Even though your lawsuit can take months or years to resolve, the unfortunate reality is that your bills often do not wait. While suffering from a loss of income, medical bills, legal fees, and more, you may find yourself increasingly pressured into settling for a lowball compensation offer.
A Maine lawsuit loan is one way to combat this problem. With our legal funding of up to $1 million, you can replace your lost income, cover your bills, and give yourself peace of mind while your attorney fights for you. Applications are completely free, with no hidden fees or obligation.
What Is the Maine Legal Funding Process?
You start the lawsuit lending process by filling out a free application on our website. As long as you are the plaintiff in a case, and therefore stand to receive compensation, you likely qualify. Cases we fund span the gamut from employment and labor law violations to car accident and personal injury lawsuits.
- Our Review: After receiving your application, our team will research your claim and contact your attorney for any additional information we need.
- Approval: We work as quickly as possible to approve your application and send paperwork regarding how much we can provide as a Maine lawsuit loan.
- Your Cash: After approval, we can have the money in your bank account in as little as 24 hours.
- Repayment: Once your lawsuit concludes, your attorney will receive a check from the opposing party, write us a repayment check out of that compensation package, and send you the rest!
The Advantages of Legal Funding in Maine
Legal funding has lots of benefits compared to both traditional loans and to other forms of litigation financing. Many of the benefits stem from the fact that legal funding is considered non-recourse debt, which means you are not held personally liable for the lawsuit loan you are provided.
- You do not pay back your pre-settlement funding if you lose your lawsuit.
- All repayment comes directly out of your compensation package (either a jury award or a settlement), and never out of your personal bank account.
- Unlike other forms of financing, like medical funding, you can spend your Maine lawsuit loan on any expenses that crop up. No restrictions!
Maine Pre-Settlement Funding Requirements
Our team has an impressive case acceptance rate of over 94%, with more than 1,600 people served. There are only a few requirements that qualify you for pre-settlement funding in Maine. For starters, you must have a lawsuit. Next, you have to be the plaintiff and not the at-fault party. Finally, you must be represented by an attorney or law firm.
Studies by the Insurance Research Council and other organizations have consistently shown that you are much more likely to receive a large settlement if you work with an attorney. Not only that, but your attorney works with us when it comes time for repayment, so you don’t have to lift a finger.
Apply for Lawsuit Loans in Maine for Free
Are you ready to experience freedom from your financial struggles? Tribeca Lawsuit Loans can help. Click the Apply Now button at the top of the page and tell us about your lawsuit. We take on all the risk in this funding arrangement, so you and your family can get the money you need without having to worry or stress.
Maine Lawsuit Loans – Frequently Asked Questions
What is a lawsuit loan in Maine?
A Maine lawsuit loan provides funding for the plaintiff in a civil suit. The “loan” acts more like a cash advance against the lawsuit’s future settlement. This funding is often essential to empower the plaintiff to recover the full compensation their case warrants. The lawsuit loan enables the litigant to pay their bills and alleviate financial stress while allowing their attorney the time needed to negotiate the best settlement possible.
How long do lawsuits take to settle?
While some lawsuits settle within days, they usually take several months to years to resolve. Yes, it takes time to build a case and for both sides to thoroughly investigate the facts. But this process typically takes just a few months. So why do lawsuits often take so much longer? While it is true that the civil court system is both slow and backed up, the most significant causes of delay are defense attorneys and insurance companies.
Stalling settlement negotiations is a common tactic designed to cause the plaintiff’s financial stress to build. The goal is to pressure the plaintiff to settle for a small fraction of the case’s worth. Sadly, this strategy often works. Many people grow so desperate that they settle for about 30%, just to get some money from the experience.
A Maine lawsuit loan acts like a cash advance on the future compensation. It puts money in the bank that can pay the bills and alleviate the economic pressure. In addition, with this legal funding, the plaintiff can afford to give their attorney the time needed to negotiate the appropriate compensation for the damages suffered.
Is a Maine lawsuit loan safe?
Yes! Maine lawsuit loans are very safe for the borrower. This is due to the unique structure of the loan. Legal lending, like lawsuit loans, is classified as “non-recourse loans.” They are very different from conventional loans like car loans or credit cards. Non-recourse loans are repaid solely from their collateral. A lawsuit’s future settlement serves as the collateral on the loan.
The Internal Revenue Service (IRS) clarifies that borrowers are not personally liable for non-recourse loans. Not only are Maine lawsuit loans safe for borrowers, but there is no credit check or income verification required. Therefore, the borrower’s income or assets are never at risk. As a result, not only are Maine lawsuit loans safe for borrowers but no credit check or income verification is required. Best of all, should you lose your case, you don’t have to repay the loan.
How much does pre-settlement funding cost?
Pre-settlement funding will cost you a portion of your future settlement package. That future settlement serves as the collateral on the loan, and is the sole source of repayment. Reputable pre-settlement funding companies will not charge an application fee. They should only charge a simple, non-compounding interest rate. If you are in the market for a Maine lawsuit loan, never do business with a company that charges for the application that uses compounding interest.