement loans and offer you funding regardless of where you are in the United States. Speak with one of our representatives by using our contact information to learn more.