After an accident, you could have a hard time paying your bills, especially if you suffered a loss of income or have medical bills due to someone else’s recklessness. A lawsuit loan can relieve some of this financial pressure that could force you to settle early.
Also known as legal funding or pre-settlement funding, a lawsuit loan in Grand Rapids can provide you with the money you need to fight for the full value of your expected settlement. Find out today how legal funding can benefit you and if you qualify for it.
What Is Pre-Settlement Funding?
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You could be waiting on a substantial reward from your settlement, but right now it only exists on paper. It could take months or even years for you to receive the money. During that time, the defense, which could be backed or actually be a major, well-funded insurance company, can afford to drag out your case in the hopes that you submit to their financial pressure tactics.
With legal funding, you don’t have to accept a lower award just because you need to pay your bills now. A lawsuit loan from a legal funding company actually allows you to borrow against this expected settlement. You can get the money you need to pay your current expenses, giving you breathing room to fight for the maximum settlement.
How Does Pre-Settlement Legal Funding Work?
Pre-settlement legal funding works by allowing you to borrow against your settlement, which is essentially treated as collateral. However, while pre-settlement funding is often called a legal loan, this is something of a misnomer. That’s because despite it being a loan, you’re under no obligation to repay it from your existing assets.
The IRS considers lawsuit loans a form of non-recourse debt, and goes even further to consider it as an investment for the tax purposes of legal companies.
This means that legal loans present no risk to the borrowers, as their settlement will be the only source of repayment. This also means that if you lose your case, you don’t need to repay any of the money you received, unlike a credit card or second mortgage.
What Is the Process to Obtain Lawsuit Financing in Grand Rapids?
The process to obtain lawsuit financing in Grand Rapids is quite simple and requires very little work on your behalf. The following steps show just how simple it is to obtain legal funding:
- Get approval from your lawyer: Your lawyer will need to approve of legal funding before you can receive any, as a third party will now impact how they’re paid.
- Apply: Submit your application for a lawsuit loan to a legal funding company.
- Wait: It typically takes a day or two to approve your application, process it, and disburse funds to your bank account.
That’s it! There is no credit check necessary to obtain legal funding and no time-consuming look into your finances.
All legal funding companies will take into consideration when determining the amount of your lawsuit loan is the likelihood of you winning your case and whether or not your lawyer, who must work on a contingency fee basis, agrees to it.
How Long Does It Take to Get a Lawsuit Loan in Grand Rapids?
You can typically receive a Grand Rapids lawsuit loan within a day or two or even less. The speed at which you can receive your funding depends on when you apply, with weekends typically taking longer to process applications. More complex cases can also take longer to receive legal funding.
Some legal funding companies also process applications faster than others, especially companies with a more concerted focus on providing excellent customer service. They may also offer better rates than other companies that try to maximize their return on each client.
Apply for Legal Funding in Grand Rapids Today
Legal funding in Grand Rapids is available for your settlement through Tribeca Lawsuit Loans. We offer low interest lawsuit financing to our clients nationwide and can award you up to $1 million in as little as 24 hours after you’ve been approved. Applying is easy and can be done in just a few minutes on our website or with a live agent.
Legal funding can tip the balance in your settlement negotiations toward your side. All our funding comes with fair interest rates that leave our clients with more settlement by the time they finish their cases. Contact us today, and soon, you can have the peace of mind and financial security you need to fight for the justice you deserve.