An Introduction to Pre Settlement Funding
Costs associated with personal injury lawsuits can be substantial. Pre settlement funding can help offset those costs by providing plaintiffs with funds before their cases settle. Lawsuits are often financially devastating for plaintiffs, especially those who need to wait years before collecting their monetary award. To make matters worse, livings expenses and medical costs also compound the plaintiff’s problems while they wait. In order to reduce the financial burden to plaintiffs, My Lawsuit Loans offers a range of pre-settlement funding options to injured victims of personal injury.
What is pre-settlement funding and who uses it?
Pre settlement funding is a common tool used by injured victims during litigation. The funding typically allows plaintiffs to cover living expenses while they await settlement. Because many personal injury victims are faced with huge medical expenses and are sometimes unable to work because of the accidents, pre settlement funding is there to support plaintiffs when they need it most. Typically, the more severe the injuries the more likely a plaintiff is to utilize the service.
Types of cases that qualify for pre-settlement funding
Funding is mostly associated with motor vehicle accidents but can also apply to defective products, medical malpractice, premises liability and dog bites to name a few. Generally speaking, any type of case could qualify from funding, from business dispute to personal injury.
The rule of thumb is this: if you’ve been injured by the negligence of another—whether economically or physically—you automatically qualify for funding. Below are the most common types of funding provided by My Lawsuit Loans:
- Traffic accidents
- Slip and fall (Premises liability)
- Wrongful death
- Medical malpractice
- Product liability
Is pre-settlement funding right for you?
Although pre-settlement funding is useful to injured plaintiffs with financial difficulties, the service is not for everyone. Cost of repayment associated with pre-settlement funding could be substantial if you pick the wrong company. My Lawsuit Loans offers competitive rates for all types of cases, assuring your satisfaction when it comes time to repay. Best of all, unlike other funding companies, you’ll owe us nothing if you lose the case; it’s possible because pre-settlement funding is considered a non-recourse investment. This technicality makes it different than a loan because you’re not personally liable to repay if the case doesn’t settle.
Nonetheless, it is important to ensure that you carefully assess the amount you of funding you need rather than the amount of funding you want. Pre-settlement funding can be very expensive. Thus, pre and post settlement funding should be used only when plaintiffs are having significant financial difficulties, especially with general living expenses.
How My Lawsuit Loans determines your funding amount
My Lawsuit Loans will only be able to invest in your case if there’s a high likelihood that the case will settle, and the investment will be paid back. This is due to the fact that you are not expected to repay should you lose your case. This is what makes pre-settlement funding a non-recourse investment and not a loan. Such a structure benefits the plaintiff greatly by granting a completely risk-free transaction.
My Lawsuit Loans, like other companies in the industry, determines the amount of funding you qualify for based on the monetary value of your case. That is why we take a holistic view of each case to estimate likelihood and value of monetary awards. The amount of interest varies depending on amount of funding, period of time before settlement, quality of the case and other factors.
Pre settlement lawsuit funding—granting justice to injured plaintiffs
Pre settlement lawsuit funding can be the best-and-only avenue that helps troubled plaintiffs continue their fight for justice. My Lawsuit Loans prides itself on providing financial support to victims who find themselves unable to afford living expenses as a result of crippling injuries, loss of income, or huge medical bills arising from the negligence of another person/entity.
Pre settlement funding can be a much-needed lifesaver during personal injury litigation. If you or a loved one needs assistance, or to get more information concerning lawsuit funding, please contact My Lawsuit Loans today to speak with a live representative.