Getting any type of lawsuit off the ground in most cases requires professional assistance from your lawyer. Regardless of whether the lawsuit involves a vehicle and its entanglement, a personal injury (like a “slip and fall” claim) or any other type of legal action, its conclusion should always feature a fair settlement for your part. There is a great probability that your lawyer predicts a lucrative and, more importantly, favorable result to your legal issue; on the other hand, the same probability exists that you will have to wait for a significant period of time before your case is up for debate, along with your favorable conclusion.
Because of this time during which your case will remain active, which is often measured in months and sometimes years, the expenses you will have to suffer on a daily or weekly level will need to be paid, which can eventually lead to a pile-up of your bills. Generally speaking, there are three main reasons for a plaintiff to ask for pre-settlement funding , despite the fact that each person is different and has different needs for lawsuit funding:
• Medical expenses;
• Replacing vehicles;
• Living expenses.
Either one of these categories (or a variation of them) definitely encapsulates your need for lawsuit funding, anyway you look at it. All of these reasons are entwined and they often flow over into one another, which results in the fact that, sometimes, it’s not strange that your pre-settlement loan needs arise because of simple economics, in addition to being a direct result of your lawsuit. On the other hand, facts are facts and their importance outweighs their reasons any day – the money that you need right away can be borrowed (in percentage) on the pending settlement
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h3. The Top 5 Questions About Law Suit Funding
If you happen to be in a situation where you need to fund a lawsuit in a case that you just know you’ll win, or your lawyer is confident that you will get a hefty settlement in the form of a large amount of money, or you need to borrow money right away, than the following questions and their respective answers are something you need to pay close attention to.
1. Is legal funding actually legal?
Without beating around the bush – yes, it is legal. However, that doesn’t mean that you should take things lightly – finding a genuine, licensed legal lending company that you can research thoroughly and has a pristine reputation is in your best interest.
2. How long will it take to get a loan?
The exact amount of time it will take for your lawyer to establish a business relationship with your respective lender is impossible to predict, mainly because some attorneys just have a busy caseload, while others are not so fond of legal lending. Additionally, it is also impossible to predict how long it will take your lender to research the facts of your case in detail. However, you can’t afford to wait for your settlement and that’s precisely why you’re seeking lawsuit funding, which is something your lender is aware of. That’s why getting you the money as soon as possible is good business for the lender.
3. Is there anyone else who will have information about this?
No, the only two parties involved in this kind of matter are yourself, your lawyer and, of course, the lender.
4. What is the total cost of such an arrangement at the very end?
The total cost will greatly depend on the lending policy of your chosen lender. The typical arrangement involves a percentage of the projected case value that goes out to the lawsuit lender as fee.
5. What happens in the case of a failed lawsuit (if the plaintiff loses their case)?
This possibility is something the lender is very well aware of and takes on the risk consciously if they accept your case; should you lose, there will simply be no money to pay back. This is precisely why lenders usually take their time with point #2.
Many more different types of questions will definitely arise during your attempts to secure pre-settlement funds; the aforementioned questions and their respective answers are simply meant to provide a source of confidence in the entire process, should you and your attorney presume a positive outcome of your lawsuit.
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