A lawsuit funding company can help you secure money before your personal injury case settles. Over the last 10 years there has been a rapid increase in litigation financing companies also known as lawsuit funding. This month is historical as all 50 states now have passed legislation to allow lawsuit funding. There are certain things one must consider prior to applying with a lawsuit funding company.
Some of the requirements include:
- You must have hired an attorney on a contingency fee basis. If you don’t have legal representation for your accident you will be declined during the application process.
- When underwriters evaluate your case there must be a good chance that you will receive compensation for your injuries. Because most lawsuit funding companies provide non-recourse funding, they are taking the risk by lending you money. If your case never settles these companies do not require you to pay back the lawsuit loan.
- A lawsuit funding company will fund a percentage of the potential settlement amount. These percentages vary from company to company. The higher your potential settlement amount the higher amount you can request.
- The strength of your personal injury case will result if you get approved or not. The stronger the case the better chance you have in getting your case funded and the stronger your case the better chance you have in getting a better rate.
Because a lawsuit funding company offers non-recourse funding their rates are generally a little higher than a typical standard loan, however, there are some companies that can sometimes beat the rate of a standard loan. Again, it really depends upon the strength of your case.
The application process should be seamless no matter whom you apply with. This means during the initial application process you should only provide information such as name, numbers, attorney names and numbers, case type and the requested amount of cash. Once a lawsuit funding company receives this information the rest is handled between your attorney and the funding company until you are approved.
This includes the handling of case files and documents surrounding your personal injury case. When someone is requiring a lawsuit cash advance its because they need money now! This means its important that the process is handled with professionalism and urgency. A lawsuit loan shouldn’t take anymore than a day or so to get an approval. In fact depending upon how quickly a lawsuit funding company can get the required documentation from your lawyer an approval can take just hours.
In closing when you begin applying for litigation financing with a lawsuit funding company you should keep your options open and it could be advantageous to shop your case around to several companies.
*LawLeaf is an online legal funding services that matches plaintiffs searching for pre-settlement cash advances with lenders ready to compete for their business. If you would like more information on how our lenders compete visit our lawsuit funding company today at http://www.lawleaf.com.