Lawsuit Settlement Funding, How to Get Your Cash Quickly

When a person is in the process of filing a lawsuit to get compensation for an injury or damages it is often the case where funds are needed quickly for everyday expenses. Maybe the individual can no longer work but the bills keep coming in and there may be new medical bills. It is often a situation of needing some lawsuit settlement funds quickly. Even if a case is not going to trial, a settlement can take months, or even years to receive. The problem is how an individual gets the money they need today. The solution to this problem is with settlement funding.

The problem

The injured party may have a good case, but there are bills to pay and often a person has sustained injuries and is having difficulty generating income. Keeping the utilities on in the home, putting food on the table and paying the rent are only some of the problems a person can have. Often the party being sued understands this and will make low offers to settle, but there is no reason to settle for less than an injured party is entitled to.

The solution

A plaintiff can get lawsuit funding. There are lenders who will loan money to a plaintiff, and the loan does not need to be paid back until after the settlement is finalized. In most situations, this money does not need to be paid back unless there is a settlement. It is the lender that is taking the risk that the plaintiff will get a certain minimum amount of money in a settlement. Naturally, a lender will charge interest for the loan, but there is no risk taken by the injured party.

What are the requirements for a lawsuit loan?

The decisions on whether an individual will receive a settlement loan or not are entirely up to the lender; however, there are only a couple of requirements. The plaintiff must have retained an attorney of record for the legal action. In addition, there must also be a pending lawsuit. If both of these requirements are fulfilled, a person can proceed with an application for this type of loan. There are usually no fees associated with the application process.

What types of lawsuits are considered for a loan?

The range of lawsuits is quite large and can include any type of legal action that is ongoing and will most likely result in a cash settlement. There are many examples in the area of product liability. This includes medical devices such as hip replacements and mesh slings. Pharmaceutical cases are common sources of settlement funding. Many times it is a situation of personal injury in a vehicle accident or pedestrian injured by a car. Worker’s compensation cases and other types of compensation that will mean cash after the settlement is completed. This type of funding is also available for settlements that are completed and are being paid in a structured way. This type of settlement funding is a method of getting more of the money sooner than the way the settlement has been structured.

How settlement funding works

The process is fairly simple. All that is needed by a lawsuit settlement firm is for a plaintiff to provide basic information such as name, address, phone number, etc. This process can be done online with most lawsuit settlement firms. After this, a plaintiff must give the settlement firm permission to request all pertinent legal documents related to the case from the attorney handling the lawsuit. The settlement firm does an evaluation to determine their risk and how much they are willing to lend given the facts of the case. This entire process is free and will usually take a couple of days. An offer will be made to the plaintiff, and if it is acceptable, a contract will be drawn up. The money will be available the same day the contract is signed.

There is no need for a plaintiff to suffer financially while waiting for settlement money to arrive. Settlement funding exists for the purpose of helping people in dire need of money today.