Debunking 4 Common Myths About Legal Funding
Legal funding can be a lifeline for individuals involved in personal injury cases,
but misinformation can create confusion. Let’s clear up some common myths and help you understand how legal funding works.
Myth #1: Legal Funding is Only for Those Desperate for Cash
Reality: Legal funding isn’t a sign of desperation; it’s a financial strategy that helps plaintiffs manage their everyday expenses while awaiting a fair settlement. Many individuals seeking legal funding are responsible, hardworking people who find themselves in need of financial relief due to unforeseen accidents. Legal funding allows them to maintain stability and cover essentials such as medical bills, rent, and utilities while waiting for their case to resolve.
Myth #2: It Will Pressure You to Settle Early
Reality: Legal funding is designed to give plaintiffs the power to wait for a just settlement without financial pressure. One of the key benefits is that it enables you to continue your legal fight without rushing into a lowball settlement. The goal is to give you the time and resources to pursue the compensation you deserve without sacrificing your financial well-being in the meantime.
Myth #3: Legal Funding is Like a Loan
Reality: Unlike traditional loans, legal funding is non-recourse, meaning you only pay back the funding if you win your case. There are no monthly payments or upfront fees. If you don’t receive a settlement, you owe nothing. Legal funding companies take on the risk, so it’s not about incurring debt, but about getting financial assistance when you need it most.
Myth #4: It’s Expensive and Not Worth the Cost
Reality: While legal funding comes with fees, it’s important to remember that these fees are based on the risk the funding company is taking. Legal funding can actually be a cost-effective way to ensure you don’t settle for less than your case is worth. By providing financial relief, it helps you hold out for a fair settlement, which could outweigh the cost of the funding itself.
Get the Facts: Legal Funding Can Help You Secure a Fair Outcome
At PrimeCare Network, we believe in empowering plaintiffs with the right resources to pursue their legal claims without undue financial stress. Legal funding may be the key to bridging the gap between filing a lawsuit and getting the compensation you deserve.
