Qualify for Settlement Funding Easily
Settlement funding is a specialty niche in finance which offers immediate support to plaintiffs while they wait for their lawsuits to progress through the legal system. In this post, we examine how to qualify for settlement funding.
What Settlement Funding Is
Understanding what settlement funding is can help you to qualify for settlement funding. Simply put, settlement funding (a.k.a. settlement loans or lawsuit loans) are advances on the future lawsuit settlement. These agreements assign a portion of the future proceeds in return for a definitive sum of money, payable upon execution. Repayment depends upon a successful recovery so technically, lawsuit loans are not actually loans in the traditional sense.
Perhaps more importantly, settlement funding contracts are non-recourse. This means that the lawsuit is the sole method of repayment unless paid off prior to the lawsuit’s end. Thus, the funding company has no ability to pursue the plaintiff personally for repayment. The company simply purchases something in advance. If that something turns out to be worthless, then that’s the risk the lawsuit settlement funding business takes.
Eligibility
Qualifying for settlement funding begins with eligibility. To be eligible for settlement loans, an applicant must:
- Have a valid claim/lawsuit
- Be at least 18 years old
- Have an attorney representing them on a contingency fee basis.
The above are fairly straight forward. There must be a claim or lawsuit to sell a portion. The applicant must be the age of majority in order to enter into contracts. And an attorney must be retained and paid only if the case is successful (contingency fee arrangement).
Attorney participation in lawsuit settlement funding is extremely important. Having a lawyer is a great indicator to a funder that you have a viable claim. After all, attorneys are in business to make money. If a lawyer is willing to work for a part of the recovery, he/she is risking their time and business capital to pursue the matter.
Further, lawyers are ultimately responsible for repaying the lawsuit loan. When cases are resolved, plaintiff lawyers receive the funds and disburse them through their attorney trust accounts. Attorneys’ fees, medical bills, expert fees, settlement loans, etc. are all paid from the proceeds. Lawsuit lenders require attorneys repay according to the contract because the practice avoids potential collection problems down the road.
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Settlement Loan Case Qualification
The above eligibility requirements must be met to qualify for settlement funding. The unique nature of these transactions mean that not all lawsuit types qualify for settlement funding. The good news is that many case types are funded each and every day. These include:
- Animal & Dog Bites
- Amusement Park Accidents
- Automobile Accidents
- Asbestos Cases
- Aviation Accidents
- Bicycle Accidents
- Boating Accidents
- Bus Accidents
- Construction Accidents
- Defective Products
- Maritime cases
- Medical Malpractice
- Mesothelioma
- Motorcycle Accidents
- Motor Vehicle Accidents
- Nursing Home Negligence
- Pedestrian Accidents
- Premises Liability
- and others . . .
If you have a lawsuit, an attorney and need financial support, you are eligible to apply for fast lawsuit loans as a possible solution. To get started, simply contact us or give us a call. We are here to help and are at your service.
Thank you for your interest in the most common lawsuit loans and Fair Rate Funding.
How to Qualify for Settlement Funding
To qualify for settlement funding, a lawsuit must have merit. Since lawsuit loans are not repaid unless the case is successful, you can bet lawsuit funding companies are very selective about the cases they are willing to fund. Cases with questionable liability or minimal damages are not the most profitable investments for lawsuit funding companies. What you need to know about settlement loans is that not all cases are fundable.
The good news however, is that traditional loan criteria such as credit scores, asset checks and employment are rarely considered. Remember, the company purchases a part of the lawsuit’s proceeds. The plaintiff’s personal credit is not relevant unless there are other liens that have a claim on the proceeds (child support liens, tax liens, etc.).
Perhaps even better news is that you can help along the lawsuit loan process. Plaintiffs can assist by understanding lawsuit loan approvals and what lawsuit funders are looking for in a case. From there, it’s simply a matter of helping the company help you by opening lines of communication between the funder and your law firm.
Get Started
Qualifying for settlement loans does not need to be difficult, especially with the best lawsuit loan companies. Getting started is as easy as picking up the phone or contacting us online. We will be in touch and guide you through the process. This includes:
- a phone call discussing your claim(s) and your funding options.
- compiling documents from your attorney.
- reviewing and consulting with your lawyer
- drafting and executing a funding contract
- getting you the funds you need via overnight courier or electronic funds transfer
We currently offer lawsuit loans in Alabama, Alaska, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, 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.
Fair Rate Funding began qualifying plaintiffs for settlement funding in 2007. We are a direct lender so our rates for lawsuit cash advances are among the lowest in the business. Call us to get started. We are here to help.
Thank you for your interest in how to qualify for settlement funding.
