To turn your settlement negotiations in your favor, consider getting a lawsuit loan in Port St. Lucie, Florida. Insurance companies and other well-funded defendants often try to drag out legal fights in the hopes of making plaintiffs capitulate and accept a lower settlement.
With a lawsuit loan, also known as pre-settlement legal funding, you can get some of the money from your settlement now instead of waiting for months or even years to receive it. Find out what it takes to get legal funding and if it’s the right option for you.
How Does Legal Funding Work?
After an incident that leaves you in a position to negotiate for a settlement, you’re likely facing intense financial pressures to accept a lesser award. Unfortunately, if you suffered substantial damages, this could be your one chance to get compensation. Many people never get that chance, because they need their settlement now.
With legal funding, you can actually borrow against the expected future value of your settlement. This allows you to relax and fight for the maximum settlement. Once you win your case, you’ll pay back the money you borrowed. If you lose, you get to keep the cash you received.
This is because legal funding is classified as a nonrecourse debt by the IRS. That means the only potential source of repayment for a lawsuit loan will be your settlement itself. Without a settlement, the legal funding company is left to absorb the costs of your loss.
How Much Does a Lawsuit Cash Advance Cost?
If you’re worried about the cost of lawsuit loans in Port St. Lucie, you have little to fear. While prices for legal funding will vary depending on your case, you can expect to pay a low, simple interest rate if you work with a reputable legal funding company like Tribeca Financial. You won’t face hidden fees when you work with a legal funding company that has your interests in mind.
As legal funding doesn’t require any credit check or collateral aside from your settlement, it can be an attractive alternative to other forms of financing, such as a personal loan or second mortgage. Any repayment will also come from your settlement alone, which can save you money compared to alternative financing options.
How Does The Lawsuit Loan Application Process Work?
The process to obtain legal funding is surprisingly simple. As legal funding is a nonrecourse debt, there’s no need to go through a credit check or submit paperwork about your assets. All that’s needed for you to obtain legal funding is the following:
- You are involved in an ongoing settlement case
- You have retained the services of a contingency-based lawyer
- Your lawyer approves of legal funding and is willing to receive it
All that matters for your ability to obtain legal funding is the quality of your case and whether your lawyer approves of it or not. The amount of funding you can receive is contingent on your likelihood of winning the case.
How Many Pre-Settlement Loans Can I Get?
Typically, legal funding companies will limit themselves to offering you 10-20% of the value of your potential settlement to limit their exposure to risk. However, if you require more legal funding, you can typically obtain it through a settlement buyout. This will usually be through a different funding company than the one you’ve already worked with.
In a settlement buyout, a legal funding company will purchase the rights to your settlement from you. In exchange, you’ll receive a lump sum payment based on the estimated final payout of your settlement. Once you accept a lawsuit buyout, you have nothing more to worry about regarding your settlement, as the money is yours to keep with no strings attached,
Apply for a Port St. Lucie Lawsuit Loan Today
At Tribeca Lawsuit Loans, you can receive legal funding for your case in as little as 24 hours after applying. You can be approved for your application and receive up to $1 million in your bank account less than a day after approval. Apply today and you could soon have the cash you need to win your maximum legal settlement.Contact us today or visit our website to find out more about our terms and if we’re a right fit for your case. We fund lawsuits across the country and can bring our resources to your disposal. With our help, you could have everything you need to complete your fight for justice.