How Exactly Does a Cash Advance Work?

How Exactly Does a Cash Advance Work?

How Exactly Does a Cash Advance Work?

When you’re involved in a personal injury lawsuit, the financial strain can be significant, especially if your injuries have left you unable to work or facing extensive medical treatment. Expenses like hospital bills, medication costs, physical therapy, and other healthcare needs can accumulate rapidly, putting a tremendous burden on your finances.

Additionally, if your injuries have forced you to miss work, the loss of income can make it even more challenging to keep up with your regular expenses, such as rent, mortgage payments, utility bills, and groceries. In such situations, a cash advance can offer a lifeline.

Understanding the Mechanics of a Cash Advance

What is a Cash Advance?

A cash advance is a type of short-term funding that provides you with money upfront. In the context of a personal injury lawsuit, a cash advance is often referred to as pre-settlement legal funding.

Unlike a traditional loan, a pre-settlement cash advance is non-recourse, meaning you only pay it back if you win your case. If you lose, you owe nothing!

The Pre-Settlement Legal Funding Process

To be eligible for pre-settlement legal funding, you must be actively involved in a personal injury lawsuit and represented by an attorney. The application process is straightforward and doesn’t require a credit check, proof of employment, or references.

The Application Process

  • Provide your contact information and your lawyer’s contact information
  • No credit check, employment verification, or references needed
  • Quick and easy application process.

The Approval Process

After receiving your application, the funding company will contact your lawyer to gather relevant information about your case, such as:

  • Accident details (when, where, how it happened)
  • Injury severity and prognosis
  • Current and future medical expenses
  • Lost income and property damage estimates
  • Defendant information (individual, company, or government agency)
  • Potential for punitive damages or wrongful death claim

Underwriters will review this information and compare your case to similar ones in your state to determine the strength of your claim and the likelihood of a settlement. Approval can often be granted within an hour!

The Financial Agreement

Once approved, you’ll receive a written offer detailing:

  • The amount of pre-settlement funding offered
  • The one-time, flat-rate fee
  • Repayment terms

After reviewing and signing the agreement with your lawyer, funds can be deposited into your account within 24-48 hours. You have full control over how to spend the money.

Repayment of the Cash Advance

Repayment of a pre-settlement cash advance differs from a traditional loan:

  • No monthly payments
  • No accruing interest
  • Repayment is made when you win your case

Your lawyer will pay the funding company directly from your settlement, and you’ll receive the remaining funds after legal fees and other necessary payments are deducted.

What Happens if You Lose Your Case?

One of the most significant advantages of a pre-settlement cash advance is that if you lose your case, you don’t have to pay back the funds. The funding company assumes the risk, which is why they carefully evaluate cases before approving funding.

Key Takeaways and Next Steps

A pre-settlement cash advance can provide financial relief for personal injury plaintiffs struggling with expenses while awaiting a settlement. The process is quick, easy, and risk-free for the plaintiff.

At Tribeca Lawsuit Loans, we understand the challenges you may be facing. Our experienced loan representatives are here to guide you through the process and help you get the funding you need.

Don’t let financial stress overwhelm you – contact Tribeca Lawsuit Loans today at 866-388-2288 to learn more about how we can help!

Frequently Asked Questions

How much funding can I receive?

The amount of funding depends on the strength of your case. Tribeca Lawsuit Loans has provided clients with anywhere from $500 to $250,000 in pre-settlement funding.

Will I have to pay anything if I lose my case?

No! If you lose your case, you owe nothing. The cash advance is non-recourse, meaning you only pay it back if you win.

How long does the approval process take?

In many cases, approval can be granted within an hour of receiving your application and the necessary information from your lawyer.

Can I apply for a cash advance if I have bad credit?

Yes! The approval process for pre-settlement funding is based on the strength of your case, not your credit history, employment status, or financial references.

Call 866-388-2288

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