Legal Finance is a loan which is a lawsuit cash advance, its non-recourse funding. There is no risk to a plaintiff because if their case is lost, there are no funds required to be repaid. The pre-settlement funding provides plaintiffs with emergency cash, when they need it most. The funding also takes the pressure off and allows plaintiffs to hold out for a larger cash settlement in their case.
Many plaintiffs who are involved in lawsuits don’t realize legal finance is available to them before their case settles. The following guidelines will help plaintiffs stay informed about legal finance and how the funding can help them.
Who can apply and be eligible for legal finance?
Legal financing is available to plaintiffs involved in any of the following types of lawsuits: personal injury, malpractice, car accident, fraud, employment discrimination, product liability, mesothelioma, breach of contract, workers compensation, class action, patent infringement, wrongful death, and many more. If the plaintiff is represented by an attorney, you may apply and be eligible for a legal finance loan on your pending case settlement.
How do I benefit from legal finance?
Many plaintiffs who are experiencing financial hardship are forced to settle early and accept a low offer due to the mounting financial pressures. An emergency cash advance in the form legal finance can give the plaintiff and their attorney time to get the best and fairest settlement in the case.
What kinds of lawsuits are funded by legal finance companies?
A respectable legal finance company like Alliance Claim Funding will provide cash for most types of cases. The most common are personal injury cases.
Do I need to have good credit and employment to apply and obtain a legal finance loan?
No. The legal finance funding is not based on credit or employment. The funding is only based on the strength of the case.
Why can’t I get a bank loan?
Traditional banks and financial institutions do not provide funding to plaintiffs based only on the merits of the case.
Is legal finance funding a loan?
No legal finance is not a loan. It is non-recourse funding provided on the future value of the case. Unlike a traditional bank loan, if you lose the case you owe nothing.
Why legal finance is not considered a loan?
Regular bank loans are repayable and typically with interest. But with legal finance funding the company is purchasing an interest in your settlement. If you lose your case, you do not owe the legal finance company anything.
Do I need to pay upfront out of pocket costs or fees? Are there monthly fees involved?
NO! There are no fees to pay for the application or processing. There should only be one fee to pay when the case settles. There is one payment amount, due when the case settles.
Do I have to sign documents?
Yes. You as the plaintiff will sign an application, and once approved you and your attorney will sign a funding agreement.
How long does it take for me to get the legal finance funds?
If you are eligible you can be approved within a few short days. After receiving your application and supporting documents, Alliance Claim Funding reviews your case. If you are approved, you will get your cash to you swiftly. The funds can be wired to you or sent by overnight mail.