It can take months or years to settle a personal injury lawsuit. But you can get a cash advance on a pending lawsuit before litigation or negotiations begin. Plaintiffs often need cash to cover medical bills on top of basic expenses. Pre-settlement funding can provide this cash long before you’re compensated for injuries and losses; it’s paid back plus interest out of your future settlement, which serves as the only collateral for the funds you borrow.
Obtaining a Cash Advance on a Pending Lawsuit
To qualify for a lawsuit cash advance, you must have been injured due to someone else’s negligence or wrongful actions, hired a lawyer, and filed a lawsuit. The lender is taking on risk as there’s always a chance a legal case can be lost. Therefore, many funding companies are highly selective, but depending on the merit and the value of your case, you can get access to legal funding for cases involving:
- Auto accidents involving cars, trucks, bicycles, motorcycles, and other vehicles
- Slip and fall accidents
- Employment and labor law violations
- Burn injuries
- Construction accidents
- Police brutality
- Defective consumer products
- Defective medical devices
A Lawsuit Cash Advance Is Not a Traditional Loan
Banks and other lenders have strict requirements for approving loan applicants. They often demand up-front payment for fees and that you begin paying the principal plus interest right away. The facts of your case and medical condition don’t matter to them. Also, the application process can be complex and time-consuming. As a personal injury plaintiff, that’s not ideal.
A lawsuit funding company will take on less risk if both parties have already agreed to a settlement. However, obtaining a cash advance on a pending lawsuit is easier than you think. Here are some tips for finding a lawsuit funding company and obtaining the cash you need:
- Apply Directly with the Lender: Avoid working through a broker. They will charge extra and make your cash advance less affordable. Applying with a broker will also add unnecessary steps to the process, and result in your case information going to multiple companies.
- Ask About Interest Rates: Funding companies often charge high interest to cover the costs of cases that they lose. The lender may not know the exact rate until they review your case, but should at least provide an estimate. Also, ask if the company’s rates are fixed depending on the type of case and if interest accrues monthly or if the payback is fixed over time.
- Talk to Your Attorney First: Explain to your lawyer that you need funding. They can prepare the documents needed to approve your request and won’t be surprised when the lender calls. You can also receive your cash advance sooner to cover bills during your pending lawsuit.
- Ask Your Lawyer for Referrals: Looking for lawsuit loan companies on your own adds stress to an already difficult process. Ask your attorney if they work with a lender. You can then determine if that lender is the right one for you.
- Understand Your Case: Review the facts of your case and gather as many documents as you can. The more questions you can answer, the less time it’ll take for the lender and your attorney to share pertinent details. Busy law firms tend to move slowly, so being prepared can help expedite getting a cash advance on your pending lawsuit.
- Learn About the Funding Company’s Process: Asking the right questions can help you get what you expect from the agreement. Aside from interest rates, ask if the lender expects repayment if you lose your case. The answer should be no. Lawsuit cash advances are non-recourse; repayment is contingent only upon recovering compensation. Also, know how quickly you can receive your cash advance; at Fund Capital America, we can make an offer within 24 hours of speaking to your attorney.
Apply for a Cash Advance on Your Pending Lawsuit Online
We offer a fast and easy process to apply for a lawsuit cash advance online. If you have a pending lawsuit and haven’t reached a settlement, we can approve you for a pre-settlement loan based on the facts of your case. Our staff will review your request and contact you and your attorney. Once we make an offer, you can accept as much or as little as you want; there are no hidden fees or up-front costs. Apply now or call 855-870-2274.