When a person is injured due to the negligence of another party, they often feel overwhelmed with medical bills, lost wages, and other expenses. This is where pre-settlement lawsuit funding comes in. Pre-settlement funding is a cash advance given to plaintiffs before their case settles. It is not a loan, but rather a non-recourse cash advance that is repaid only if the plaintiff wins the case. But how exactly can doing pre-settlement funding help you? If you want to learn more about this, here are five notable advantages of pre-settlement lawsuit funding.
1. Helps Plaintiffs Cover Expenses
Pre-settlement lawsuit funding offers a major benefit by assisting plaintiffs in paying for their expenses while their case is still in progress. These expenses may include medical bills, rent or mortgage payments, and other living costs. Often, plaintiffs are unable to work after an injury, which can make it challenging to make ends meet. With pre-settlement funding, plaintiffs can receive the financial support they require to concentrate on their recovery instead of worrying about their finances.
2. Provides Leverage for Plaintiffs
Another significant advantage of pre-settlement lawsuit funding is that it provides leverage for plaintiffs. When plaintiffs are struggling financially, they may be more likely to accept a settlement offer that is lower than what they deserve. Pre-settlement funding can help alleviate this pressure and give plaintiffs the financial support they need to hold out for a fair settlement offer. This can ultimately result in a larger settlement for the plaintiff.
3. No Credit Checks Required
When it comes to pre-settlement lawsuit funding, there’s no need for a credit check as this type of funding is based on the merits of the plaintiff’s case, not their creditworthiness. This is a pretty significant advantage for plaintiffs who have a poor credit score or no credit history at all. Additionally, opting for pre-settlement funding won’t negatively impact the plaintiff’s credit score.
4. Non-Recourse Funding
Pre-settlement lawsuit funding is a type of cash advance that does not require the plaintiff to pay it back if they lose their case. This is called a non-recourse cash advance. It’s a great option for plaintiffs who are worried about the financial risks of pursuing a lawsuit.
5. Quick and Easy Application Process
Finally, pre-settlement lawsuit funding has a quick and easy application process. Unlike traditional loans, which can take weeks or even months to process, pre-settlement funding can be approved within 24 to 48 hours. This is a significant advantage for plaintiffs who need financial support quickly. The application process is also straightforward and does not require extensive documentation.
All in all, pre-settlement lawsuit funding provides plaintiffs with financial support during a challenging time. It helps them cover their expenses, provides leverage during settlement negotiations, and is a non-recourse cash advance that does not require a credit check. The quick and easy application process is also a significant advantage for plaintiffs who need financial support quickly. Be sure to keep everything you’ e learned here in mind so that you can navigate difficult situations effectively.
If you need lawsuit funding, Alliance Claim Funding has got you covered. We make reliable lawsuit funding solutions for plaintiffs that address your urgent financial needs. For more information, contact us today!