Pre-Settlement Financial Assistance: Immediate Funds 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.

When you initiated a lawsuit against the at-fault party in your accident, you dreamed of a sizable compensation award hitting your bank account. And while that check may still be coming, you probably never anticipated how long it would take for your case to settle.

In the meantime, your expenses continue to pile up. Medical bills, living costs, time off work, and legal fees are eating away at your finances. This is why many plaintiffs turn to pre-settlement financial assistance while they await their settlements.

This type of non-recourse financial assistance gives you near-instance access to funds you can use however you see fit. Here’s what you need to know about pre-settlement funding for plaintiffs and whether they might benefit your situation.

What Is Pre-Settlement Financial Assistance?

Over the past decade, more and more plaintiffs have begun using legal funding as immediate financial assistance during their civil lawsuits. Pre-settlement financial assistance is a way for plaintiffs to secure an advance on their lawsuit settlements.

Let’s say you’re suing the at-fault driver in your car accident case, and you and your attorney believe your case is worth at least $100,000. However, you’re still in the lawsuit’s discovery phase, meaning you can’t expect to gain any money for at least several more months.

You can contact a pre-settlement financial assistance service like Rockpoint Legal Funding to apply for an advance on a portion of that expected payout. If approved, they’ll send an advance of, let’s say, $50,000 to your attorney, who will distribute it to you.

If you win your case, the funding company will take the advance amount, plus a small fee, out of your compensation award before distributing the remainder to you. If you lose your case, you won’t owe anything to the financing company and can keep the advance without penalty.

How the Pre-Settlement Financing Process Works

Navigating a civil lawsuit can be stressful and time-consuming, so you don’t want to add a complicated financing application into the mix. Good non-recourse funding services make the application simple.

For example, at Rockpoint Legal Funding, our process for applying for pre-settlement financial assistance follows these steps:

1. Fill out a brief online application. Provide a few details about your case and the amount of funding you’re looking for.
2. We process your case. We will contact your attorney and learn more about your legal prospects to determine the strength of your lawsuit and how much funding we can offer.
3. Accept our financing offer. If we approve your application, we will present a funding offer and explain the conditions and fees of the settlement advance.

The funding approval process typically only takes a few days. If we need more information, we will let you know as soon as possible so we can continue processing your application.

Who Qualifies for Pre-Settlement Financial Assistance?

Plaintiff financial support is available for plaintiffs in civil lawsuits, such as:

• Personal injury cases
• Car accident cases
• Premises liability cases
• Wrongful death lawsuits

You must have retained an attorney to qualify for pre-settlement funding. The financing company will work with your attorney directly to determine your eligibility and deliver your settlement advance to you.

The stronger your legal case, the more likely you will qualify for a lawsuit cash advance. Financing companies want to feel confident you will win your case so that they can recover the advance they send you. But remember, when your attorney agreed to represent you, they likely felt your case was strong, which reflects your chances of qualifying for financing.

Pre-Settlement Financing vs. a Lawsuit Loan

You can find several types of pre-settlement financial assistance available across the market. Some operate as non-recourse advances on your settlements. Others are more like traditional loans — you may see them referred to as “lawsuit loans.”

Lawsuit loans provide you with a lump sum that you must repay through monthly payments with interest. They’re not much different from personal loans, except that they use your potential settlement as collateral, which could qualify you for a more reasonable interest rate.

With pre-settlement financing, you don’t need to pay interest. Securing this type of financing won’t put you in debt, as you will repay it in full with your settlement check. Your lending company will factor your fees into your repayment terms so you know exactly how much the settlement advance costs.

How Quickly Can You Secure Pre-Settlement Financing?

Pre-settlement financial assistance provides you with virtually immediate financial relief. Once a financing company approves your application, they can send your lawsuit cash advance that same day or within 24 hours.

The time it takes to approve your application can vary depending on the complexity of your case and the variables involved, but good financing companies work quickly. You can expect the entire process to take about a week from the time you apply until you receive your advance in your bank account.

Apply for Pre-Settlement Financial Assistance From Rockpoint Legal Funding

If your expenses are mounting and you’re struggling to make ends meet while you wait for your legal case to resolve, consider using pre-settlement financing to bridge your financial gap.

Rockpoint Legal Funding makes the process of applying for pre-settlement financial assistance simple. Just fill out our quick online application to see whether you qualify. If you do, you can have your settlement advance in your account within days.

Contact Rockpoint Legal Funding today at 855-591-2489 to learn how litigation funding protects plaintiffs from debt or request your free case review.