Injured Plaintiffs May Have a Quick Cash Pre-Settlement Option in California
A drunk, distracted, or careless driver can cause an accident that leaves you injured and unable to work. If your medical and legal costs aren’t enough, you’re not earning the income you did before. The accident wasn’t your fault, so the other driver’s insurance company should compensate you. But a settlement could be months, if not years, away.
Pre-settlement funding is one option that lets you pay for living expenses. Otherwise, you may have to resort to drawing from your savings, charging up your credit cards, or borrowing against a retirement plan. Personal injury clients often apply for a bank or lawsuit loan, which factor in your credit score and other details not related to your case.
If quick cash is what you need, legal funding is a great alternative to loans or even borrowing money from family and friends.
Why Is Lawsuit Funding Better than a Loan?
When you file a lawsuit, you don’t know whether your case is going to win or lose. Settlement money can be used to pay off loans and boost your savings. What happens if your case loses? You’re stuck with the rest of the principal plus high fees. Lawsuit funding works much differently. A non-recourse advance, it is paid back to the funding company only if a court case wins. You won’t pay anything back to the company if there’s no settlement or financial recovery.
How Legal Funding Works
First, you or your attorney must apply with the funding company. Once your information is received, the case is discussed with your lawyer and an underwriter assesses the likelihood of a favorable settlement. An advance is typically offered quickly, so you have cash to pay for daily expenses, medical costs, and more while your case is ongoing.
As your lawyer gathers evidence and negotiates with insurance companies, the funding company assumes the risk while you needn’t worry about credit checks, collateral, or hidden fees. However, an upfront cash advance payment, available via a lump sum or monthly installments, is not the only option available from FCA Legal Funding. Using the reverse mortgage principle, we can actually accelerate your settlement and you can sell us back a portion of the proceeds received after your case wins.
If you already have a cash advance, we can even refinance it. Again, this is similar to what homeowners do with their mortgages. By refinancing pre-settlement funding, the original advance is replaced with a different one, while we assume the risk, and you get different terms and lower fees. Perhaps you may qualify for a new advance and greater cash out. The Lawsuit Cash Advance REFI/Cash Out Program is ideal for attorneys who have self-funded a case but cannot or don’t want to fund their client anymore, yet are still eager to bring the case to settlement.
For attorneys and plaintiffs looking for quick cash, FCA Legal Funding offers an easy application processes that requires no paperwork and no upfront fees. Approval is based on the facts your attorney provides about your case. There is no middleman, as we offer direct funding often available within 24 hours. No credit check is required either, and applicants pay nothing out of pocket. Repayment is necessary only if your case reaches a settlement, so if your lawsuit loses, you still win!