Is the cash advance a Lawsuit Loan in which must be re-payed?

Is the advance a Loan in which I must eventually pay back? NO! Because it is not a loan, it is a non-recourse legal funding.

The non-recourse cash advance is NOT a lawsuit loan, it is only required to be paid back if your case is successful. Therefore, mylawfunds.com directly takes an equity partnership stake in your case, which will only be rewarded when you are.

Although commonly referred to as a lawsuit loan, a personal injury loan or settlement loan, it is not legally a “loan” in the traditional sense. This type of funding is actually a contingent advance against your pending lawsuit. Pegasus Legal Funding buys a portion of the proceeds of the potential future case award or settlement for your lawsuit. As such, a lawsuit loan is commonly mis-used and is really a “non-recourse” funding. If you win your case or get a cash settlement, you pay us the amount of your settlement loan plus our agreed-upon fees out of these funds. If you lose your case and/or do not receive a cash settlement, you do not owe us anything. You get the money, and we take the risk.

You will notice that we are a member in good standing of the American Legal Finance Association. ALFA sets standards and policies which help protect consumers. You can find out more about ALFA and it’s members at www.americanlegalfin.com. So when you come across a legal funding company that uses the term “Lawsuit Loan”, they are not a member of ALFA.

At www.MyLawfunds.com, you the client and your well being is of utmost concern. By using our services MyLawfunds.com can help you level the playing field when engaged in litigation. It’s a fact: One of the favorite tactics of the deep-pocketed insurance companies is to drag personal injury cases out as long as possible. Why? Because they know that you’ve been injured, you may be out of work because of your injury, and there’s a good chance that sooner or later you’re going to get desperate for money. They drag your case out to wear you down, hoping that you’ll get sufficiently desperate that you’ll “give in” and settle for far less than what your case is really worth. A personal injury or pre-settlement funding gives you the money you need to withstand the financial and emotional pressures of a long lawsuit. Your lawsuit funding essentially buys time for your lawyer to do a good job for you.

About the author

James Sheridan is the Contracts Manager at Pegasus Legal Funding LLC and is responsible for the final stage of the funding approval process. James focus and priority is delivering to PLF’s clients the funds they need as quickly as possible
Author:James Sheridan

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