Regulations on Lawsuit Funding in Las Vegas
When you’re injured in a Las Vegas accident, the aftermath can be brutal. As you make your way through recovery, you’ll not only suffer physically but financially, as well. Suing the liable party in your accident can be beneficial, but you may not receive a settlement for months or years after your accident occurs. While waiting for your money to arrive, you may sink deep into debt and despair.
Injury victims deserve relief from their suffering right away. With Las Vegas lawsuit funding from Money First Lending, you can receive some of your settlement in advance. Understanding Nevada’s regulations on lawsuit funding can help you get your money quickly so you can get back on your feet sooner.
New Business Category for Nevada Lawsuit Funding
In 2019, Nevada enacted new litigation surrounding lawsuit funding. Businesses offering lawsuit funding are now in a special category called consumer litigation funding. Any business offering this service must apply for a new license.
This license will register them as an official consumer litigation funding company and allow them to perform consumer litigation funding transactions. These and similar regulations on lawsuit funding in Las Vegas help provide a transparent, useful service to members of our community.
Lawsuit Funding Limits and Interest Rates
New regulations limit the total funding an applicant can receive to $500,000 per case. An applicant can receive funding from multiple lenders as long as the total amount doesn’t exceed $500,000. Each lender will assess the risk of the applicant to determine how much money they want to lend.
No Credit Impact and No Recourse
Consumer litigation transactions don’t impact the applicant’s credit score. These transactions are also non-recourse transactions, meaning the applicant isn’t required to pay back the cash advance if they don’t ultimately receive a settlement in their lawsuit.
Contact a Lawsuit Funding Company in Las Vegas
If you’re waiting for your case to settle but need money now, Las Vegas lawsuit funding can be a great way to ease your financial burden. At Money First Lending, we want to help injured victims get back to normal life as quickly as possible. If you’re ready to apply for a pre-settlement loan, you can fill out our online form or call 702-623-3333.