Legal settlement loans are a fairly new financial product, so it should not come as a surprise that they remain buried with myths and misconceptions. The staff at Certified Legal Funding are faced with an avalanche of questions about pre-settlement funding on a daily basis, so they can dispel these myths and clear up any confusion. Here they have shared key facts that plaintiffs should know about pre-settlement accident lawsuit funding.
What is a legal settlement loan?
A legal settlement loan is often referred to as pre-settlement funding, legal finance loans, personal injury funding, and legal funding for lawsuits. While there might be many different terms used, they all refer to the same thing. Pre-settlement funding is a quick, safe financial tool available to people pursuing compensation for personal injuries and losses resulting from an accident caused by someone else’s negligence.
Plaintiffs don’t repay legal finance loans unless their claims result in a successful financial recovery.
While some people refer to certified legal funding as legal finance loans, legal funding for lawsuits should not be mistaken for a traditional bank loan. Unlike traditional bank loans and lines of credit, there are no monthly payments or hidden fees with a legal settlement loan. In fact, if you don’t win your personal injury claim, you don’t have to repay personal injury funding!
There are no credit checks.
Another important difference between bank loans and legal funding for lawsuits is the amount of red tape – or the lack thereof. The application process at Certified Legal Funding is simple when it comes to applying for legal funding for lawsuits in Tampa.
All you need to do is fill out the form on our website and enter your contact details along with the name and phone number of the legal firm representing you. But you’re under no obligation by completing the form. Once your application is reviewed, CLF reviews your case with your attorney. If you qualify for pre-settlement funding, CLF will give you a cash advance from your final settlement.
While evaluating your application, there are no credit checks. In fact, there are only two requirements: if you have been injured and you already hired a personal injury attorney, you can apply for pre-settlement funding. But the evaluation of your personal injury settlement loan is based solely on the circumstances of your case, not your credit score.
Plaintiffs can spend their pre-settlement funding however they want.
Because Certified Legal Funding is essentially just providing an advance on the plaintiff’s compensation, you can spend it however they see fit. After all, it’s your money! This means you can pay your medical bills, living expenses, tuition, mortgage or car payments.
Legal settlement loans allow plaintiffs to turn down low settlement offers.
While plaintiffs can choose the best way to spend their pre-settlement funding, the greatest benefit is by far the freedom to turn down low settlement offers. Insurance companies will often try to drag out the claim to make the plaintiff accept an unfairly low settlement offer. But pre-settlement funding helps plaintiffs pay the bills and cover living expenses, giving their attorneys enough time to negotiate a fair settlement they truly deserve.
Contact CLF for guidance.
The staff at Certified Legal Funding takes great pride in offering unparalleled support. If you are hesitant to apply online, call toll-free (800) 922-7439 and operators will guide you through the entire application process over the phone.