When you file a lawsuit, it can take months or years to reach a settlement. Meanwhile, you may be depending on the proceeds you’ll receive for damages, especially if it’s a personal injury or wrongful death case. A pre-settlement contingent cash advance can lessen the financial strain. Unlike a loan, it’s not paid back if your case doesn’t win; all the while, you have the cash to cover medical bills, rehabilitation, rent, funeral costs, and daily expenses.
But is pre-settlement funding right for you? Consider the following to decide whether this is the right path:
HOW LONG WILL YOUR CASE TAKE?
Various factors can affect how long it takes to reach a settlement or verdict. Your lawyer can estimate the length of time. But you need to consider issues such as the insurance company causing delays or the potential to go to trial. If you’re out of work and not earning income, it’s obviously hard to be without a cash flow for a long time. However, lawsuit cash advances come with interest, so the cost of borrowing while your case is pending must be considered.
DO YOU NEED FINANCIAL SUPPORT NOW?
Pre-settlement funding can be approved and provided quickly (often in less than a day). An injury can leave you without a job and you might be out of work until you heal. A permanent disability can restrict your activities such that it’s impossible to perform the job you once had. But bills still need to be paid. Creditors, mortgage servicers, landlords, and others you normally pay won’t wait until your case settles to collect the amounts owed.
WHAT IS THE COST OF BORROWING?
Interest rates and fees charged by pre-settlement advance companies vary greatly from one to another. It’s therefore important to do your research. Due diligence can save you a lot in the long run. Look for companies that evaluate your case based on merit and have a streamlined underwriting process. Otherwise, the cost of borrowing may not be justified based on the settlement amount you expect to receive.
ARE OTHER OPTIONS AVAILABLE?
Pre-settlement funding may be the right choice if you’re out of work. However, if you have a job and are earning an income, other options may be available, such as using a credit card, home equity line of credit, 401K funds, or car title loans. Compare the fees associated with each option to determine what is most affordable. Pre-settlement loans are best suited for plaintiffs who’ve suffered an accident and are out of work.
HOW BIG A LOAN DO I NEED?
You can apply for or accept funding based on your needs. Aim for smaller amounts if you have a relatively minor injury and a small claim. Going too high can result in receiving little or no proceeds from your settlement, especially with high-interest advances. Your personal injury attorney’s advice can help here, as they can assess the value of your case and what kind of settlement funding you would need.
HOW IS MY CREDIT?
With most types of loans, your credit score is a determining factor in approval, the amount you receive, interest rates, and the terms of your agreement. Pre-settlement cash advances are an exception. They are backed by the proceeds of your future settlement no matter when they may arrive. It doesn’t matter if you have credit card debt, past delinquencies, or bankruptcies, because the funding company won’t even do a credit check.
Apply Today With Fund Capital America
Our application can be completed in minutes. Once we receive your request and consult with your attorney, you can receive a cash advance the same day. We charge no upfront payments or fees, you pay nothing out of pocket, and if you don’t win, no repayment is necessary. To learn about pre-settlement funding and our other programs, continue browsing or call 855-870-2274.