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.
More lawsuits are filed in Florida every year than in any other U.S. state. Anyone who recently filed one may want to consider applying for lawsuit loans in Florida to help ease any financial burdens they may be facing while waiting for their legal battles to conclude.
A lawsuit loan can be a lifesaver for those working their way through personal injury lawsuits and other legal proceedings. Learn more about what lawsuit loans are, who benefits from them, and how they work below.
What Are Lawsuit Loans?
Despite their name, lawsuit loans aren’t loans in the traditional sense. Instead, lawsuit loans are legal cash advances that Floridians can apply for while waiting for lawsuits to play out.
It isn’t uncommon for lawsuits to take months and sometimes even years to conclude. Lawsuit loans allow those going through the lawsuit process to apply for pre-settlement funding.
A lawsuit loan is different from any other loan you might apply for in that it’s a form of non-recourse funding. In other words, you aren’t required to repay a lawsuit loan if you don’t collect compensation at the end of a legal case.
A loan like this minimizes the risk you must assume when taking legal action against another person or business. It can also give you the financial relief you need as you inch closer to your case’s conclusion.
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Who Benefits From Lawsuit Loans?
Many people can benefit from lawsuit loans. However, personal injury plaintiffs often benefit from them more than anyone else.
These plaintiffs represent a surprisingly large group of people. In Florida, about 276 personal injury cases are filed for every 100,000 residents each year.
If you have filed a personal injury lawsuit recently or are considering doing it soon, lawsuit loans should be on your radar. You may benefit from one when you have a pending lawsuit on your hands.
What Are the Pros and Cons of Lawsuit Loans?
Before you consider applying for a lawsuit loan, weigh their pros and cons to determine whether taking one out is right for you. Let’s take a look at some of the advantages and disadvantages of applying for a legal cash advance to help you decide if applying for one is a smart move in your specific case.
Pros of Lawsuit Loans
You’ll enjoy a long list of benefits when you’re approved for one of the many lawsuit loans in Florida. Here are several pros that come along with taking one out:
- Provides you with cash quickly to pay off medical bills, take care of litigation fees, and even cover everyday expenses, such as rent, groceries, gas, and more
- Prevents you from having to accept a lowball settlement in a personal injury case simply because you need the cash that will come with it
- Enables you to focus more on your legal battle versus constantly worrying about your financial situation
Cons of Lawsuit Loans
Lawsuit loans are effective financial tools, but there are a few drawbacks associated with them that you should keep in mind. Here are several cons that might come along with taking one out:
- It may cut into the settlement or judgment from a personal injury lawsuit significantly if you accept one of the lawsuit loans with higher interest rates
- It may not always cover all the outstanding bills and everyday expenses you’re facing
However, the good news is that the pros of lawsuit loans far outweigh the cons as long as you apply for a non-recourse loan from the right lender.
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Who Should I Trust To Provide a Lawsuit Loan in Florida?
Do you want to soak up all the benefits of lawsuit loans in the Sunshine State without having to worry about dealing with the disadvantages of taking one out? Then you should see to it that you apply for one through a reputable company that has a wealth of experience within this particular aspect of the personal injury industry.
Rockpoint Legal Funding is a company you can rely on for pre-settlement funding. Apply for a lawsuit loan through us today to see what sets our loans apart from those offered by other companies.
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How Do I Apply for Lawsuit Loans in Florida?
Rockpoint Legal Funding makes it simple to apply for lawsuit loans. Follow these steps to acquire the settlement funds you need during a lawsuit:
- Fill out an application for a lawsuit loan online or call us to complete an application by phone.
- Provide us with basic personal information as well as information about your pending lawsuit.
- Allow us to review your information and decide whether or not to approve you for a lawsuit loan.
- Receive your lawsuit loan in as little as just 24 hours in some cases.
- Use your lawsuit loan to gain access to much-needed financial relief.
You don’t need to make any payments during the litigation process after receiving a lawsuit loan. Rockpoint will keep in touch as your case proceeds and arrange to collect a percentage of the settlement or judgment you receive when all is said and done.
Apply for a Lawsuit Loan Through Rockpoint Legal Funding
Rockpoint Legal Funding has been providing lawsuit loans in Florida and many other states for almost a decade. Find out how you can benefit from litigation funding by applying for it through us today. Contact us at (855) 626-3214 with any questions you have about our lawsuit loans, or fill out an application to start the process.
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