When you are in the middle of a lawsuit, you may realize you need money before the lawsuit will be won. Because of this, you will need pre-settlement funding. You will need to find a company that handles these procedures and may be able to talk with your attorney to find a recommendation. Otherwise, you can go online and find a funding company that will work for you.
In the Beginning
At the beginning of the process, you will submit an application, along with the contact information of your attorney. This allows the funding company to talk directly with your attorney to discuss all the details of the lawsuit. The pre settlement funding company will review the case carefully to determine if you have a good chance of winning. This will be done based on your evidence and the information of the case. If the funding company feels that you have proven your case appropriately, then they will approve the request or disapprove the request.
Approved. Now What?
Once approved, the company will set the value to the pre-settlement fund based on the projected outcome of the lawsuit. This funding will be based on the assumption that you win your case and receive a settlement. Once the company agrees on the total amount they think you will receive, they will provide you with a loan based on a percentage of the estimated settlement amount.
There is a lot of consideration when determining the value of the settlement. They don’t just look at what you want to win or what you have asked for if you win. They also look at what they think the judge or jury will award. Remember, the funding company is taking a risk on your pre-settlement loan.
Once you have been approved and are loaned the amount agreed upon, you can use the money however you see fit. In some cases, this may not be enough and you can always go back to the funding company and request additional funds. The process above will be repeated and you will be given more money if the loan company believes you will win more or enough to pay back both loans.
Once you win your settlement, you will be required to pay back the loan or loans you took out. You will have specific information about the requirements in your contract. However, if you don’t win your case, you don’t pay anything to the lawsuit funding company.
Though most don’t realize it, a pre settlement lawsuit funding company is a great way to get some money before your settlement is awarded. For more information, visit Resolution Funding.
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