After being injured in an accident due to someone else’s negligent actions, you might have decided to file a claim against the party responsible for your injuries and losses. After all, you have been unable to return to work while looking after your health and you are now in an uncomfortable financial situation. However, even though you understand this lawsuit to be the best way to recover the damages to which you might be entitled, by now you also realize that the funds are not coming your way as quickly as you might have expected them to. You may have concluded that the only way for you to get some urgent funds right away is to find legal funding in your state. Let’s see how that might work to help you make an informed decision.
What Are the Principal Advantages of Obtaining Legal Funding for Your Personal Injury?
Every day that you must wait to see whether your legal case has settled is one more day in which you might be unable to make ends meet. You may then understand that your financial situation might get completely out of control while you wait for your award. If this is what you are going through, a settlement loan might be the answer you seek. Here are a few of the advantages these loans offer:
Completely risk-free loans – You may be holding back in applying for a loan because you may fear having to repay the money even if you end up losing your case. If so, you should know that this is not the way these loans work. They are non-recourse which means that you would owe nothing to the lending company unless you win your case. Once you receive your settlement award, you will repay the loan plus interest and fees.
There is no credit or background check needed – This is because the loan is not based on you and your ability to repay the loan. It is based on the strength of your case and the probability that you will have a successful outcome. The lending company will not look into your employment history, credit score, or background. They will analyze the strength of your case and approve your loan within a short time after you apply.
You receive the funds right away – With this type of loan, there is no need to wait days or weeks for the funds to get to you. Once your application is approved, it is common for people to receive the funds the same day. Having the funds means that you will be able to face your daily living expenses without risking your financial situation any further.
What is The Process to Get Legal Funding?
The process starts the moment you fill out the application. This can be accomplished either online or over the phone. The form will ask for basic information about your case, including the circumstances that led to it and the type of personal injury case that you have. A funding expert will reach out to you if there are any further questions.
The funding company will contact your personal injury attorney to review the case and determine the damages. They will look at the treatments you have received, what insurance coverage there is, and the settlement value of your case.
You may be pleasantly surprised to find out within 24 hours that you have been approved for the loan. Once approved, you and your lawyer will receive the funding contract which must be signed. Once that is taken care of, you will receive the loan.