Filing lawsuits and litigating can be time-consuming and more expensive than most assume. And even if you win or settle your case, getting your money can take time. In the meantime, the expenses keep piling up and bills keep coming in. While some will turn to a bank and get a new line of credit, many decide to go another route.
Pre-settlement funding, also known as funding for lawsuits was designed to help plaintiffs stay afloat while waiting to receive the settlement. Here at Certified Legal Funding, we have helped thousands of plaintiffs, and we are continuously surprised by the number of myths and secrets surrounding legal funding. Here are the top things most pre-settlement funding companies do not want you to know.
The amount you can apply for is not unlimited.
An important thing to keep in mind when applying for cash for lawsuits is that the amount you are applying for is not unlimited. Because you are applying for a cash advance on the settlement you are expecting, the maximum amount you can apply for is directly correlated with the expected settlement.
You can apply anytime you need money, but you might get turned down if you apply too soon.
When it comes to legal finance loans, you can apply whenever you decide you need the extra cash to make payments, cover medical bills, or pay tuition. However, if you decide to apply too soon after sustaining a personal injury, your application might end up declined.
In order to find out why it might end up turned down, you need to know one critical difference between the traditional bank loan and legal settlement loans. When applying for cash for lawsuits, you do not have to worry about your credit score or your pre-existing debt. The outcome of your legal funding application depends solely on the circumstances of your case.
This means we need the details about your particular case to approve your application. If you just sustained injuries and filed a lawsuit or a claim, your attorney will not have had enough time to gather all the evidence and documentation to prove someone’s negligence. This means that the legal funding company will not have all the details, and might decline your application.
So, how can you avoid this? Make sure to discuss legal finance loans with your attorney and ask them if you might be applying too soon. If you already submitted an application that got rejected because you applied too soon, keep in mind that you can apply again after your attorney collects everything necessary for your lawsuit or claim.
Legal funding for lawsuits in Tampa does not cover all lawsuits
Many companies will have you believe that everyone can apply for and get legal funding for lawsuits. However, the legal funding industry is regulated and plaintiffs can apply if they are awaiting worker’s compensation or sustained personal injuries. This refers to car accidents, pedestrian knock-downs, truck or commercial vehicle accidents, construction site accidents, bicycle accidents, or accidents involving medical malpractice, wrongful death, product liability, slipping, tripping, and falling.
Call us today!
If you are not sure what amount you can apply for or if your case meets the legal funding requirements, call us at 800 922-7439 toll-free. Certified Legal Funding provides pre-settlement cash advances for personal and work-related injury claims and lawsuits, and our operators will be more than happy to help you apply over the phone or just answer your questions.