When offering a cash advance for a pending case, lawsuit funding companies analyze a wide variety of information. At Fair Rate Funding, we frequently are asked how the client can help us during the case loan process. Below is a brief outline of the steps clients can take to help obtain cash for their lawsuit.
- Gather and Submit Information Relevant to the Case– Clients frequently possess much of the information needed to evaluate a lawsuit for funding. For example, if the client is requesting a lawsuit loan for a automobile accident, clients may already possess the police report, insurance information, and perhaps some medical records. In some cases, this information may be enough to render a decision on the “fundability” of the lawsuit.
- Communicate with your Attorney your Desire to Enter into a Lawsuit Funding Agreement– The reasons for needing a lawsuit loan against your legal case are many. However, if your attorney does not know the situation, he/she may resist the process. Be upfront and honest about your desires and your attorney will be more willing to cooperate.
- Be Patient– Lawsuit funding companies are in the business of helping clients obtain money. They only get paid if cash is advanced so the process is virtually never adversarial. You and the case loan workers are on the same team for purposes of obtaining a lawsuit loan. Help each other out and allow the workers to go through the necessary steps. Help them, help you.
- Ask– Ask your funder if there is anything you can do to help. In most cases, the professional lawsuit advance worker will be able handle the process in its entirety. But, you never know when that one piece of information will make a difference in the underwriting process.
- Understand– Lawsuit funding is a business and business is not personal. If your case can be funded, it will. But the underwriting process is VERY subjective. What is a great case for one legal loan outfit, may not suit the tastes of another. If at all possible, lawsuit loan companies advance cash on a lawsuit. The trick is understanding the nuances of the business and working within those parameters.
- Realize You Still Have a Good Case– Even if a legal loan is not offered, that does not mean you do not have a valid claim. Your lawsuit may be so complex that a company may not want to take a chance on it. Or, there may be unresolved legal issues when you apply. Your attorney would not be wasting his time or yours if he/she thought there was no chance of recovery. You probably still have a good case despite what the underwriters think. The fact is that not every case is a good fit for funding.
The above are only a few of the possible points which potentially help a client understand the truth about lawsuit loans.
Thanks for your interest in the lawsuit funding business.