How much do I qualify for with lawsuit funding?
Your financial history has nothing to do with the chance of you getting pre-settlement funding. It’s all about your case. The stronger the merits of your case, the higher your chances of getting approved. Each case is unique and has to be reviewed manually by one of our associates. The stronger the merits of the case, the higher the chance of approval. It’s really that simple, but there are some basic qualifications that matter.
Liability: There must be a responsible opposing party, who was liable for your injuries. In order to have a valid claim, and to win your case, you have to prove the other party was at fault. This means showing that your injuries were a result of the negligence of another party. If someone rear-ended your vehicle, then liability is very clear and therefore you’ll get approved(probably). For other cases like premise liability claims, you need documentation to prove your claim – like incident reports, witness statements and more.
Insurance: In most cases, lawsuit funding companies operate under the assumption that the insurance coverage is the maximum case value possible. Underwriters at any lawsuit funding company will ask your lawyer what the defendant policy limits are.
Damages: You have to have sustained some form of bodily, or economic damages. In order to get a cash advance on a pending settlement, you have to have sustained some form of damages as a result of the incident. This means bone fractures, whiplash, economic damages, lost wages, etc. Legal funding companies might ask for things like medical records, medical liens, and more.
Previous advances: If you have funding from a previous lawsuit funding company, then this might be a factor you will have to reveal. Sometimes, some companies might refuse to fund you if there’s an existing lawsuit cash advance, since it could reduce the amount of new legal funding you can qualify for. Some lawsuit funding companies offer legal funding refinancing.