Legal funding works like a cash advance on your eventual settlement or compensation package at the end of a lawsuit. The idea is to borrow from your future money so that you can pay expenses in the present and wait out the stall tactics of the other side in your case.
At Tribeca Lawsuit Loans, we provide up to $1,000,000 in funding for clients in a variety of cases. Ready to get your money? Head over to our Apply Now page and fill out a FREE application. You can also call our office at (866) 388-2288.
What Is Pre-Settlement Legal Funding?
Plaintiffs in the middle of a lawsuit can get pre-settlement legal funding to pay for their current expenses. It’s a cash advance that pulls from your eventual compensation package and is repaid after your lawsuit concludes.
Clients choose legal funding rather than other types of loans because this type of funding is non-recourse. That means you aren’t personally liable for the debt, so your bank account is safe from risk. Repayment always comes from your compensation package and you don’t owe anything at all if you lose your lawsuit.
Use the money to relieve the financial pressure to settle for less than you deserve. You can spend it on items like:
- Medical debt
- Rent or mortgage payments
- Utility bills
- Daily expenses
- Legal fees
What Is the Maximum that I Can Receive as a Pre-Settlement Loan?
The amount of money you get with legal funding depends on the details of your case, such as:
- Your total damages
- The amount of compensation you are expected to receive
- The estimated duration of your lawsuit
At Tribeca Lawsuit Loans, we are equipped to approve up to $1 million if your case qualifies.
Can I Use Pre-Settlement Legal Funding to Repair My Vehicle or Property?
Yes! Property repair is a common use of legal funding, especially in car accident claims. Since the money is yours, you can use it however you see fit. There are no restrictions and no expectations regarding how you use this money.
This is one way in which pre-settlement funding is better than other kinds of loans since other loans often require specific uses.
How Does Pre-Settlement Legal Funding Work?
The funding process is simple and straightforward. Once you are approved, you can have your money in your bank account in as little as 24 hours. You use that money to pay for any costs that arise.
At the conclusion of your lawsuit, your attorney should receive a check from the other party for the settlement or jury award amount. They send us a check for the agreed-upon portion and you keep the rest! There is no risk involved since you owe us nothing unless and until you win your lawsuit.
You can think of pre-settlement legal funding as a way of bringing some of your compensation package from the future into the present.
Do I Have to Repay Pre-Settlement Funding if I Win a Case?
Yes, repayment comes directly out of your compensation package. So, if you win your lawsuit and receive a settlement or jury award, your attorney will send a check for the agreed-upon amount to Tribeca Lawsuit Loans as repayment.
However, it’s important to note that this kind of funding is risk-free for you.
- Your personal finances are NEVER in jeopardy.
- We never garnish wages or take repayment out of your bank account.
- You only pay us back if you win your lawsuit.
- Repayment is sent by your attorney, so you don’t have to worry about monthly payment plans.
Does It Cost Anything to Apply for Pre-Settlement Legal Funding?
Not at all! At Tribeca Lawsuit Loans, our application process is entirely FREE. There are no hidden fees or charges, and your personal finances are never touched even when it comes time for repayment.
Lawsuit loans like these do come with interest, but Tribeca uses simple interest rates rather than the compound interest used by some of our competitors. That ends up saving you money in the long run.
There are other important facts to remember when thinking about potential fees associated with pre-settlement legal funding.
- NO credit check required
- NO bank statements required
- NO repayment if you lose your lawsuit
Is There Interest on Pre-Settlement Legal Funding?
Yes, we do charge interest on pre-settlement funding. However, it is a simple interest formula rather than compounded interest. This means the interest each month is only charged to the initial amount of funding provided to you.
Is There a Time Limit to Repay Interest on Pre-Settlement Funding?
The details of your legal funding arrangement will be spelled out in the contract you sign. However, you don’t have to worry about time limits or monthly payment setups on lawsuit loans with Tribeca.
Instead, the full amount you owe (i.e. the agreed-upon portion of your settlement, complete with the simple interest) is taken out of your compensation package. Your attorney sends this to us as soon as they get the check from the at-fault party in your lawsuit. You keep the rest, without having to worry about deadlines for payment.
