Can I Get Pre Settlement Funding Without My Attorney Consent?

If you have sustained injuries due to someone else’s negligent acts, you may have decided to file a personal injury lawsuit. While this can help you recover your financial losses after this event, you may quickly realize that personal injury cases take time to resolve.

During this time, you may struggle with the financial burden created by these extra medical bills on top of your usual living expenses. To get financial relief, pre-settlement funding may be the answer you need. However, you may be wondering whether you can obtain pre-settlement funding without your attorney’s consent.

Pinnacle Legal Funding is a legal funding company that can help you get a cash advance on your expected settlement. You do not need to get your attorney’s consent, but there are certain things you must know before applying. In this blog post, we discuss pre-settlement funding and the requirements needed for your personal injury claim. 

Understanding How Legal Funding Works with a Pending Lawsuit

Pre-settlement funding is also known as lawsuit funding, litigation funding, or lawsuit loans. The first step is to find a lawsuit funding company that can provide you with a cash advance on your personal injury case. Lawsuit funding companies bridge the gap between your settlement funds and the finalization of your case.

Often, it can take months or even years to resolve a personal injury claim. While your legal counsel works to get you a fair settlement, you may face financial challenges along the way. Most people who are stuck in this situation will need financial assistance due to the extensive added expenses, such as medical costs, along with being unable to work. When you don’t have money coming in to pay your bills, it can create hardships for you and your family.

Pre-settlement funding can help lessen the burden of living expenses along with the cost of treatment for your injuries.

Do You Need Your Attorney’s Consent for a Pre-Settlement Loan?

While all legal funding companies require legal representation to issue pre-settlement funding, your attorney does not need to provide consent for a pre-settlement loan. A pre-settlement funding company requires you to have legal representation to verify information about your case and assess the likelihood of success.

A lawsuit loan is a type of nonrecourse financing, which is what makes it different from a traditional loan. In traditional loans, you must repay what you borrowed. A lawsuit loan works differently.

The pre-settlement funding process begins with a thorough review of your case. Your pre-settlement funding company will need to find out how strong your case is and what the expected settlement is before authorizing approval on your loan.

While personal injury lawyers do not need to agree with your choice to obtain pre-settlement funding, pre-settlement funding companies need their help to evaluate their potential risk for issuing you a loan.

How a Legal Funding Company Works with Your Lawyer

Before issuing a lawsuit loan, pre-settlement loan companies need to know more about the case. When you have a law firm representing you, it indicates that an attorney has faith in the merits of your lawsuit. In many states, it is a legal requirement that you have an attorney before you start the pre-settlement loan process. 

During the application process for a pre-settlement lawsuit loan, it is necessary to find out how much the attorney thinks will be awarded. This helps with the pre-settlement funding agreement, allowing the funding company to make a sound decision. 

When a settlement agreement has been reached, the funds go to your attorney, who will then put them in an escrow account. Your settlement money will then be used to pay your legal fees and other creditors before you obtain funding. Remember that you will not have to repay the loan if you do not recover compensation. The pre-settlement funding industry only offers non-recourse loans.

What Else Do I Need to Know About Pre-Settlement Funding?

Pre-settlement funding without an attorney providing details on the merits of your case is not possible. Make sure that you have legal representation first.

Lawsuit loans are only issued with an attorney’s signature. While your attorney may not agree with pre-settlement loans, there are reasons they may not sign off on your request for a lawsuit loan. Often, they may not sign off on litigation financing due to exceeding the number of lawsuit loans permitted. Another reason they may not sign off on a lawsuit loan is if it’s too early in your case. You may be able to receive pre-settlement funding if you wait a little longer to start the application process. Your anticipated settlement may be different if you sign the contingency agreement too early. 

Ultimately, you need an attorney to get pre-settlement funding. Legal funding could be the answer you need to get financial support to cover living expenses and other costs without hidden fees. It doesn’t require checking into your credit history to get pre-settlement funding, making it much easier to apply for a funding contract.

If you want to receive legal funding, talk to your attorney to weigh out the pros and cons. You should also work with a reputable lawsuit funding company. This will ensure that your legal funding goes more smoothly.

Pinnacle Legal Funding makes the process easy for those in need of capital while waiting for their lawsuits to settle. You have enough to worry about while you recover from painful injuries and try to move forward in your life. Fill out the application today and see if it’s the right move for you!