The Key Benefits of Legal Funding for Plaintiffs

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. 

You’ve launched a personal injury lawsuit against that careless driver or negligent property owner, determined to recover every penny of your damages. But the longer your case drags on, you start running out of steam (and money). You wonder whether you should just accept that low settlement offer and move on.

Consider pre-settlement funding instead. In this guide, Rockpoint Legal Funding discusses legal funding benefits and how the lawsuit advance process works.

Benefits of Pre-Settlement Funding

Why choose legal funding for your personal injury case? Check out these great benefits.

Improved Settlement Outcomes: You thought your personal injury lawsuit would score you a generous settlement. You were seriously injured in that accident, after all, and it’s pretty clear the defendant was at fault. But then the insurance company tosses you an insultingly low settlement offer. Now you’re demoralized — maybe your case isn’t worth as much as you thought. Perhaps you should just take the settlement and be happy you got anything.

That’s exactly what the insurance company wants you to do. It’s banking on the fact that you want your settlement now and don’t have the time or money to negotiate for more. With legal funding, you can afford to keep your case open for as long as it takes your lawyer to achieve a fair settlement. Additionally, defendants are more likely to settle if they know you have enough funding to outwait them.

Puts You on Even Footing With Deep-Pocketed Defendants: Suing your neighbor because their dog bit you is one thing; going after a corporate behemoth with an army of shark-like lawyers is quite another. Corporate defendants, such as trucking companies and large grocery store chains, have what seems like an endless supply of funds. They can afford to pay the highest-quality lawyers and build a nearly impenetrable defense.

What about you? Can you afford to play a game of chicken with a corporate giant? Unless you have millions sitting in your bank account, probably not. Legal funding gives you access to resources you otherwise wouldn’t be able to afford, allowing you to go toe to toe with your adversary.

Provides Funding for the Necessities: This is one of the biggest legal funding benefits you’ll enjoy when you apply for a lawsuit advance. With legal funding, you won’t have to worry about putting food on the table or paying next month’s rent. You’re free to use your litigation funds to cover living expenses and anything else you want or need.

Here are some examples of how litigation funding can save the day:

• You’re out of work because of your accident, and the mortgage payment is due in a week. You’ve already missed a couple of payments and are terrified the bank will start foreclosure proceedings.
• Your doctor has recommended a cutting-edge treatment for the injuries caused by your accident. However, your insurance company refuses to pay for the treatment, and you can’t afford to cover the costs out of pocket.
• You’re struggling to pay down your credit card debt, and that sky-high interest rate isn’t doing you any favors.

Plaintiff Support at No Risk to You: If you consider yourself risk-averse and prefer to play things safe, the thought of applying for financial relief might put you on edge. What if your case loses? Will you have to pay the money you’ve borrowed back? Not at all. You don’t owe your lender a dime if you lose your case. The lender takes on the full risk of funding your case, so you have nothing to lose.

A Saving Grace for Credit-Challenged Plaintiffs: A damaged or non-existent credit score can make it impossible to qualify for traditional loans. If your credit score has seen better days, how can you secure the funding you need to keep your case going? Legal funding is the answer you’re looking for. It doesn’t require you to undergo a credit check and won’t harm your credit score. And, unlike a loan, you don’t need a job or source of income to qualify.

How Does Litigation Funding Work?

Now that you’ve learned about the many legal funding benefits, you might wonder how the litigation funding process works. Applying for legal funding is nothing like applying for a traditional loan. You won’t have to endure meetings with a stuffy banker or wait weeks for the funds to hit your account. Rather, the process is as stress-free and simple as it can be.

1. First, you must find the right pre-settlement funding company, such as Rockpoint Legal Funding.
2. If you choose to work with us, you’ll need to complete a quick application outlining the details of your case. To qualify, you must have a pending lawsuit and an attorney.
3. We’ll look at your application and ensure you have a valid case type, such as a car accident or slip-and-fall case. We’ll also go over your damages to calculate your expected settlement.
4. We’ll approve your application and send you cash within 24 to 48 hours if everything looks good.
5. You don’t have to pay us back until after your case settles. And if you lose, you owe us nothing.

Start the Legal Funding Process Today

Ready to take advantage of the many legal funding benefits? Wondering how long until you receive payment after a lawsuit? Contact Rockpoint Legal Funding at (855) 582-9200 for a free consultation. We’re happy to answer any questions you have and tell you more about our legal funding process.