04 May The Difference Between A Loan and Pre-Settlement Funding
If you are the victim of a personal injury lawsuit, you may be waiting for your settlement. Your lawyer may have even told you that the case is a slam-dunk and that you will most likely win or settle out of court. But, there are a few things to remember. Just because you are likely to win, doesn’t mean your bills and expenses won’t still burden you. So, what can you do? Well, you can turn to loans. But, they might not help you the way you want. That’s why you should turn to pre-settlement funding. Through pre-settlement funding, you actually receive a different type of loan.
Pre-settlement funding has different qualifications than your normal loan. For one thing, you don’t have to have your credit history pried into or put up any collateral. Instead, the legal funding company uses your settlement as collateral. So, if you win or settle, they get the portion they loaned you out, plus fees and interest. But, if you lose the case, you pay them nothing!
So, how do you qualify? Well, it’s easy. You have to be the plaintiff in the lawsuit; your lawsuit must be likely to win; your lawyer (who has to be on a contingency) has to sign an agreement to approve of the pre-settlement loan. Otherwise, you won’t be able to qualify. Once both you and your lawyer sign the agreement, you send it to a legal funding company, such as CLF, and you will receive your money shortly.
Again, you don’t have to pay it back if you lose your lawsuit. But, if you win, the money has to be paid back. Additionally, pre-settlement funding doesn’t involve the banks. So when you win, your lawyer or the insurance company will pay out the legal funding group, allowing you to return to your life. So, isn’t it time you spoke with your lawyer about how pre-settlement funding can give you back your life?
Make sure you receive the money that should be awarded to you by calling us at 1-800-922-7439 today. We are available 24/7 because we know the world doesn’t stop for anybody. So, let CLF have your back!