Can You Get an Advance on a Pending Settlement?
When you’re waiting on a pending civil action, you might not be sure how to cover your day-to-day expenses in the meantime. Existing expenses can compound when faced with the difficulties of paying medical bills or missing work. So if you’ve wondered if you can get an advance on a pending settlement, read on to find out more.
Who Qualifies for an Advance on a Pending Settlement?
Before, plaintiffs were left to make some difficult decisions when it came to guarding their short-term financial interests while waiting for the results of their pending personal injury settlements. Fortunately, following the creation of the pre settlement funding loan, these litigants no longer have to decide between paying rent or seeking medical care while their settlements are negotiated.
Pre settlement funding is a form of non-recourse lending, meaning that approved personal injury plaintiffs can get the cash they need right now to cover immediate expenses, taken against the future award of their settlement.
With a traditional loan offer, plaintiffs run the risk of losing their case and falling into debt, but pre settlement funding is virtually risk free: If you win, you pay the lending firm back a pre-agreed-upon percentage of your settlement, plus applicable fees. And if you lose? Well, you owe nothing—which is why non-recourse lending is such a huge advantage to litigants with pending settlements.
For the same reason that a lending company will assume the majority of risk associated with the loan, potential candidates will need to fill out a form to determine their eligibility for a settlement advance. The good news is that compared to a traditional loan, which examines things like collateral and your credit score, your suitability for an advance on your pending settlement is determined solely by the strength of your case.
In order to apply, all you need is to have an active pending civil complaint in court and have hired an attorney to work on your case.
Considerations for Securing Your Settlement Advance Now
When considering a pre settlement funding company, there are a couple key factors that we feel are important. Before agreeing to any deal, make sure to have a good understanding of the following:
- The Fee Structure – Here, transparency is key.
- Local Connection – If your lenders know the relevant players, it’s better for you.
- Length of Process – Find out how long it can take to get your money; some companies can even get you the funds you need the same day.
Contact a Pre Settlement Funding Company in Las Vegas Today
When you’ve filed a personal injury claim, we understand that you’re possibly in the fight of your life, trying to secure the funding you deserve for your injuries. At Money First Lending, we believe in providing plaintiffs access to the money they deserve, for the things they need, when they need it.