Pre-settlement funding is a financial tool that can help you if you are involved in a lawsuit. This funding allows you to pay for the costs associated with your case before it’s settled, including medical bills, car repairs, rent or mortgage, or any other expenses related to your case or life.
This means that, rather than waiting for months or years until your settlement comes through, you can access the money right away. That way, you can continue with your day-to-day life and take care of important expenses without worrying about accruing debt or rushing your lawsuit.
The Money First Funding application process only takes a few minutes to complete, but pre-settlement funding will provide you with long-term peace of mind.
The Benefits of Pre-Settlement Funding
If you’re going through a lawsuit and can’t afford to pay your bills, pre-settlement funding can be the answer you’re looking for. A loan can provide you with the funds you need to recover while your lawsuit is underway, which may provide more benefits than other options.
Many people are unaware that pre-settlement funding exists until they are in the midst of a lawsuit and running out of money. These types of loans have been around for decades and allow you to avoid bankruptcy or other negative consequences that come with not having enough income when you’re unable to work because of your injuries.
You may know that the defendant did wrong to you, but are worried about how long it will take for them, their insurance company, or the court to decide on your compensation. When this happens, this type of loan will help keep things moving along at a steady pace without worrying about running out of money before anything gets resolved.
Who Qualifies for Pre-Settlement Funding?
Pre-settlement funding can help anyone who has been injured and is waiting for the outcome of a lawsuit. As long as you can prove that you have a legitimate case, there is no credit check required for pre-settlement funding.
You won’t need collateral to back the loan either because it’s based on the final settlement amount you are expected to get. A lawyer can help estimate this amount based on how much money they think you’re eligible for when suing the responsible party.
Many people ask if they have to be certain they will win their case to receive pre-settlement funding. That’s a good question, but in reality, there is no such thing as certainty when you are suing somebody. It’s possible to be approved for pre-settlement funding even if you are not guaranteed a win in court.
However, approvals are favored for those that have a very good chance of winning their case and are expected to get a future payout larger than the amount of their loan.
Pre-settlement funding is a way of helping you negotiate a fair settlement, and it provides you with an opportunity to take your time. You may be offered a low-ball settlement offer from the insurance company right away, but with pre-settlement funding, the process can be slowed down. That gives you more time to negotiate.
Pre-settlement funding gives the insurance company a greater incentive not to force a settlement on you. If they try, they may find themselves paying more money because of your negotiating power.
Is Pre-Settlement Funding Necessary?
You have the choice to opt out of a lawsuit loan if you choose to do so. You may be unsure if it’s necessary to get pre-settlement funding. Pre-settlement funding is most useful to those who need immediate financial relief when they’re hurt.
Because of this, accepting a loan in the early stages of your case may be a smarter move than accepting other forms of debt. You can simply get some peace of mind by giving yourself a financial cushion during negotiations or before the trial begins.
Pre-settlement funding is ideal for certain individuals. For example, you may have suffered a serious personal injury in a car accident and need prompt medical care but have a high insurance deductible. A lawsuit cash advance can also assist people that are forced out of work because of an injury caused by someone else’s negligence.
If you’re suing for property damage, you can use pre-settlement funding to pay for repairs or replacements after a car accident. You don’t have to wait until the end of your lawsuit before using this money to, for example, buy a new car or get repairs on a damaged vehicle.
With pre-settlement funding in your bank account, you will be able to fix what was damaged as soon as possible so that it doesn’t get worse and cost you more over time. You can also use a lawsuit loan to rent a car, which is a huge benefit for salespeople or those that have a long commute to work.
You may also consider pre-settlement funding to bolster your healthcare. A serious injury can lead to long-term suffering, but some of that suffering may be reduced with the right care. Under these circumstances, pre-settlement funding can be used for:
- Rehabilitation care
- Household accommodations, like wheelchair ramps
- Surgery and recovery time
- Time spent unable to work
- Reconstructive surgeries
Whatever the dynamics of your lawsuit are, you are likely facing substantial expenses without the financial resources to pay for them all at once.
This can cause stress and anxiety as well as make it difficult to focus on what matters most, which is recovering from injuries and preparing for trial if necessary. That’s what makes our lawsuit loans a unique and valuable tool.
Types of Lawsuits That Qualify for Pre-Settlement Funding
When you file a lawsuit, it’s important to know what type of case you have. Some cases are easy to win and can lead to large judgments or settlements. Other cases may be more difficult, but they still have value if you have the right legal representation.
In either circumstance, pre-settlement funding can help with expenses related to many types of injury claims, like those below.
Personal Injury Cases
Personal injury covers any type of case in which someone has been injured due to another person’s negligence or wrongdoing, intentional or otherwise. Examples are slip-and-fall accidents at restaurants or retail stores, dog bites, car accidents, and more.
In these situations, you may not have enough insurance coverage to pay for all of your medical bills and other expenses related to your injury. Because of this, you have to pursue compensation from the at-fault party’s insurer. While you wait for the final decision, pre-settlement funding is often used to pay for medical fees and rehabilitation.
Wrongful Death Cases
These are cases where a loved one died because someone else was negligent or intentionally harmed them. Perhaps you have a family member that was injured by a drunk driver and then later died because of their injuries. Or maybe your loved one worked in the construction injury and died from injuries sustained on the job.
As a survivor of the deceased, you can file a wrongful death lawsuit against the person or company who caused the death to get compensation for medical expenses, burial costs, and lost wages.
