How to arrange Pre-Settlement Finance for your lawsuit
Pursuing a lawsuit can be challenging. It can take time – even years – while expenses for those involved can pile up causing unnecessary strain. As an individual, this can mean added financial pressure on top of your bills, rent and living costs. And if you’re a business, spiralling legal fees can be cause for concern against your monthly outgoings.
Pre-settlement finance was created to help individuals and businesses press forward with civil cases while looking after the funding until the case is resolved. It is paid in the form of a cash advance. It can be used to cover legal fees and also pay towards an individual’s living expenses.
The loan is a non-recourse cash advance – which means you will not have to pay it back if you lose your case. You sign an agreement to repay the funds if you are successful. The loan will then be subtracted from your settlement. If you lose your case, you pay nothing.
In order to be accepted for a pre-settlement loan you must have an attorney. However, the money granted to you or your business can be used for daily expenses and does not have to be paid back until the case is settled.
If you do end up collecting on your case, you will be asked to pay back the money from those proceeds. If you fail to win, you don’t owe anything. The pre-settlement loan is typically used for personal injury lawsuits or commercial businesses protecting their interests. It goes without saying, having documents showing that the defendant is liable add more value to the lawsuit and also more money is placed in the pre-settlement advance.
To apply for pre-settlement funding, you will need to supply information about your case, for example:
• Any reports from emergency services (police/ambulance)
• Insurance carrier name and policy limits
• Medicals showing injury (if applicable)
• Copy of complaint or lawsuit.
Personal injury law, also known as tort law, allows a damaged party to pursue compensation when the damages are due to another party’s negligence.
Large businesses may also consider applying for commercial litigation finance to provide a safety net, so financial aspects of the case are taken care of. Legal issues are often a burden on many hardworking businesses, but avoiding the courts isn’t always a possibility.
Whether it is a personal injury claim or alleged suit against copyright infringement, gaining financial support through commercial lawsuit funding can remove financial strains on businesses and prove to be vital.
Businesses do not have to repay the pre-settlement funding straight away or before the case has been resolved. There is no financial incentive for repaying the funding monthly rather than waiting for the claim to be settled. Businesses can repay the loan after their compensation has been received.
Many organisations offer claims funding, but we can provide a package which will navigate you through the procedure in a safe, secure and efficient way. We value each case on an individual basis and typically offer non-recourse funding from $1,000 up to $1m. You can reach us directly on (212) 4449705 or, alternatively, you can complete a no obligation online enquiry form by clicking the “Apply Now” button by Clicking Here
The procedure can often move quicker than expected. After you have contacted us, we complete an application over the telephone to review your requirements and then transfer your claim to a funding specialist.