Finding pre-settlement lawsuit funding at a reasonable rate can be challenging. At FCA, we provide non-recourse cash advances at competitive rates, with no upfront costs, regardless of your credit score. The cash can help pay bills during a lawsuit. However, the cost of borrowing largely depends on the interest rate and fees. Here are six tips for finding low-rate pre-settlement lawsuit funding that can make borrowing less expensive.
1. Make Sure the Loan Is Non-Recourse
Non-recourse lawsuit funding is paid back when you receive your settlement or trial award. Unlike a traditional loan, regular payments aren’t required starting as soon as you receive the cash. You also aren’t required to pay pre-settlement funding back if your case loses. It is risk-free, even if your medical bills cost more than expected or your cost of living increases.
2. Ask About Pre-Settlement Lawsuit Funding Interest Rates
Lawsuit funding companies often advertise low interest rates. Also, the interest rate is often determined by the strength of your case, as it’s an indicator to the lender of how much risk they’re taking on. Some cases lose and the lender makes up for those losses by charging interest.
Shop around before choosing a lender. Unless your attorney knows one that charges a low rate, apply with several so you can compare rates. Or, you can contact the funding company and ask them directly what kind of interest rate they may set for your type of case.
3. Notify Your Attorney
A pre-settlement lawsuit funding company will make an offer only if you have an attorney. It will speak with your legal representative after you apply for a cash advance. A skilled lawyer can boost the strength of your case and the chances of winning.
After learning about the facts of your case and the nature and severity of your injuries, the lender will decide on an amount to offer. The fine details will also help them set an interest rate. The stronger the evidence your lawyer presents, the more reasonable the rate might be.
4. Know Whether the Company Funds Your Type of Case
A lawsuit funding company must have knowledge of different types of law and experience with common types of cases. It helps them determine how much to offer. You can save time by providing the lender with as much information as possible. Some companies may specialize in certain types of cases. At Fund Capital America, we fund automobile accidents, medical malpractice, wrongful death, property damage, assault and battery, sexual harassment, and civil rights cases.
5. Prepare As Much Documentation As Possible
Your attorney will provide much of the required documentation, but you can help the lender by submitting more details about your case. Doctor’s notes, copies of medical bills, receipts for vehicle repairs, information about your insurance policy, and police reports help the funding company evaluate the case and the facts about an accident and personal injury.
6. Determine Whether the Funding Company Charges Upfront Fees
Even if a pre-settlement lawsuit funding company advertises a low interest rate, high fees can make up the difference. Therefore, ask them directly about what fees they charge and how much. Examples of fees include processing fees, origination fees, underwriting fees, document preparation fees, and case management fees. While these may not be charged upfront, ask if they’re added to the total cost of your loan, how often they’re applied, and whether they are flat fees or percentage-based.
Apply for Pre-Settlement Lawsuit Funding Today
Fund Capital America provides a fast and straightforward process to apply for pre-settlement funding. We have a 24-hour turnaround time, and there are no hidden fees or out-of-pocket costs. Non-recourse legal funding can benefit attorneys and their clients. Apply now for a quick decision and offer. For more information on pre-settlement lawsuit funding or our legal support services, continue browsing or call 855-870-2274 today.