Pre-settlement funding is an amount given to the plaintiffs and attorneys prior to the settlement of case. It is an advance and should not be confused with a loan. Unlike loan the advance is non-recourse which means it has to be returned only if the litigation is won. There is no credit check required because there are no monthly payments involved and the credit ratings of the plaintiff or the attorney remain unaffected.
Attorneys seek pre-settlement advance to enhance their law practice, manage strong witnesses and do the required research. Plaintiffs after facing personal injury, need pre-settlement advance to manage their heavy expenses such as hospital and medicine bill, mortgage payments and other living expenses. As such lawsuits are very time consuming, and may take years to reach to judgment, both, plaintiff and the attorney are in need of money to fulfil their prerequisites.
Pre-settlement funding companies offer non-recourse advances in exchange of some share from the proceedings after the case has been settled. Advance offered is used to cope with issues related to lawsuit. A reputed company is sought in this regard. The representative of the funding company gathers as much information as possible, about the case.
The documentation process is customer-friendly which means it's easy for both, attorney and the plaintiff to get advance very soon. As soon as the process of legal documentation is complete the advance is issued to the customer(attorneys or plaintiffs). The funding company purchases some share of the plaintiff's payoffs, which he/she will receive after the case has been settled, from the obligor. After some share of proceedings/payoffs is purchased, the funding company then advances that share to the customer. Pre-settlement loan can prove to be lifeline in sneaking through hard times. It gets easier to manage the issues one might face while dealing with lawsuits.
Getting advanced from a funding company is risk-free. The customer owes nothing if the case has been lost. With advance, one doesn't have to worry about monthly payments and out of pocket charges. Access to advance has been made very easy and rapid. The customers get it as soon as they are done with application process. Pre-settlement funding is very helpful for plaintiffs. After suffering personal injury it seems impossible to pay heaps of bills and continue life like a normal person. Stress might overtake and it is vivid that the grip of plaintiff on the case gets loosened. Thanks to the funding company for trying its best to assist the plaintiff slip away from these stressing issues. It is equally helpful for attorneys, with non-recourse advance they can easily continue their law practice and expand it as well.
As soon as the advance is issued it brings the customer(plaintiff or attorney) back to normal life. The case is fought with more zeal and effort. The customer becomes financially stable and can survive the notoriously lengthy period of litigation. Being financially stable has a lot to do with case getting settled on the desired payoffs or proceedings. Pre-settlement funding is solely in favour of the customer(plaintiff or attorney) indeed.
If you have any query please contact us ... We are availableContact us