What is Lawsuit Funding? And Benefits of Lawsuit Funding
Lawsuit Funding: If you’ve ever been involved in a civil case, you know that “hurry up and wait” is the operative phrase. The time it takes to file a petition and settle a lawsuit can feel like ages. In the meantime, you still have personal issues and financial matters that must be addressed.
Getting your hands on pre-settlement funding can help you more than you know. How does this funding work? What should you know about it? Keep reading to learn more about lawsuit funding and why it’s so helpful to plaintiffs.
What is Lawsuit Funding?
Lawsuit funding refers to money that a third party company lends you in advance of the money you expect to receive at the end of the case. This is more of a cash advance than a loan, though it does come with additional fees.
Plaintiffs seek lawsuit funding so that they have enough money to pay their bills and address other needs while waiting for the conclusion of the case. If you’re thinking about getting this funding, your lawyer might have some leads on reputable companies you can talk to.
What Are the Benefits of Lawsuit Funding?
Here’s what you should know about lawsuit funding:
1. An Advance on Your Settlement Helps to Stop the Bleeding in Your Personal Financial Life
The bills don’t stop just because you are going through litigation. You need some money to help you call the dogs off in the meantime — especially if you’re too injured to work.
This will help you to regain a solid foundation and get rid of some stress in your life. In the meantime, it also allows your lawyer to relax and do their job since they know that your immediate financial needs are addressed.
2. If You Lose Your Case You Don’t Have to Pay it Back
The kicker in this situation is that if you lose your case, you don’t have to pay a dime of it back. When put this way, you can see how lawsuit funding is completely risk-free.
Conversely, you’ll need to keep tabs on whatever amount you borrow so that you’re able to pay it back in full once your settlement check arrives.
3. You Can Get the Best Medical Treatment in the Meantime
Getting this funding is also helpful because it allows you to get top-notch medical treatment. Not every medical professional will take your business without insurance and payment — even if you have a civil suit pending.
By getting cash in your hand through lawsuit funding, you won’t have to make a tough decision between your finances and your health.
Find the Funding That You Need
Now that you see why this service is so impactful, the only thing left to do is seek some funding companies. Contact a few different lawsuit funding professionals to see what kind of offer they can make you.
This way, you can heal in peace while also taking care of your personal life. Follow these tips so you can get the money that will serve as a valuable stop-gap during this difficult time.