Settlement Funding 101
Legal Funding in California
When it comes to settlement funding in California, many are unaware or confused as to exactly what this means. People ought to be aware of the resources they have in the event that they are injured in some type of accident including settlement funding.
What is Pre-Settlement Funding?
While nobody expects to be seriously hurt after a car accident, a bad fall, or any other type of misfortune due to someone else’s negligence, many people are indeed left with considerable injuries each year in such accidents, unfortunately, leaving them badly hurt and unable to work. Although many are aware of their right to sue for damages when another person carelessly or recklessly causes them harm, they may not be aware of just how long such cases take to resolve.
This potential settlement negotiations can take months or even years which can result in having no means of covering everyday expenses, especially if you have been unable to return to work due to the accident. A settlement advance makes up this difference by fronting you the money to do with as you please while your attorney works out your case.
The first thing to know about settlement funding is that while being forwarded your settlement may seem like a loan, technically this is not a loan. Pre-settlement funding with FCA Legal Funding functions as a non-recourse advance. In other words, this is a cash advance against your future settlement which is then repaid when your case finally settles.
With FCA Legal Funding, however, there are no fees involved, as opposed to a loan.
Why Settlement Funding Works
One important point to consider from the outset is that if you are unable to work due to your injury, it can be extremely difficult to obtain a loan from a bank. At the same time, as your case drags on, you may be increasingly tempted to accept a settlement from the insurance company which is likely far less than you could recover if your lawsuit reached its natural conclusion. Lawsuits can be emotional and stressful processes and insurance companies know this. Their hope is that you will become desperate enough to accept a smaller payout.
This is where FCA Legal Funding steps in to forward you a portion of your potential settlement before your case is finalized. This way you can cover the costs of your medical needs, pay your rent, and pay for anything else you might need while you recover. A pre-settlement cash advance also allows your personal injury attorney the time they need to bring your claim to a satisfactory conclusion, recovering the maximum settlement possible.
What’s the first step?
To begin with, you need to have already retained the services of an injury attorney. Secondly, you need to have an injury claim against another party who caused you harm. FCA Legal Funding works with you and your lawyer to front you the money you need in the wake of a serious accident.
The process is quite simple—FCA Legal Funding handles all the risk ourselves. We obtain information pertaining to your case, and if you are approved, we can forward you cash within 24 to 48 hours. We don’t even ask for proof of employment or run your credit. What you owe us afterwards is simply taken from your settlement.