There’s a special frustration that comes when a creditor demands money while you have a pending settlement. You know you have the money coming to pay your bills, but it’s out of your control when you get it. Or is it?
Tribeca offers lawsuit loans in Ohio cities like Kent and across the country. Also known as pre-settlement funding, these loans let you borrow against your settlement before you win your case. It’s a perfect solution for creditors who won’t leave you alone during your recovery.
Is Pre-Settlement Funding in Kent Legal?
Lawsuit loans, also known as pre-settlement funding, are a new concept in legal lending and many people wonder about their legality. Lawsuit loans are legal in the State of Ohio under Ohio Revised Codes (ORC) §1349.55.
As a nationwide lender, Tribeca follows all state and federal regulations on lending so you’ll know exactly how the process works and you won’t be caught by underhanded tactics that drain your settlement. These are things like secretly charging compound interest or varying the rate for longer cases.
Don’t believe us? Ask your lawyer! Tribeca requires all borrowers to have a lawyer handling their case, so ask them if a lawsuit loan might be in your best interests. They have to work on your side and sometimes a lawsuit loan is exactly what you need.
How Do Lawsuit Loans in Kent Work?
A Kent lawsuit loan is an agreement to let us take a portion of your settlement later in exchange for the money upfront. Tribeca offers loans to plaintiffs anywhere from $500 to $1 million, depending on your case details. All of our loans are simple interest non-recourse loans.
Simple interest makes it very simple to calculate how much you’ll pay us once you get your settlement, while non-recourse means that we can only get paid back through your settlement money. If you lose your case, you do not have to pay us back.
Therefore, we require you to have legal representation before applying for legal funding in Kent. This also protects you. When a lawyer takes your case, that’s a good sign you have a chance of winning, plus we can ask them for details about the value of your case so we can make a proper loan offer.
Can I Get My Entire Settlement Upfront in the Form of Kent Pre-Settlement Funding?
Tribeca only offers a portion of your potential settlement. We want to make sure you still get a large payout once your case settles, unlike other lenders that could leave you with nothing once you’re done.
Also, lawsuit lenders like us have to negotiate with your lawyer to make sure we both get paid according to our contracts. Since the final amount of your settlement isn’t set yet, we lend less than the full amount to ensure you, your lawyer, and us get paid.
Finally, the more we lend to you, the riskier it becomes for us! Even if you win your case, there are still things like contributory negligence laws that could lower your final settlement significantly. For all these reasons, we cannot offer the entire settlement value upfront.
Get the Process Started for Getting Kent Pre-Settlement Funding
Here’s how to get your Kent legal funding process started. First, get a lawyer working on your case if you don’t have one. Then, click the Apply Now button or call us to schedule a loan consultation meeting and start the approval process.
We will ask questions about your case and get the contact information for your attorney. After speaking with them, we’ll see if your case qualifies and how much you’ll qualify for. If you like the offer we give you, you can have the money in your account in as little as 24 hours after you approve!
Your case does not need to be in Kent to qualify. Tribeca is a nationwide lender and can fund cases anywhere in the United States.