When you file a lawsuit for personal injury or any other case, it can be time-consuming. Lawsuits are often known to drag on for months and even years. As the plaintiff, you may not be able to stay afloat while waiting for the compensation you’re entitled to. However, options like pre-settlement funding can help you secure money for legal costs and other expenses.
Pre-settlement funding is also known as a lawsuit loan, alternative litigation financing, and several other names. It is important to understand how pre-settlement funding works to make informed financial decisions.
What is Pre-Settlement Funding?
In pre-settlement funding, you are advanced funds based on the strength of your pending lawsuit. The funds can be used for anything you choose and are offered by a lender hoping to get it back, with interest, once you secure a settlement or court award for your lawsuit.
When your lawsuit is successful, you are required to pay back the agreed-upon amount to the lender. If the lawsuit doesn’t succeed, you don’t have to pay anything.
Benefits of Pre-Settlement Funding
There are many benefits to pre-settlement funding. The advantages of such a loan include:
- All your legal costs are covered so you have to bear no financial burden
- You have to pay back the loan only if your lawsuit is successful
- You can pay your bills and living expenses by using the pre-settlement funding
- The money is yours to spend however you choose
That being said, pre-settlement funding options are available to lawsuit plaintiffs all over the U.S. Some states formally regulate such loans while others do not regulate pre-settlement funding as a regular loan. This is simply because, unlike a loan, you are not required to pay regularly or pay at all if you lose your lawsuit. However, attempts are being made to regulate the pre-settlement loan industry.
Apply for Pre-Settlement Funding Today
If you are considering pre-settlement funding for your Las Vegas lawsuit, Money First Lender is here to help. We offer you advance funds as a plaintiff in a lawsuit so you can manage your finances through lengthy legal proceedings. Call us now at 702-623-3333 or fill out the contact form on this page to get started.