At Tribeca Lawsuit Loans, we provide pre-settlement funding to clients waiting for their lawsuits to settle or resolve in court. Most of the time, clients want to know what they can use these funds for.
For instance, could they use pre-settlement funding to repair things like their vehicles or property? The answer is yes, and much more!
How Can I Cover My Expenses With Pre-settlement Funding?
The pre-settlement legal funding process gets you the money you need to hold you over until your lawsuit is complete. You can use this money for lots of needs, such as:
- Medical bills
- Repairs to your vehicle or other damaged property
- Rent or mortgage payments
- Utilities
- Daily expenses like food, fuel, and clothing
If you are in the middle of a lawsuit, you know how frustrating and slow the justice system can move. Most times, the opposing side of the lawsuit will try to stall negotiations or postpone meetings.
Why do they do this? Because they hope your financial needs will force you to a lower sum than you deserve. By using your pre-settlement funding to cover your expenses, you can stop this tactic in its tracks.
Can I Fix My Car Or Home With This Money?
Many of our clients are people who’ve been in a car accident or had property damage. Repairs after an accident can cost thousands of dollars. Over a quarter of Americans have no savings, leaving them with no money to pay for repairs.
Being without a home or a car can create compounding problems. With no car, it’s impossible to get to work. If you’re looking for a job, not having a permanent residence is a mark against you.
You don’t have to face these crucial bills all by yourself. Let us help you secure money now to pay for your repairs through pre-settlement legal funding.
How Much Could I Receive?
How much you can get in car accident settlement loans depends on your situation. We will examine your case and determine how likely you are to win your case and how much you’re likely to receive.
Will I Be in Debt if My Lawsuit Fails?
The name “Tribeca Lawsuit Loans” might make you think that what we provide is a loan. In reality, pre-settlement legal funding is a specific form of financial help that is much safer than a lawsuit loan.
Pre-settlement funding is a type of “non-recourse debt” and protects you from personal liability. This means:
- We cannot pursue repayment from your personal finances.
- The only repayment source is a percentage of your eventual compensation.
- You do not have to repay us at all if you lose your lawsuit.
For these reasons, pre-settlement legal funding is risk free for you. Tribeca Lawsuit Loans takes on all the risk, so you don’t have to worry about being stuck with a repayment plan even if you lose your case.
Will You Need My Financial History to Gain Pre-Settlement Funding?
Not only is pre-settlement legal funding a safer alternative to a typical loan, but we don’t need your financial history! That means there are NO:
- Credit checks
- Pulling of bank statements
- Reading into your financial history
- Required proof of income
- Hits to your credit score
Since the repayment comes directly out of your compensation package and has nothing to do with your personal finances, we don’t have to delve into your bank account before approving your application.
Instead, the application process will ask you about the details of your lawsuit. That includes the name and contact information of your attorney or law firm, the expected amount of compensation you will receive, the expected length of your lawsuit, and other factors.
Will I Have to Pay Taxes on My Pre-Settlement Legal Funds?
Compensation packages are not taxed as income, and pre-settlement funding money is considered part of that package. This means that you will not need to pay income taxes on the money you get from us.
One exception to this general rule involves making investments. Once your pre-settlement legal funding is in your bank account, it is your money to do with as you please. However, any funds you use for investment purposes will be taxed as a regular investment.
If you’re using the money to make repairs to your vehicle or damaged property, you do not have to worry about income taxes biting you later.
Do You Cover Only Certain Kinds of Claims?
Many of Tribeca Lawsuit Loans’ clients have personal injury claims, such as medical malpractice lawsuits or car accident cases, but that is not the only legal practice area that can qualify.
There are a wide range of claims that qualify for pre-settlement funds. Some of our previous clients have had cases like:
- Jones Act claims
- Qui Tam or whistleblower lawsuits
- Employment/labor law violations
- Product liability claims
- Defective drugs cases
If you have any concerns about your case qualifying for pre-settlement funding, we encourage you to speak with us.
Will I Qualify for Pre-Settlement Funding?
As long as you currently have a lawsuit in process and have legal representation, you likely qualify to receive pre-settlement legal funding.
Why do you need a lawyer? Your lawyer helps us assess the validity of your claim and adds to the likelihood that you will receive a significant compensation package. Also, we work directly with your lawyer when it comes time for repayment.
Studies show that clients who are represented by attorneys tend to get paid more for auto injuries even when attorney fees are added into the equation. Having an attorney on your side is simply better for everyone involved in the pre-settlement legal process.
Apply for Pre-Settlement Legal Funding Today
You can get the money you need while you wait for your case to resolve. Apply for pre-settlement legal funding with Tribeca for FREE by filling out the form on our Apply Now page.
If you have any concerns about this form of funding or questions about how the process works, just call our office or use our contact form to speak with one of our representatives today.