06 Mar What Is the Best Lawsuit Funding Company?
If you’ve filed a personal injury lawsuit and are in need of funds to cover your expenses, you might be considering pre-settlement funding or personal injury funding. Chances are that you don’t have the cash for lawsuits just lying around, but the good news is that lawsuit funding companies are growing in popularity across the country. However, this makes finding the right one can be a real challenge. Here are a few qualities to look for in a legal funding company.
Applying for legal funding is a fairly easy process, but the contracts some companies put together are anything but simple, so consult your attorney before signing anything. When it comes to legal finance loans, not all companies offer the same terms, and it’s definitely something you’ll want to look into.
Best companies will use contracts that are fair and easy to understand. Make sure you ask how the circumstances of your case will affect your pre-settlement accident lawsuit funding and what the terms are. Remember, you’re the customer and you have the right to have all your questions answered before you sign anything.
Fast and Easy Process
If you’re recovering from a personal injury, the last thing you want is to worry about paperwork and credit score. Getting legal funding for lawsuits is a pretty straight-forward process. In fact, it’s a lot simpler than applying for a bank loan.
For example, while you need to have an outstanding credit score to apply for a bank loan, legal funding for lawsuits in Tampa don’t depend on your credit score. Instead, they’re based on your chances of winning your case and getting compensated.
Pay attention to how quickly the company is going to give you money. While applying for a bank loan usually involves a lot of waiting, certified funding is paid a lot quicker. In fact, you can get an advance in a matter of hours after your application is approved. When looking for a certified funding company, make sure to check how soon you will get the money and factor it in your decision.
Avoid Applying Everywhere
While we’re at the subject of fast payments, try to avoid applying to too many companies. When you apply to too many places, your attorney might be overwhelmed by requests, which will only slow everything down. Instead, do your research and apply to only a select number of companies.
No Monthly Payments
Some legal funding companies charge just to consider your case, but many will evaluate it for free, so make sure you ask about their fees just to stay on the safe side. Another thing to consider is paying back the loan. Legal settlement loans are a type of nonrecourse debt, which means in most cases you will not be required to pay the loan back if you don’t win the case, so double-check with the company what happens if you lose your case.