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.
If you suffered injuries in a severe car wreck, workplace incident, construction site mishap, or anything else, you may need to sue the liable party to recover compensation for your losses. Unfortunately, opening a lawsuit can require significant upfront funding, as you’ll need to hire a lawyer. With litigation funding, you can unlock immediate financial relief to cover your legal expenses, medical costs, and more, and you won’t need to pay back the non-recourse loan unless your case wins.
What Is Litigation Funding, and How Does It Work?
Third-party litigation funding is a type of non-recourse loan that plaintiffs can acquire to cover the various legal expenses required to open a lawsuit. The majority of litigation funders offer cash advances with terms based on the case’s success, meaning you only need to pay the funds back if you win. Litigation funding can work similarly to a contingency fee, allowing plaintiffs to open a lawsuit without investing personal funds.
Because of these unique terms, litigation funders evaluate your case rather than your credit score and financial strength. If your case wins, you can simply pay back the loan using your settlement.
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The Benefits of Litigation Funding
Litigation funding offers numerous benefits, including the following:
Instant Financial Relief
If you need to file a lawsuit, you may already be suffering severe financial losses from hospitalization bills, medical costs, property damage, etc. You likely cannot afford to hire a lawyer, investigators, and more to open a successful case.
Litigation funding delivers much-needed financial relief, allowing you to seek legal representation and open your case as soon as possible. With many lenders, you can secure funds in only 24 hours.
No Repayment Obligations Unless Your Case Wins
Many people feel apprehensive about taking legal action because they fear severe financial consequences if the lawsuit doesn’t pay out. Litigation funding acts as insurance against losses.
Your capital deployment covers all legal costs on your behalf. You don’t have to repay these funds if you don’t win.
An Improved Settlement Potential
Without litigation funding, you may only be able to afford a small group of legal advisors who offer pro-bono services or low-cost legal support. The more experienced and skilled attorneys may charge high upfront expenses but can help you seek maximum settlements, given their knowledge in your particular case area.
With litigation funding, you can afford a more well-suited legal partner to protect your rights and negotiate a fair settlement for your losses.
No Upfront Payment Requirements
Typically, when you acquire a loan, you must begin monthly payments on it immediately, and you may even need to put a portion of the money down up front. Litigation funding does not require a down payment or monthly payments until your case wins, as all payments are contingent on the case’s outcome. Litigation funding may be a good option for your needs if you’re in a tight financial situation and cannot assume any more payments.
No Credit Risks
To secure litigation funding, you need to request a case evaluation. The lender will look into your case details to determine its viability and potential payout.
Rather than evaluating your credit, debt-to-income ratio, and financial liabilities, they’ll look at your case evidence, the liable party, medical documents, etc. Because of this, you don’t need to worry about damage to your credit score when applying for or securing litigation funding.
Flexible Payment Options
If your case wins, you will need to pay back your cash advance, but you can enjoy flexible options. The primary method will be paying back the amount in full by subtracting it from your settlement. If you have other debts to fulfill with your settlement, you can often choose flexible monthly payments with non-aggressive terms.
No Aggressive Rates
Traditional lenders typically enforce high monthly interest rates that can increase your total spending by hundreds or thousands of dollars. On the other hand, litigation funders usually charge either a small flat fee or a capped interest rate that will not continue growing after the first couple of years.
Litigation funders conduct ample due diligence before accepting a case, meaning they’re relatively confident they’ll be paid back because they’re confident in the case’s strength. Because of this, they don’t need to charge aggressive interest rates to ensure their business model stays positive.
An Enhanced Case Evaluation
Litigation funders only provide cash advances to plaintiffs with a relatively strong case. They conduct a thorough case evaluation to verify this, checking liability, case evidence, and other details. This enhanced case evaluation can provide you with another level of confidence and support as you enter the lawsuit process.
If the litigation funder denies your cash advance, you may not have a strong enough case, but if they accept it, you may have a viable case. While you cannot rely on this information, the initial case evaluation may provide you with a sense of confidence.
Secure Litigation Funding Today
If you want to secure litigation funding, you’ve come to the right place.
At Rockpoint Legal Funding, we offer pre- and post-settlement litigation funding to plaintiffs across the United States. Our service can help you cover litigation costs, living expenses, medical bills, and more while you await your settlement. Learn why we won’t put plaintiffs in debt so you can feel confident applying.
Apply now for your cash advance from Rockpoint Legal Funding today, or call us at (855) 716-1281 for a free consultation.
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