Unfortunately, sometimes wrongful death lawsuits can drag on for months or longer, especially if you’re seeking a large payout from a big corporation for severe negligence. In these situations, pre-settlement funding can be beneficial for your family while you are waiting for a settlement or trial. With your most immediate expenses covered, you can focus on your case.
Medical Malpractice Lawsuits
In some cases, a doctor, nurse, or other medical professional made a mistake while treating a patient. This could be anything from administering incorrect medication to a botched surgery to failing to diagnose an illness. Malpractice lawsuits can also be filed against nursing homes if something goes wrong during their treatment of patients.
Any medical malpractice lawsuit can lead to medical expenses to physically correct what went wrong and help the patient heal. In these cases, pre-settlement funding can be life-saving. In addition, in medical malpractice, expert testimony is sometimes needed along with a second or third opinion.
Your lawyer likely has a long list of expert witnesses to call upon, however, each of these people requires a fee for their services. Many plaintiffs agree that expert testimony is worth paying for because it can be an integral part of winning any medical malpractice lawsuit. Pre-settlement funding will help you cover any costs associated with your case or your everyday expenses.
Product Liability Lawsuits
These cases occur when someone is injured because of a faulty product that was sold by a retailer or manufacturer. Examples include defective tires that blow out and cause car accidents, toys with small parts that could be swallowed by children, or poisoning caused by tainted foods.
If you are the plaintiff in a product liability lawsuit, you may be taking on a large retailer or product manufacturer that has many lawyers on staff. That means your case can take more time, as the at-fault party may have more resources to fight back. In the meantime, you may need financial assistance to maintain your quality of life.
If one of these entities is responsible for causing you harm, you may receive compensation at some point. While you wait, it can be a relief to know that pre-settlement funding can pay the bills while you are waiting for the outcome.
How Pre-Settlement Funding Works
When you are involved in a lawsuit and are trying to collect compensation, pre-settlement funding is an excellent option. Imagine how much stress can be lifted from your shoulders when proceeds from a lawsuit cash advance are available to you.
Luckily, we even make applying for pre-settlement funding easy. You can easily apply on our website or over the phone.
You will be asked to provide information about your case and send in copies of any medical bills, police reports, or other documents related to your case. Again, there is no credit check or collateral required since the loan depends on the expected proceeds from your case. If you’re already working with an attorney, they can help show the potential your case has.
If approved, the money will typically be deposited into your bank account the same day in most cases. Upon receipt, you can start using the money from pre-settlement funding for anything you need.
Some applicants prefer to enlist the help of an attorney that has experience with pre-settlement funding for their type of lawsuit. Your lawyer can help you decide if pre-settlement funding is right for you and assist with completing the paperwork. Your lawyer can help you rest easy knowing that everything was filled out correctly.
Learn More About Pre-Settlement Funding
When you’ve been seriously injured, you may need financial aid, and you may need it now. Your expenses are piling up, and waiting for a settlement to cover all your needs may not be an option. Pre-settlement funding can help you cover the gap between your accident and receiving the settlement or compensation you’re due.
Feel free to contact Money First Funding through our website or call 702-623-3333 to learn more about how pre-settlement funding works. We specialize in helping people just like you get access to money quickly when they are in the middle of a lawsuit and need it the most.
Pre-Settlement Funding FAQ
How long will it take for me to be approved?
If you apply online for pre-settlement funding, in most cases, you can be approved in as little as ten minutes. The application process is easy and starts with just one click of the application button. At Money First Funding, we’re here to set your mind at ease and answer any questions you may have. Healing is important and the relief of financial burdens facilitates your recovery.
What are other names for pre-settlement funding?
These types of loans are referred to by a variety of different terms, but despite the title, the meaning is the same. Some common names used to refer to pre-settlement funding include:
- Lawsuit loan
- Pre-settlement cash advance
- Settlement loan
- Car accident loan
- Settlement advance
Do I need a lawsuit in place to file for a pre-settlement loan?
Yes, a suit against the party liable for your injuries needs to be filed prior to your loan application. After you file the lawsuit, you can apply for a settlement loan. The value of your personal injury claim is evaluated when reviewing the amount that qualifies for your pre-settlement funding.
How much money can I apply for?
It is important to take into account your medical bills, lost wages, and household expenses in totality when asking for a loan. Ask for what you feel you need. We will review your application, discuss your suit with your lawyer, and are currently able to lend up to $500,000 in pre-settlement funding.
Will obtaining pre-settlement funding negatively affect my case?
There’s a misconception that obtaining funds from another source will adversely affect your settlement. This is false. In many lawsuits, there is pressure from the at-fault party for the victim to accept a settlement that is less than what is fair. Some take these lowball offers because the bills start to come in at an alarming rate. By receiving funds from a pre-settlement loan, you allow your attorney to thoroughly process the evidence of your case and get you the compensation you deserve as your financial security is no longer in imminent danger. The additional time this gives your defense often results in a larger settlement in your favor.
What does it cost to apply?
At Money First Funding, we will inform you of all fees associated with your loan. We offer free consultations, so you and your attorney can be confident in your decision to move forward with an application. The annual fee and interest accrued are clearly defined in the contract. There are no hidden fees, and we pride ourselves on being clear and upfront with our clients.
What happens if I lose my lawsuit?
If you’re not successful in obtaining compensation from your lawsuit, you owe us nothing. Taking that into account, there is no risk involved for you to access your money today and relieve any financial hardship your accident has caused.