25 Aug How Do Lawsuit Loans Work
By now, you must have seen at least one commercial for lawsuit loans telling you that you can access your money right away if you cannot wait to receive the settlement. If you are like most people, chances are you thought that it sounds too good to be true and switched the channel. Truth is that most people are unaware of what lawsuit loans actually are and how they work, even when they are entitled to them; even when they are in a dire need of them.
Here at Certified Legal Funding, we specialize in providing plaintiffs with funding for lawsuits. Having talked to thousands of plaintiffs, we are fully aware of the misconceptions and questions surrounding certified funding. Today, we are sharing everything you need to know about lawsuit loans.
Understanding the terminology
Lawsuit loans go by many names. For example, you might have heard of car accident loans, legal finance loans, or legal settlement loans. All these terms refer to the same thing, and the most surprising thing is that they do not refer to an actual, traditional bank loan. Lawsuit loans are nothing like bank loans. That is why “pre-settlement funding” is a much more suitable term.
If it is not a bank loan, what is pre-settlement funding?
Pre-settlement funding is an advance you can get against any future lawsuit settlement or award amount you expect to receive. In other words, you will be accessing your settlement before you settle your claim and finish negotiating the settlement.
The most common question we get from our clients is about the way legal funding for lawsuits in Tampa is repaid. The money is repaid out of the proceeds of your settlement or judgment. And if you happen to lose your case, you are not required to repay any of the money you received. Legal funding was designed in such a way to protect the client and the lender bears all of the financial risks.
Pre-settlement accident lawsuit funding can tide you over
A lawsuit loan can give you breathing space if you are struggling to pay the medical bills on top of covering all of your other living expenses. If you suffered from loss of income as a result of the injury you sustained, getting money from the lawsuit right away will make dealing with the challenges a lot easier.
Not only that, but legal funding can actually help you get more money. By regaining your financial freedom even in the most challenging time of your life, you are less likely to accept the lowest offer from an insurance company. Even if they claim that is their final offer, you will actually buy your personal injury attorney enough time to go back and negotiate a fair settlement that covers all your damages and expenses.
Even though most personal injury claims are settled out of court, there is still a chance your claim might end up going to court. This is when legal funding is even more important, as the process can drag out even after you burn through all of your savings.
Here at Certified Legal Funding, we made sure the application process is as simple as possible. You can apply online or over the phone by calling 800 922-7439 toll-free.