Are you a plaintiff seeking lawsuit damages against a company or individual? Is the process wreaking havoc on your financial situation? If so, you may benefit from lawsuit settlement funding, a financial arrangement that can give you the funds you need to take care of your immediate expenses. Taking advantage of this plan may help you to get the money you need right away rather than having to wait until your case is finally resolved.
What is Settlement Funding?
Basically, settlement funding is an advance on your future settlement proceeds. If you apply for funding, a funding company will evaluate your case and issue you a portion of your estimated court settlement. You can then use this money however you see fit including covering household expenses, making up for lost income or increasing your savings. Settlement funding is not a loan and doesn't require you to open a new line of credit or pass a credit check.
How Settlement Funding Can Help Plaintiffs
Settlement funding can give plaintiffs the funds they need to pay their bills as their case drags on. Many lawsuits take months or even years to resolve and if you're unable to work due to medical issues, bills can pile up quickly. Getting fast access to the cash you'll eventually receive can make it easier for you to meet your needs while you wait on resolution in your case.
Qualifications for Obtaining Funding
Even though a settlement funding arrangement doesn't have the same requirements as a traditional bank loan there are qualifications you'll need to meet in order to have your funding request approved. Most funding companies only work with plaintiffs who have lawsuits with clear damages since this improves the likelihood that you'll win the case. Many settlement funding companies operate on a "we don't get paid unless you win" strategy so it's essential that your lawsuit has merit and that you have a strong likelihood of winning the case. Otherwise, the funding company won't be repaid.
Other qualifications may relate to the state in which you live. Some companies are only legally allowed to work with cases in certain U.S. states so you should ask about any such restrictions as soon as you contact a firm. Funding companies may also only work with certain types of lawsuits such as workers compensation, wrongful death, medical malpractice or personal injury. You'll need to make sure that your specific type of case is covered by the financing company you want to work with.
If you're in the middle of a lawsuit you may need a way to get money quickly. Learning about settlement funding can help you decide if this arrangement can help your family.