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 might end up receiving a settlement or judgment at the end of a commercial vehicle accident lawsuit. However, while a lawsuit is ongoing, you may struggle to make ends meet.
You might fall behind on mortgage or rent payments and find yourself without a place to live. You may also miss credit card payments and see your credit score plummet. These financial misfortunes could make it difficult to dig yourself out of a hole later, even if a settlement or judgment is awarded.
Applying for personal injury pre-settlement funding could be the key to avoiding these follies involving your finances. A lender like Rockpoint Legal Funding can provide financial relief for plaintiffs and prevent accidents from taking major tolls on their lives.
Are you interested in learning how pre-settlement funding works during personal injury cases? Find out more below and consider filling out an application through Rockpoint today.
What Personal Injury Pre-Settlement Funding Is
Personal injury pre-settlement funding is an option for many personal injury plaintiffs who have filed lawsuits against those they believe were liable for accidents they were involved in. This funding offers some plaintiffs the opportunity to qualify for a cash advance on settlements or judgments.
To be clear, pre-settlement funding is not a loan in the traditional sense. Instead, it’s a non-recourse loan, which means it’s not a loan at all.
A non-recourse loan won’t need to be repaid if your personal injury lawsuit isn’t successful. You will only need to repay a lender like Rockpoint Legal Funding if your case ultimately earns you a settlement or judgment.
In the meantime, you’ll have immediate access to funds after being approved for pre-settlement funding. This is an excellent option for those facing financial troubles while undergoing legal proceedings.
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Who Qualifies for Pre-Settlement Funding
Because pre-settlement funding involves personal injury plaintiffs collecting non-recourse loans, not everyone is eligible to qualify for them. Lenders like Rockpoint Legal Funding will typically only consider giving you legal funding if you meet these criteria:
- You need to have a pending personal injury lawsuit.
- You need to have a personal injury attorney representing you.
Rockpoint will perform a case strength assessment to determine whether or not to extend pre-settlement funding to you. For this reason, you shouldn’t apply for legal funding if you haven’t started the legal process yet.
How Pre-Settlement Funding Works
Do you meet the basic requirements for applying for personal injury pre-settlement funding? If so, figuring out how it works will help you decide if putting in an application for it through Rockpoint Legal Funding makes sense.
Here is how pre-settlement funding works through Rockpoint:
- You fill out an application for legal funding online or contact Rockpoint to apply via phone through a representative.
- Rockpoint evaluates your application and takes a look at your lawsuit to determine its viability.
- Rockpoint speaks with your personal injury lawyer about your case.
- You hear back from Rockpoint about whether you’ve been approved for a non-recourse loan.
- If you agree with Rockpoint’s terms and conditions, you will accept legal funding and receive a litigation loan in a day or two.
Some personal injury plaintiffs have cash deposited directly into their bank accounts within just a couple of hours of applying for pre-settlement funding. It can have an almost immediate impact on your finances.
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How Pre-Settlement Funding Can Be Used
Arguably, the biggest benefit of personal injury pre-settlement funding is that you may use it for nearly anything. You can utilize it to cover:
- Medical bills
- Rehabilitation costs
- Property damage repairs
- Legal fees
- Everyday expenses
There are even instances in which personal injury plaintiffs will use it for more than just expense coverage for living and medical costs. Some choose to take a vacation or purchase Christmas gifts for their children with legal funding proceeds.
It’s up to you to decide how to spend the money you receive after being approved for pre-settlement funding. Rockpoint Legal Funding won’t play any part in telling you what you can and cannot do with it.
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Which Benefits Pre-Settlement Funding Provides
Still on the fence about potentially applying for personal injury pre-settlement funding? Consider all the benefits that will come with it if you’re approved before making a final decision.
Here are the benefits:
- Quick and easy application process
- No repayment if a case is lost
- Legal case leverage (no feeling like you have to accept a lowball offer from a defendant!)
- Reduced stress throughout litigation
- More promising financial future
When used properly, pre-settlement funding will alleviate many financial concerns you might have during a lawsuit. This alone makes it worth at least considering legal funding as a viable option for those seeking financial relief after filing an accident claim.
Apply for Personal Injury Pre-Settlement Funding Through Rockpoint Legal Funding Today
A personal injury case might take anywhere from a few months to a few years to play out completely. This could leave you waiting for an extended time to receive a settlement or judgment in a lawsuit you’ve filed.
With a personal injury settlement loan from Rockpoint Legal Funding, you will put yourself in a position to sidestep many financial hardships you might face otherwise during a case. You may also improve your chances of earning a legal victory by giving yourself the leverage you need to hold out for the highest settlement or judgment possible.
Contact us at (855) 626-3214 to hear how Rockpoint Legal Funding can assist you with applying for personal injury pre-settlement funding.
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