Settlement Funding for Product Liability Cases
Fair Rate Funding helps clients obtain product liability lawsuit loans prior to settlement.
Defective products resulted in millions of injuries to unsuspecting victims throughout the history of the United States. Injuries caused by defective products range from small cuts, burns or bruises to the wrongful death of an individual. When any injury is caused by a defective product, victims can sue under state “product liability” laws.
When plaintiffs find themselves in financial need while their product liability lawsuit is progressing, they can seek help in the form of a product liability lawsuit loan. This form of specialty finance product is well suited for the long, drawn out litigation process that product liability cases often require.
What are Product Liability Lawsuits?
Products liability lawsuits are recognized in the courts of various jurisdictions to protect and compensate victims from defective products in the market. The recognition of these types of actions serve as a deterrent to manufacturers from prematurely offering their products for sale without testing them for safety for their expected use. Products Liability is generally considered a strict liability offense where a defendant is liable regardless of the defendant’s intent. In most states, plaintiffs can sue for a defective condition whether because of design or manufacturing error. These cases are generally referred to as product liability lawsuits.
Filing a lawsuit for a products liability is an attempt by the plaintiff to hold the manufacturer or distributor responsible for any harm. Product liability and class action lawsuits can be filed against corporations and individuals and most cases include every member of the distribution chain.
Product liability claims generally fall into three categories:
- Design defects
- Manufacturing defects
- Marketing defects
Product liability actions usually require expert testimony to show liability. Manufacturing experts, design experts, and medical experts are routinely used to prosecute the case. Because of this, the discovery process can drag on for years. Additionally, if there are severe personal injuries, treatment may also delay the process.
While this is going on, plaintiffs often encounter severe emotional and financial stress. This condition can be improved with some extra money. That is where product liability lawsuit loans can help!
What is a Product Liability Lawsuit Loan?
A product liability lawsuit loan is a financial transaction in which a lawsuit funding company advances immediate cash to a plaintiff. In return, the plaintiff pledges a portion of the future settlement when the case is resolved.
Lawsuit loans are not technically loans because the plaintiff only repays the advance if the case is successful. As such, the product liability lawsuit advance is “non-recourse” This means the funding company cannot pursue repayment from the plaintiff directly if the case is lost.
Are there other differences between loans and product liability lawsuit loans?
Yes, there are differences between loans and lawsuit loans. Traditional loans imply repayment at some point in the future. Product liability and other lawsuit loan repayment is dependent upon a successful recovery in the case.
The deal is structured as a sale of property rights in the future proceeds of the case. Because the lawsuit lender is “buying” a portion of the settlement in advance, the plaintiff’s credit is irrelevant. So is employment status and a host of other factors traditional lenders might require.
With lawsuit loans, the sole method for repayment is the lawsuit itself. No other collateral is available nor is any other asset used to repay the advance.
How Much of an Advance Can I Receive?
You can generally receive 10% of the “settlement value” of your case. Because we cannot know exactly how much that will be, we evaluate your case with years of experience to determine a possible settlement range. We will offer you up to that amount as a lawsuit loan on your product liability lawsuit.
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How Much of the Settlement Do Lawsuit Lenders Take?
The repayment amount is determined by the duration of the case. If your case is settled within the first six months, the repayment amount will be less than if the lawsuit drags on for years.
Lawsuit loan rates are generally 18% every six-months until repayment. For example, a contract for $10,000 which is resolved in 5 months will have a payoff of $11,800. If the same lawsuit is resolved in 11 1/2 months, the repayment is $13,600. For the truth about lawsuit loans, give us a call and we can discuss your funding options.
How Do I Apply and What is the Process?
If you have a lawsuit based upon products liability, you may eligible for a product liability lawsuit loan from Fair Rate Funding. If you need cash now while waiting for your Products Liability case to finish, we can provide settlement funding to help you while you wait.
We know you have a choice of lawsuit settlement funding companies and are happy to assist you. To obtain settlement funding in the quickest and easiest manner, please fill out the quick application on this page or give us a call. We routinely provide lawsuit settlement funding for Product Liability cases within 24 hours of receiving the paperwork from your attorney.
We provide settlement funding services for products liability cases in the following states: Alabama, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Louisiana, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming and the District of Columbia.
Thank you for choosing Fair Rate Funding.
