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If you have been injured in an automobile accident, a slip and fall injury, medical malpractice, or on the job and are going through litigation, we know how difficult things may be for you right now. Obviously, when you’re injured, the most important thing for you is to get better. It would be great if we lived in a world where you would be able to dedicate all of your time and energy to recuperating. Unfortunately, that is not the reality.
The reality is that injuries usually mean some type of medical care. Medical care is expensive. Depending on the extent of your injury, you may not be able to work. So the income that you have relied on for years to cover your basic expenses may no longer be there. However, just because you are not working, this does not mean that your daily, weekly, and monthly bills disappear. Instead, they continue to accumulate. You add these to your medical bills and to any legal expenses you have from trying to seek compensation for your injury and the situation can very quickly start to feel overwhelming. Legal funding may be able to help.
What Is Legal Funding?
Legal funding is designed to be a tool that you can use to relieve some of the financial burden you are under as you await a settlement or the resolution of your case. Legal funding is often referred to as a lawsuit loan. However, it is not really a loan. When you take out a loan, you borrow money from the lender and then you are responsible for paying that money back, usually with some form of interest.
With legal funding, financial professionals who have experience with civil litigation will examine the particulars of your lawsuit. Based on that, they will determine how likely it is that you will win your case. If it seems likely that you will win your case, then they will purchase a part of your future settlement from you. If and when you settle your case, they will take the portion of the settlement that they purchased from you and the remainder of the settlement will be yours.
When you take out a loan from a lending institution, they do not care about your circumstances. You have borrowed X amount of dollars and need to pay that money back. With legal funding, if you do not win or settle your case, you owe nothing. It is that simple and straightforward.
The Application Process
Applying for legal funding is relatively straightforward. You initiate the process via a telephone call or an online form. From there, we will gather basic information about the case. This will include the contact information of your attorney as well as some personal information about you. From there, case managers will work hand-in-hand with your attorney to get a better understanding of the particulars of the claim. Based on the information garnered, a decision will be made as to whether or not to approve the legal funding.
Once the decision is made to approve the funding, you will be sent a contract that outlines the conditions of the funding. When that is complete, funds will be delivered to you promptly.
The Benefits of Legal Funding
If you are in the beginning stages of civil litigation, it is likely that you have a long road ahead of you. If you have been fighting your case for some time, you already know how arduous of a process civil litigation is. When a person is injured in an accident, it can take months or years before their case is settled. If they have lost work as a result of their injury, it can be financially devastating trying to get by day to day. This is where legal funding can help.
Legal funding is risk free. Repayment of the funding is contingent on the fact that you win your case. If you don’t win, you do not owe anything. It is a lot easier to qualify for legal funding than it is for a loan because qualifying is not dependent on your credit history or on the amount of money you make every month. Instead, it is based on the validity of your case and the quality of your lawsuit.