Getting Pre-Qualified for a Lawsuit Loan is the First Step Toward Funding
What does it mean to be pre-qualified for a lawsuit loan? Pre-qualification for lawsuit loans is the result of a lawsuit loan applicant’s initial contact with a lawsuit loan representative from Fair Rate Funding. In this post, we discuss the process of pre-qualification and what factors must be present to continue with the lawsuit loan approval process.
What are Lawsuit Loans?
Whether a slip and fall, auto accident, or other lawsuit loan case type, personal injury plaintiffs face an uphill battle with their injuries. Adding to the problems is the time it takes for their claims/lawsuits to pass through the legal system.
Personal injury cases can take many months or even years to ultimately resolve. Meanwhile, bills and other expenses continue on leaving many plaintiffs struggling financially. Unfortunately, many are forced to accept low-ball settlement offers to ease their burdens. Lawsuit loans for can be a solution.
Lawsuit loans are specialty finance transactions where a lawsuit funding company advances money in anticipation of a favorable settlement in civil court. The term lawsuit funding is also known as lawsuit loans, settlement loans, or case loans.
Although the term “loan” is often used to describe these transactions, lawsuit funding arrangements are not loans. Instead, they are a purchase of a portion of the future settlement. As such, they are not repaid if the plaintiff loses the case. Lawsuit loans are thus “non-recourse” because the funding company cannot pursue the plaintiff personally for repayment. Repayment must come from the proceeds of the lawsuit, if at all.
Lawsuit Loan Application Steps
The process for applying for a lawsuit loan is simple and straightforward.
- Fill out the Quick Application on this web page.
- We will contact you the same day to discuss your case.
Once contacted, plaintiffs are informed regarding how the process works, what it costs, and what is expected of them. If we think that we can possibly help and you want to continue with the process, we mark your case as “pre-qualified” and the matter is sent for processing.
What Criteria Must be Met for Pre-Qualification?
The criteria for pre-qualification are that you must:
- Have a valid claim/lawsuit
- Be at least 18 years old
- Be represented by an attorney
- Your attorney is only paid if the case is successful
In truth, most applicants who contact us are pre-qualified. In most circumstances, the only reasons for ending the process after the initial consultation would be if:
- you were previously funded and there is no more room for additional advances
- your state prohibits lawsuit loans
- your attorney will not cooperate with funding companies
If You Have Any Questions, Call 888-964-2224
WE ARE HERE TO HELP YOU!
What Does Pre-Qualified Mean with Lawsuit Loans?
Pre-qualified for a lawsuit loan means the lawsuit loan company is willing to use its resources to pursue the application further.
The next steps include compiling paperwork from the attorney’s office and reviewing it. From there a lawsuit funding underwriter will normally speak to the attorney handling the file and discuss the case. Lawsuit loan underwriters will ask the attorney a host of questions designed to give the company a better understanding of the investment.
Lawsuit funding companies generally want to know how far along the case is in the process, whether there are motions pending before the court and the attorney’s expectations for settlement.
Although pre-qualified for a lawsuit loan is not the end of the process, it is a necessary first step.
What is Next in the Lawsuit Funding Process?
The lawsuit funding process is fairly simple.
- Fill out the Quick Application on this web page.
- We will contact you the same day to discuss your case.
- With your approval, we will discuss your case with your attorney.
- If your case is approved for a cash advance, we will immediately prepare a document for your signature.
- Once the documents are executed, we advance you cash for your case via overnight courier or electronic bank transfer.
- When your case is won, your attorney repays the amount pursuant to the terms of our agreement.
How to Get Started
We provide funding solutions for a great deal of case types. Simply complete the application form or call us at 888-964-2224 to see if you qualify. The call is free, application is free and there is absolutely no obligation.
