Many innocent victims die or are injured due to negligence. These events are unfortunate and can happen as a result of medical malpractice, a car accident, product liability, or slip and fall.
Most plaintiffs who have been injured at no fault of their own, are financially devastated, unable to work for long periods – and they lack enough income as they try to recover. Sadly for these victims there are few places to go for financial help. A typical bank loan requires proof of employment and a sound credit history. Even if a loan were available the monthly payments with interest are not affordable, and can make the situation worse.
With legal funding, there are no monthly payments or upfront fees. Legal funding is a logical financial lifeline for many plaintiffs; it helps plaintiffs seek justice without putting their life on hold and/or sacrificing other financial responsibilities. Instead of worrying about money, a plaintiff can focus on healing and recovering from injuries while waiting for a verdict or settlement in their case.
Legal funding is sometimes called a “lawsuit loan”, legal funding is a non-recourse cash advance based on potential value of a pending lawsuit; it helps provide a cash bridge from the date of the injury to settlement date. Legal funding is very different from a typical bank loan; it is not a real loan, but a pre-settlement cash advance. This means it is contingent on the outcome of the case. The legal funding company actually buys a piece of the future settlement in the case. In other words, a plaintiff receives money immediately in exchange for a set amount of money when the case settles. No payments are due until the case settles in court. If the case loses, there are no payments required ever. Not even a penny.
The great part about this kind of funding is that it provides immediate cash to a plaintiff. Typically a defendant can outspend the average person they face in court. Legal funding not only helps with personal plaintiff money woes, but can also keep the case alive in court. It helps even the playing field so the plaintiff is not forced to settle early for a far lower settlement. Plaintiffs who are struggling financially tend to settle early, for a lower amount than they would get if they waited for a final settlement.
If you have a legal claim and have a personal injury attorney representing you, you can apply for legal funding. The process is quick and easy, with a case evaluation – if approved for legal funding money can be available within 24-48 hours.