Pre-settlement cash advances have become extremely popular as more and more plaintiffs across the US – who have suffered injuries in different types of accidents – need fast cash while waiting for their cases to settle in court.
Unfortunately, many people are misinformed about the industry itself which leaves room for some companies to take advantage of plaintiffs and their personal injury attorneys.
A pre-settlement cash advance is a great way to financially hold yourself while waiting for your settlement, but only if you have a good deal with a good funding company.
What you need to know about pre-settlement cash advances
Since pre-settlement funding can be confusing, it’s important that you know all aspects of applying for a cash advance, including interest rates and working with brokers.
If a company charges high interest rates for your cash advance, they might not be straightforward about it immediately so make sure you ask them questions when you call them. Ask for a thorough understanding of the process and how/when you will be compensated and how/when they will be paid, too. If you notice that they’re not giving you candid answers, then you should be wary.
Working with brokers
If you want to work with a broker, expect the process to take a little longer than it would if you applied directly with a funding company because brokers usually send your case to many different companies and wait for the best solution. Brokers also charge you for their services and could annoy your attorney since each funding company that your broker queries will call your attorney to gather information about your case.
Notify your attorney about pre-settlement cash advance application
When you decide to apply for legal settlement loans, you should notify your attorney in advance so they can be prepared when a legal funding company requests any additional pieces of information or documents concerning your case. Having everyone in the loop will make the entire process much faster and efficient.
Find the right funding company
It may be stressful for you to try to find the right company, but with the help of your attorney, friends, and family, it may be a piece of cake. Pro tip: before researching online and/or asking friends for legal funding recommendations, ask your personal injury attorney first because he/she has probably already worked with a few.
The more questions you answer about the case, the faster the process
Know the ins and outs of your case as thoroughly as possible before applying for a cash advance. The more questions you answer in the general application, the faster the entire process will be because the legal funding company won’t need to call your attorney’s office and request all of the information.
Lawsuit funding companies move as fast as your attorney sends them your case documents
If you want to receive your cash advance as fast as possible, you have to be prepared. Instead of waiting for the funding company to call your attorney’s office and request documents, be prepared and bring the general documents yourself, including the filed complaint, key medical reports, demand letter, and police report (if you have a personal injury case).
Follow the steps above if you’re about to apply for a cash advance with a legal funding company. And call Certified Legal Funding for further information – we can help you get your life back on track! Call our Toll-Free Number: 800-922-7439.