Pre-settlement funding is a way of providing plaintiffs with the kind of money they need to pay the costs of a civil trial. As the old saying goes, “You need money to make money,” and this holds true for lawsuits as well as for businesses. You can win big money as a result of the trial, but if you do not have much money to begin with, then you do not stand much of a chance of winning. That is why there are companies that make pre-settlement funding their very business and with their services. Funding companies even the playing field so that the wealthier defendants no longer have the advantage of being able to delay the trial process until his opponent no longer has enough money to continue the fight.
It is both simple and easy to request pre-settlement funding. The plaintiff can apply either by phone or online, and the company will speak with their attorney to get the loan approved. The latter can then convey the information to his client, who will typically have received a copy of the funding company’s request. The company will also ask for copies of certain documents that are pertinent to the case in question, including the police report of an accident, medical bills incurred, proof of the plaintiff’s insurance coverage, and the attorney-client retainer agreement. It is the strength of the case, more than anything else, that will determine whether or not the loan finally gets approved and if it is, the process may take as little as two days. In order to receive their services, however, the plaintiff must reside in a state in which they are offered.
If the funding company approves of the loan, then the plaintiff’s attorney will receive a purchase agreement, to be thoroughly reviewed and signed by both. With pre-settlement funding, plaintiffs never have to be at the mercy of a limited budget again and can see their litigation to its finish.
If you are involved in a personal injury case, it may take time before a settlement is reached. From wrongful death to medical malpractice, a personal injury can completely destroy you and your family’s lives. Not only can there be expensive hospital and doctor bills to pay for, but the lost time at work due to personal injury can be crippling. If you have had some kind of personal injury and cannot wait until a settlement is reached before receiving your money, you may want to consider applying for a settlement loan.
If your personal injury has caused the bills to pile up, the help of a settlement loan will benefit you greatly. A settlement loan can be obtained before a verdict in your case is made, so you can get the money you need fast. Just because you have missed work and lost your income due to a personal injury does not mean bills like the car payment or mortgage stop. These bills will still need to be paid, which is when a settlement loan is especially useful.
A settlement loan isn’t really even a loan; it is a sum of money that you promise to back if, and only if, you are awarded money. If you are not awarded anything, you don’t have to pay. The lending company in question is taking a calculated risk based on the likelihood of you winning the case when they lend you the money. All that said, the company will review your case to estimate your chance of winning before any money is paid out.
If you are wondering how to apply for a settlement loan, it’s easy. As long as you have the representation of a lawyer in your case, chances are you will be approved for a settlement loan. Choosing to obtain a settlement loan is quick and simple and it will help make your life easier during a difficult time. When you are suffering from a personal injury, you are already stressed and in pain. It is our job to eliminate your troubles by helping you get the compensation you deserve.