Disclaimer: Consumer legal fundings and advances are not loans under applicable financing laws. Rockpoint’s products are non-recourse, meaning if you don’t win your case, you don’t have to pay us back. Receiving financial support in connection with a legal case is typically (and oftentimes incorrectly) referred to as a “lawsuit loan” or “loan.” Therefore, for the ease of search references, these terms may be used in this context to refer to our funding products, but we maintain our separateness from consumer loan products in all legal aspects.
After an accident, it’s normal to feel stretched thin financially. Your medical bills can seem endless, and if you’re out of work, there’s little to no hope of paying them. You might struggle to pay the rent, buy food for your family, or even keep the lights on in your home.
Lawsuit settlement advances were made for people like you, and applying for one is quick and easy. Rockpoint Legal Funding explains how the funding process works below.
How Does Pre-Settlement Funding Work?
Pre-settlement funding allows you to borrow against your expected settlement. Depending on the lender, you can borrow 25% to 75% of your anticipated settlement amount.
Once you’ve secured funding, you can use it on anything you choose. Many borrowers use the money to pay off medical debt, purchase a new car, cover rent, and buy groceries.
You may sometimes see pre-settlement funding referred to as “pending lawsuit loans” or “settlement loans.” However, pre-settlement funding is not a loan. In other words, you’ll never have to make monthly payments, and no credit check is required. That means lawsuit settlement advances are much easier to secure than a lawsuit loan or traditional loan.
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How To Secure a Lawsuit Settlement Advance
Applying for a lawsuit settlement advance couldn’t be any easier. Below are the steps to apply and qualify for an advance on your settlement.
1. Ensure You Have a Valid Case Type
To qualify for your advance, you must have a valid case type. Lending companies serve those with personal injury cases. Pre-settlement funding isn’t generally offered for other types of cases, such as divorces and criminal proceedings.
If you have one of the following case types, you can qualify for lawsuit settlement advances:
- Car, truck, bus, boat, or bicycle accident
- Pedestrian accident
- Dog bite
- Premises liability (e.g., a slip-and-fall accident)
- Product liability
- Construction accident
- Medical malpractice
- Wrongful death
2. Hire a Lawyer
You must have hired an attorney to handle your case to qualify for funding. Rockpoint Legal Funding will work closely with your attorney through every step of the funding process.
We only provide funding to clients who have legal representation because you’re more likely to win a settlement with an attorney’s guidance. Your settlement will likely be higher than it would be if you represented yourself, too.
3. File a Lawsuit
We’ll also ask you to have a pending lawsuit before applying for funding. To start this process, you must file a complaint with the court in the city or county where the accident happened. Your lawyer can handle the filing process for you.
4. Choose the Right Funding Company
Next, you’ll have to choose a third-party litigation financing company. Here’s how to pick the right one:
- Ensure that the lender offers true cash advances, not loans. Lawsuit loans often have unfavorable terms and require you to make regular payments, which is hard to do when you’re already strapped for cash.
- Look for lenders that offer free consultations. During your consultation, ask questions about the lending process. If the lender is able to answer your questions clearly, that’s a big plus.
- Choose a lender that can help you determine how much money you need to borrow. Lenders can help you figure this out by adding up all of your damages.
- Ensure the funding is non-recourse so you don’t have to pay back the money if your case loses.
Rockpoint Legal Funding ticks all of these boxes, so you can be confident when choosing us as your lender.
5. Complete an Application
If you decide to work with us, you’ll need to fill out an application for funding. Don’t worry; we won’t ask you a lot of intrusive questions or make you undergo a credit check. Additionally, your employment situation has no impact on whether we approve you.
We’ll ask for the name of your attorney, the details of your case, the nature of your injuries, and how much you expect your case to settle for.
6. Wait for a Decision
Our underwriters will look over your application to see whether you’re a good fit for our lawsuit settlement advances. Typically, we can approve you in an hour or less. Once approved, you could have the funds in your account in as little as 24 hours.
7. Use Your Settlement Advance
You’ve got money! You can use the funds on anything, from paying medical bills to installing home modifications to accommodate a disability. Other possible uses for your funding include:
- Buying groceries
- Making home repairs
- Paying utility bills
- Making rent or mortgage payments
- Covering private school or college tuition payments
- Paying off credit card debt
There is no limit to what you can do with your funding. It’s your money; how you use it is up to you.
8. Repay the Funds
After your case settles, your lawyer will pay us back the amount you borrowed out of your settlement check. They’ll then deduct their legal fees, and what’s left is yours.
You don’t have to pay us anything if you don’t win your case. This is one of the biggest advantages of opting for legal cash advances over traditional loans or lawsuit loans.
Apply for Financial Support From Rockpoint Legal Funding
Want to learn more about our lawsuit settlement advances and how they work? Wondering how long until you get paid after a lawsuit? Rockpoint Legal Funding is here to help answer all your questions. Call us 24/7 at (855) 582-9200 to start the application process.
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Get The Money You Need.
Presettlement Legal Funding.
