Sometimes referred to as pre-settlement funding, a lawsuit settlement advance gives you money to use before your personal injury case is resolved. The money you receive is an advance on your projected legal settlement. If you do not get compensation in your case, you do not have to pay back your settlement advance to the company that provided it to you.
Those interested in lawsuit settlement advances should consider all of the personal injury pre-settlement funding options at their disposal.
Start by discussing your personal injury case with a legal funding company. Next, if you apply for a lawsuit settlement advance, you could receive thousands or millions of dollars in legal funding.
What Is a Lawsuit Settlement Advance in the United States?
A lawsuit settlement advance represents a financial lifeline for those involved in a personal injury case. This advance gives you money to use for the duration of your litigation.
If you get money in your case, you pay back what you owe your pre-settlement funding company. Or, if your case is unsuccessful, you keep the legal funding that was given to you, with no penalties.
To understand how a lawsuit settlement advance works, consider an example. You file a personal injury lawsuit against a driver who slams their car into yours. A car accident lawyer builds your case against this motorist. Regardless, you have no idea if you will receive compensation for your losses.
It can take minutes to apply for car accident pre-settlement funding. As soon as you provide your legal funding company with your contact information and details about your case, the business will put together a custom quote. If you accept this quote, you can get a lawsuit settlement advance to use to cover your medical costs, car repair bills, and other expenses.
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Why Apply for a Lawsuit Settlement Advance?
You may have concerns about whether it is in your best interests to apply to lawsuit funding companies and request a legal settlement advance. Below are some of the reasons why plaintiffs in the middle of personal injury lawsuits request lawsuit settlement advances.
Risk-Free Funding
With pre-settlement funds, your lawsuit settlement advance company takes 100% of the risk. This company offers legal funding contingent on the outcome of your case. If you receive a legal settlement advance but do not get compensation in your case, your pre-settlement funding company will cover your balance.
No Credit Check Necessary
A lawsuit settlement advance company will not request a copy of your credit report or review your income history as part of its application process. To determine your eligibility for a lawsuit settlement advance, this company will examine your case and how much money you could receive.
Fast Approval
Lawsuit cash advances are often ideal for those worried about how they will stay afloat financially as their litigation moves forward. Generally, a legal funding company will evaluate your case hours after receiving your application. If approved, you can get your money within 24 to 48 hours.
There are no fees to apply for a lawsuit settlement advance, and your lawsuit funding company is upfront and transparent about its terms and conditions. You must have a lawyer represent you before you can receive pre-settlement funding. If your lawsuit is successful, your attorney will pay back your pre-settlement funding balance out of your settlement.
How to Apply for a Lawsuit Settlement Advance
If you have filed a lawsuit, you can apply for medical malpractice pre-settlement funding or other types of non-recourse cash advances. Here are the steps you will need to complete the legal funding application process:
- Submit your application online or over the phone. If you want assistance with your application, reach out to a legal funding company, and its team members will address your concerns and questions.
- Receive a case evaluation. Your legal funding company will prepare a lawsuit settlement advance quote specifically for you.
- Obtain your funding. Approve your non-recourse cash advance quote, and your pre-settlement funding company will send your money.
You do not have to make any monthly payments on your lawsuit settlement advance. As your case progresses, your lawyer will keep your lawsuit funding company updated. If you are compensated, only then will you have to repay your legal funding balance.
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Do Not Wait Any Longer to Apply for a Lawsuit Settlement Advance
Lawsuit settlement advances are typically great options for plaintiffs with low or no credit and little to no income history. Pre-settlement funding can help you focus on your case without having to stress over your finances. On top of that, no repayment is required on your legal settlement advance unless you get money in your case.
Pegasus Legal Capital proudly serves as your trusted legal funding partner. We have provided services and support to over 15,000 clients.
Our team can teach you about our lawsuit settlement advance options and what they entail. Contact us today for more information.
Your pre-settlement funding consultation is free — contact us today!