14 Dec 5 Facts to Know About Legal Funding
Pre-settlement funding, also known as certified funding, can be a lifeline if you are in the middle of a lawsuit. Certain claims may take a long time to reach a conclusion, and not everyone has cash for lawsuits lying around, so paying the bills can quickly become an insurmountable challenge. The team at Certified Legal Funding understands the challenges of securing legal funding.
While most people have heard about legal funding for lawsuits, there is still a lot of confusion about what they are and how they work. Certified Legal Funding (CLF) is a leading provider of legal funding for lawsuits in Tampa and has listed the top 5 things you should know about legal funding.
Legal funding is not a loan
There are many terms used to refer to legal funding, such as personal injury funding, certified funding, legal settlement loans, and legal finance loans. But funding for lawsuits should not be mistaken for a loan.
When it comes to traditional loans, customers apply for a loan and start paying it back in installments whether they win their case or not. CLF’s clients are not required to pay back legal funding unless they win their case. And even better, there are no monthly installments – the funding is paid back from the settlement when it is awarded to the client.
Certified funding is impartial
When applying for a traditional loan, the approval process can be rigorous and may feel like it’s unnecessarily convoluted. Legal funding was designed to be straightforward and impartial. At CLF, for instance, your credit score does not affect the outcome of your application. This means you can apply for a settlement loan if you have a score that is less than perfect. The approval process is based solely on the circumstances of your case.
You need to hire a personal injury attorney
In addition to having a personal injury claim, the only requirement for applying for legal funding is having a personal injury attorney. The process is simple: just fill out CLF’s contact form with details about your claim, indicate who your attorney is, and CLF will take care of the rest with your attorney. This way, you can focus on recovery without stressing about finances.
Pre-settlement funding can help your attorney negotiate fair compensation
If the injuries you sustained forced you to miss work, chances are that paying the mortgage and other living expenses will quickly become a challenge. As a result, you might decide to settle the case and accept any offer presented, even if it isn’t completely fair to you. Pre-settlement funding will help you pay your bills and provide your attorney with enough time to negotiate the compensation you truly deserve.
Pre-settlement funding is your money to spend
Once your application is approved, the money will be transferred to your account in less than 24 hours, and it is yours to spend. This means that you decide what your priorities are, whether it’s the mortgage payment, utility bills, tuition, car payments, or groceries.
If you have a question about legal funding, call the friendly staff at Certified Legal Funding: 813-961-8236. They will be more than happy to answer your questions and guide you through the entire application process.