05 Nov What to Know About Pre-settlement Funding vs. Bank Loans
If you’ve been injured in an accident caused by someone else’s negligence, filing a personal injury lawsuit can help you to get compensated for missed wages, medical bills, and other expenses that life brings your way. But what many plaintiffs often learn only after filing for a lawsuit is that they may end up waiting for their compensation a lot longer than they planned. Certified Legal Funding has helped thousands of clients face unexpected challenges caused by accidents and can help you with expenses while you endure that long wait, too.
Admittedly, people often avoid securing funding for a lawsuit, or filing a lawsuit altogether, as they’re focused on recovering from the injury that got them stuck in this situation to begin with. But if you need cash for lawsuits, can’t cover your medical bills or mortgage payments, pre-settlement funding can help you regain your financial freedom while you wait for your settlement. Certified Legal Funding provides pre-settlement cash advances for anticipated recovery of personal and work-related injury claims and lawsuits. A common question asked about legal funding for lawsuits pertains to the differences between pre-settlement loans and bank loans. Here is important information to know:
Pre-settlement funding is NOT a loan.
When it comes to traditional financing like bank loans, you are expected to pay the loan back, usually in monthly installments. But certified legal funding, also called a legal settlement loan or a pre-settlement loan, should not be confused with a bank loan. Here is one key difference: Legal funding for lawsuits in Tampa is offered on a non-recourse basis, which means you don’t have to pay the legal funding back if you lose your case. If you do win your case, the funds you owe are paid from your settlement.
There is no endless paperwork to prepare.
Another major difference between certified legal funding and a bank loan is that you aren’t required to have a spotless credit score in order to apply for financial relief. There are no credit checks, so the only things affecting your chances of having your request approved are the specific circumstances of your case. Once you provide your and your attorney’s contact details, a qualified representative at Certified Legal Funding sorts out the details with your attorney so you can focus on recovering from your injury.
As long as your attorney is on board, you don’t need a loan cosigner – a person required by the bank to pay the balance if you fail to pay it yourself. Funding for lawsuits is not a loan, but rather a pre-settlement advance. As a result, there are no monthly payments, points, or upfront fees.
Because it is an advance, it is your money to spend however you want, whether it’s for mortgage payments, tuition, medical expenses, or other living expenses. And the funding is typically available within 24 hours of the request being approved.
Certified Legal Funding offers a free consultation.
If you’re in the middle of a lawsuit, figuring out how to pay the bills that keep piling up can be a real challenge. The staff at Certified Legal Funding can help you avoid that stress, regain your financial freedom, and get back on your feet while you wait for your settlement. By calling 800-922-7439, you can get answers to your questions and agents will walk you through the application process.