How Can I qualify for Accident Funding?

Is it Ok to Take a Cash Advance on a Pending Lawsuit

If you’ve been injured in an accident caused by another party, you can recover damages by filing a lawsuit. However, this can be an expensive and time-consuming process. Accident funding can cover your expenses while you wait until a settlement is reached. For many personal injury victims, qualifying for funding is a concern, but we offer a more practical solution than lawsuit loans. We’ll explain how to qualify for accident funding below.

Why You Need a Lawsuit Cash Advancement

Money can be tight after an accident. You may be stuck with medical bills and other expenses, while rent is due and utilities must be paid. A settlement may be months or years away. Nevertheless, a lawsuit cash advance is better than a lawsuit loan, which may require making monthly payments before you see any money from your lawsuit, while interest charges add up.

How Accident/Pre-Settlement Funding Works

Accident funding is not a loan in the traditional sense. It essentially borrows the proceeds from a future settlement and is backed by your legal claim. Qualifying for funding is relatively simple and comes with basic requirements, meaning you must:

  • Be the victim of an accident that caused a personal injury.
  • Hire an attorney and have a pending legal claim.
  • Fill out an application form on the funding company’s website.

Once you provide the funding company with the relevant details (your contact information, details on the accident, who your lawyer is, etc.), it will review them. First, it’ll determine whether you meet its qualifications. Then it will calculate how much funding to offer. Applicants who are most likely to be approved are those with a strong case that has a high probability of winning.

No Guarantee of Success

Every lawsuit carries a risk of failure. Funding companies, therefore, assume a significant level of risk by providing funding against a settlement or judgment. Aside from your case not winning (a scenario in which the company won’t get paid), the settlement may be lower than the case value. A funding provider can’t force you to pay more than what you receive.

To mitigate the risks, an accident funding company only accepts the strongest applicants. The funding company should be looking out for the plaintiff’s best interests. If so, it’ll make sure you still get a fair portion of your settlement. Once you are accepted, you are required to sign a contract; this funding agreement specifies what happens if you lose the case or aren’t awarded enough money to repay them.

You Must Have Good Reason to File an Injury Lawsuit

The most common reasons to apply for accident funding are cases involving vehicular accidents. These include car, motorcycle, and pedestrian accidents that often result in serious injuries. Injuries on public property are also a reason people file personal injury lawsuits. The property may be poorly maintained, causing you to, for example, slip and fall on a floor or flight of stairs. But if you’ve been injured in any way due to the actions or negligence of another party, you can file a lawsuit and may qualify for legal funding.

Apply Today with FCA Legal Funding Today

Our application process is simple and you’ll find out in minutes whether you qualify for accident funding. Several programs are available depending on your needs. We serve clients throughout the state of California. Continue browsing to learn more about how our process works and what we can offer, or apply now. If you wish to speak with us directly, call 855-870-2274.