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 expected your legal case to settle quickly — it’s obvious that the other party is at fault, after all. However, the defendant is putting up much more of a fight than you thought they would. Your legal costs are mounting, not to mention that pile of medical bills that seems to grow bigger by the day.
Pre-settlement funding was made for plaintiffs like you. Below, learn about the benefits of pre-settlement lawsuit funding for your case.
Pre-Settlement Funding Explained
Pre-settlement funding, also called lawsuit or legal funding, is a cash advance on your expected settlement. If you’ve ever driven past one of those shady payday loan shops, the words “cash advance” might put you on edge. But worry not; pre-settlement funding is nothing like a payday loan (or any other type of loan, for that matter).
Pre-settlement funding is, in essence, risk-free funding. You don’t have to pay anything back until (and unless) your case settles. There’s no outrageous interest rate, and you don’t need stellar credit to qualify.
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Benefits of Pre-Settlement Funding
Is pre-settlement funding right for you and your personal injury case? Check out the benefits below.
Fast Access to Cash for Necessities
In this economy, money woes are a given for the average American. If you’re living paycheck to paycheck, being involved in an accident could be the push that sends you plummeting into financial ruin.
But it doesn’t have to be this way. Pre-settlement funding serves as a lifeline by providing speedy access to cash for anything you want or need.
Can’t afford to pay your rent or put food on the table? Got a stack of unaffordable medical bills that won’t quit growing? Pre-settlement funding is the solution.
You can use your funding for anything, including:
- Medical expenses such as surgeries, hospital treatment, medications, medical equipment, and physical therapy
- Home modifications (wheelchair ramps, stairlifts, home elevators, etc.)
- Utility payments
- Credit card debt and other types of debt
- Groceries and meals
- College and private school tuition
Helps You Cover Legal Costs
At first, your lawyer’s fees seemed reasonable. You figured your case would settle quickly, and you wouldn’t owe the lawyer any more than a couple of thousand, if that.
But the defendant has hired their own shark of a lawyer, and they’re fighting you tooth and nail to avoid settling. You filed your claim months ago, but there’s still no end in sight. Meanwhile, your legal costs continue their upward trajectory.
Pre-settlement funding is designed for lengthy cases like yours. In a legal battle, whichever side runs out of money first usually loses. With pre-settlement funding, that loser doesn’t have to be you.
Prevents Medical Liens
One of the worst surprises accident victims face is medical liens on their settlements. Hospitals can place liens on your settlement if you can’t afford to pay your bills out-of-pocket. When you win a settlement, the lienholder will take the amount you owe before you ever see a dime of that money. If your debt is significant, you could be left with little to nothing.
With pre-settlement funding, you can pay off outstanding medical treatment balances, allowing you to keep more of your settlement.
Settlement Improvement
It’s common for insurance companies to offer a laughably low settlement when you first make your claim. They hope you’ll accept the offer because you’re desperate and don’t have time to wait for a better offer. By having pre-settlement funding at the ready, you can prove them wrong.
Pre-settlement funding allows you to bide your time while your lawyer negotiates for a fair offer. You’re free to accept the offer only when you’re happy with it and not a moment sooner.
No Risk to You
Any legal case, no matter how strong, comes with risks. The defense might call a witness that turns the case on its head, or the insurance company might decide you’re more at fault for the accident than it first thought.
One of the biggest perks of pre-settlement funding is its risk-sharing benefits. You don’t have to worry about losing your case, because the funding company takes on the risk for you. If your case does lose, you’re not obligated to pay back what you borrowed. That’s a far cry from the terms of your average personal loan or payday loan.
Qualify With Less-Than-Perfect Credit
Your credit score, to put it mildly, has seen better days. Maybe you’re struggling to pay off credit card bills, or those student loan payments are dragging you down like an anchor tied to your neck.
Whatever the case, your credit score is bad enough that banks won’t lend to you. Litigation funding companies, on the other hand, have no qualms about providing funding to plaintiffs with poor or no credit. That’s because they don’t provide funding based on your ability to repay, but rather on the expected amount of your settlement.
Available for a Variety of Personal Injury Cases
Litigation funding isn’t just available for people who’ve been in a car accident. Financers provide funding for many types of personal injury cases, including:
- Dog bites
- Slip-and-fall accidents
- Construction accidents
- Medical malpractice
- Nursing home abuse
If you’re not sure whether your case qualifies for pre-settlement funding, reach out to us today.
Need Financial Support? Contact Our Litigation Finance Team
Whether you’d like to learn more about how pre-settlement funding works or need advice on paying for medical treatment with legal funding, Rockpoint Legal Funding has you covered. We provide fast access to funds with no credit check required.
For a free consultation, call us at (855) 582-9200.
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Get The Money You Need.
Presettlement Legal Funding.
