Navigate Financial Stress with Pre-Settlement Cash Advances

If you've been involved in a lawsuit due to a serious injury, you may find yourself facing significant financial challenges.

The inability to work can make it difficult to cover essential expenses such as rent or mortgage, utility bills, credit card payments, and car loans. Additionally, ongoing medical treatment can lead to mounting medical bills, exacerbating your financial strain.

During these trying times, waiting for your lawsuit settlement can feel like a daunting and prolonged process. Fortunately, a solution exists: pre-settlement funding. If you're unfamiliar with how litigation funding works, you might be wondering whether you need your personal injury attorney's consent to secure pre-settlement funding.

Understanding the Personal Injury Lawsuit Process

When you've been injured due to someone else's negligence, you may be entitled to compensation for medical expenses and other losses. To pursue this compensation, you'll need to initiate a personal injury lawsuit. This involves finding a law firm to evaluate your claim and determine if you have a valid case.

Once your attorney agrees to take on your case, they will begin gathering evidence to support your personal injury claim. This may involve consulting expert witnesses, interviewing others, reviewing documents, and conducting interviews, which can take several months.

Court Proceedings

When your case reaches court, both parties will present their arguments, after which a judge or jury will decide whether you deserve compensation. This process can extend over several months, and even after a verdict, it may take additional time before you actually receive your settlement funds. In many personal injury cases, the entire process can last over a year, all the while your financial obligations continue to grow.

The Benefits of Pre-Settlement Funding

If you’re feeling overwhelmed by your financial situation as you await your lawsuit outcome, pre-settlement funding may provide the financial relief you need. This funding can help you manage your expenses until you receive your settlement.

How Pre-Settlement Funding Works

To start, you'll need to identify a reputable consumer legal funding company. Not all companies are created equal; some may have high fees or hidden charges that make them less favorable. Look for a funding company that prioritizes transparency and fairness.

Once you find a suitable funding company, you can apply online to determine your eligibility. They will review your application and, if approved, you'll sign the necessary documents to receive the funds.

Do You Need Your Lawyer's Approval?

It's important to note that all consumer legal funding companies require you to have an attorney involved in your personal injury case. This is due to the inherent risks associated with funding; your attorney's consent is essential for any type of pre-settlement funding.

Who Assumes the Risk in Pre-Settlement Funding?

Pre-settlement funding operates as a non-recourse funding option, meaning the funding company bears the risk of repayment. If you do not win your case, you are not obligated to repay the funding. However, it’s crucial to recognize that most personal injury lawsuits do not result in a favorable verdict for the plaintiff, and if the awarded amount is lower than expected, it could affect repayment to the funding company.

Collaborating with Your Attorney

To minimize risk, funding companies typically communicate with your attorney to gather information about your case. Having legal representation is a significant factor in demonstrating that your personal injury claim is legitimate.

How to Get Approved for Pre-Settlement Funding

To secure pre-settlement funding, you need to apply with a strong case. Typically, funding companies approve around 10% to 20% of the expected award amount. For instance, if your lawsuit is worth $500,000, you may receive approximately $50,000 in funding.

Key Considerations Before Applying

Before you choose a pre-settlement funding company, carefully review their terms for any hidden or upfront fees. Most reputable companies won’t rely on your credit score, and you don’t need good credit or a strong financial history to qualify for funding.

Another critical factor is your stage in the litigation process. If you're still in the early phases of your case, the potential value of your lawsuit may be lower. The closer you get to a resolution, the more favorable your funding options may become.

What If Your Lawyer Denies Funding?

If your attorney denies your request for pre-settlement funding, it’s important to have a conversation with them to understand their reasoning. They may have valid concerns, such as your eligibility for funding or the current status of your case.

How to Enhance Your Chances for Approval

To avoid denial, discuss your need for financial assistance with your attorney before applying for funding. If you've already applied and were turned down, work with your lawyer to strengthen your case for future applications. As your case progresses, your chances for approval generally improve.

You Can’t Ask Your Attorney for Money

Legally, attorneys cannot provide clients with cash advances based on pending lawsuits, as this is considered a conflict of interest. However, they can assist you in navigating the pre-settlement funding process to help meet your financial needs.

Your Protection with Litigation Funding

With pre-settlement funding, you’re protected from the obligation to repay if you do not win your case. Unlike traditional loans, there are no requirements related to your financial status, and your credit score will not factor into the approval process.

If you have been injured in an accident and are seeking compensation, pre-settlement funding might be the right solution for you. Contact PrimeCare Network today to discuss your options.

Need financial assistance while waiting for your lawsuit settlement? Contact PrimeCare Network at 888-474-8473 or Apply Now to see if you qualify for pre-settlement funding.

Disclaimer: PrimeCare Network provides pre-settlement funding, also known as consumer litigation funding, to its customers through different products depending on their state of residence or cause of action. Many consumers will be provided pre-settlement funding in the form of a purchase agreement, which assigns a portion of the pending proceeds from their legal claim. Other consumers, such as those in SC and CO, will be offered funding in the form of a pre-settlement loan, sometimes referred to as a lawsuit loan. These transactions have important differences; therefore, consumers should carefully review and be aware of the type of transaction that is offered to them by any funding company.