Lawsuit Loan Information – What is Needed?
You already know the answer. . . It depends! What does it depend on? The lawsuit loan information needed depends on:
- Type of Case
- Stage of the Proceedings
- And a host of other factors, depending on the answers to 1 and 2.
What You Really Want to Know About Lawsuit Loan Information
For your typical lawsuit loan, such as a lawsuit filed for personal injuries, the most important lawsuit loan information would be the documents establishing liability, damages, and ability to pay.
Lawsuit Loan Liability Information
Most personal injury loans involve negligence cases such as car accident lawsuit funding or slip and fall lawsuit loans. Liability means that the person responsible for the accident owed a duty of care (e.g. stopping at a stop sign), breached that duty (i.e. did not properly stop) and that breach was a cause (proximate) of the injuries.
Information showing liability could be any of the following:
- Police report
- Photos of the scene or damages
- Eyewitness testimony
- Defendant’s admission(s)
- Insurance company letter acknowledging liability
In other types of lawsuits, different liability documents are needed. This should not be a problem however, since attorneys need evidence to pursue any claim. A lawsuit loan company will normally only ask for documentation that is regularly compiled while pursuing the lawsuit.
Lawsuit Loan Damages Information
Damage documents would be any lawsuit loan information that somehow quantifies the damages sustained by the plaintiff. In the case of personal injury loans, damages would most likely be shown by the following:
- Initial treatment records (e.g. Emergency Room or First Care Medical Records)
- Diagnostic Imaging Results (e.g. MRI’s, X-rays, CT scans)
- Surgical or other treatment records
- Medical expert’s narrative expert reports on the permanency of the condition
- Lost wage information
- Property damage evidence of out-of-pocket costs
Legal Funding Information – Ability to Pay
The last piece of the puzzle from a lawsuit loan information standpoint is the defendant’s ability to pay. Because not all defendants are wealthy, plaintiffs are sometimes successful in court but are unable to collect any compensation from the defendant. A judgment proof defendant is of no help to injured or other plaintiffs.
For this reason, attorneys go through painstaking effort to find out whether there is an insurance policy available. Likewise, the presence of insurance coverage is required for the vast majority of lawsuit loan information processing. Without it, plaintiffs would be unable to collect and the lawsuit loan would not be repaid.
How Much Legal Funding Info is Required?
Again, it depends on the case. For typical personal injury loans, the above-described information is often sufficient. For other cases, such as medical malpractice, legal malpractice, or products liability actions, the proofs may be considerably more complicated.
In many lawsuit loan information gathering scenarios, an expert report may be needed. This will clarify certain issues which will arise. These issues are often complicated and must be explained by an individual (expert) to persons unfamiliar with the specific subject matter.
For example, a medical malpractice lawsuit will usually require a medical expert (i.e. doctor) to establish the accepted standard of care and explain why the defendant failed to adhere to that standard.
In product liability actions, experts may establish there was a design defect in the product or that certain disclosures should have been made.
The good news is that lawsuit finance companies do not require any information that the attorney will not ultimately need to successfully pursue a lawsuit or claim. Most of the lawsuit loan information requested is already in the attorney’s file.
Will Less Information Causes a Delay in Lawsuit Funding?
Not having the information to properly underwrite a case for funding is the main cause for denials and/or delays in funding. At Fair Rate Funding, we evaluate dozens of cases a day. Our attempts to secure lawsuit loan information reveal that many times an attorney simply does not possess all the information requested.
For example, an application for slip and fall lawsuit funding may yield an incident report because not all accidents are reported to police or emergency squads. Without a police report or an incident report, lawsuit funding companies must rely on other means of understanding the case. Many times, witness statements or sworn affidavits are used. In other instances, an ER report or initial treatment records will suffice. Other cases are approved for funding because the attorney can fill in the blanks.
Is All this Settlement Loan Information Needed for Approval?
Not necessarily. If some documents are missing, that doesn’t mean the case is automatically denied funding. Settlement funding companies are in business to fund cases. That’s the way we make money. If there is a way to get your case funded, the best lawsuit loan companies will find a way to get it done. After all, we are here to help.
The Critical Role of Settlement Loan Information
For the lawsuit funding company, lawsuit loan information is vital. Accordingly, these enterprises attempt to secure as much information as possible. Once that is completed, the underwriting process can begin. And that’s good news!
Once the required information is received, the underwriters at Fair Rate Funding usually fund the case within a 24-hour period. That means cash when you need it – right now.
Thank you for your interest in lawsuit loan information and the settlement funding business.