What Cases Qualify for Pre-Settlement Legal Funding?
We provide funding for clients in a wide variety of lawsuit situations. Some of our previous clients have been plaintiffs in claims like:
- Personal injury
- Car accident
- Premises liability
- Medical malpractice
- Employment law
- Whistleblower lawsuits
- Product liability
Who Is Eligible for Pre-Settlement Legal Funding?
As long as you are the plaintiff in a lawsuit, and stand to receive compensation at the conclusion of your case, you likely qualify for funding from Tribeca Lawsuit Loans. Our underwriting team will evaluate your application as quickly as possible and let you know whether you are eligible.
What Stage of Litigation Should My Case Be in to Be Eligible for Pre-Settlement Funding?
We provide funding for clients in the following stages of litigation:
- Prior to filing in court
- Negotiation phase
- Trial phase
At this time, Tribeca Lawsuit Loans does not provide post-settlement or structured settlement funding.
Do I Need to Have an Attorney to be Eligible for Pre-Settlement Funding?
One additional requirement is that you must be represented by an attorney or law firm. Not only does this help us lower risk for our investors, but it also sets you up to earn the settlement you truly deserve. Studies show that clients who have skilled legal counsel on their side usually make more than those who go without an attorney, even after legal fees.
What Determines if I Qualify for an Advance on Pre-Settlement Funding?
Legal funding and lawsuit cash advances are different terms for the same kind of lending. To qualify for such an advance, you must be the plaintiff in an existing lawsuit. Factors that determine the amount of funding you receive include:
- The expected duration of your lawsuit
- The total amount of damages for which you’re suing
- Your lawyer’s estimate of your eventual settlement package
What Happens if the Application for My Pre-Settlement Funding Is Declined?
Your application may be declined for a variety of reasons, including issues of liability in your case, lack of an attorney representing you, or concerns about increased lending risk. In some situations, you may not have provided our team with enough information.
Our application process is completely FREE, so you can always re-apply for funding. We suggest applying again if:
- You did not submit important information in your initial application.
- Details about your case change, such as hiring a law firm to represent you.
Can You Apply for Pre-Settlement Legal Funding More than Once?
Yes! You can apply for funding if your initial application was denied, especially if something about your case has changed since you first applied. You can also re-apply if you simply need more money.
In some cases, Tribeca Lawsuit Loans may be able to restructure an existing lawsuit cash advance. In others, we might be able to provide you with an entirely new loan. Regardless, applying is still 100% FREE!
What Risks Are Involved in Pre-Settlement Legal Funding?
The best part about legal funding is that it is risk-free. That means:
- There is no risk to your personal finances.
- There is no risk of defaulting since repayment comes from your compensation package.
- There is no risk of wage garnishment or property seizure.
In fact, you don’t have to repay the funding at all if you end up losing your lawsuit. The risk is entirely on the company that provides you with the money you need since they are only paid out of your eventual settlement or jury award.
If there is one slight risk, it is simply that your compensation package will be diminished, since you pay us back from that amount. However, this is only an illusion. The total you get in compensation isn’t truly diminished, since you get to spend that money in the here and now rather than having to wait for your lawsuit to conclude.
How Do I Know that My Pre-Settlement Funding Company Is Reliable?
It’s crucial to trust your funding company. That’s why Tribeca Lawsuit Loans is completely transparent and upfront about our process. Typically, you can learn about a company’s reliability by:
- Checking online reviews
- Researching company
- Speaking with team members at the company
- Reading reports from industry watchdogs, such as the Better Business Bureau
It’s important to look for happy customers, clear and informative policies on repayment, free applications, good lending histories, and similar factors. With over 300+ reviews and a majority of clients who rate us 5/5 stars, we’re confident that Tribeca is the company for you.
Apply for Pre-Settlement Funding Today
Ready to get started? Fill out the form on our Apply Now page or call our office at (866) 388-2288 to speak with a customer service representative.