Can My Lawyer Deny Me from Getting a Pre-Settlement Loan?
If you have filed a personal injury lawsuit, you may soon realize that it will take time to recover your settlement money. During this time as your personal injury case makes its way through the legal process, you may find that your financial situation worsens.
It’s hard to keep up with your regular monthly bills plus the added expenses from your injuries. As your financial needs grow more dire by the day, a pre-settlement loan can be a helpful option.
While you are required to have a personal injury lawyer representing you in order to apply for a pre-settlement loan, they can’t deny you the right to apply for and use pre-settlement funding. Also known as legal funding, getting a pre-settlement advance can help keep you and your family afloat during this difficult time.
In this blog post, we will explore more about pre-settlement loans, your lawyer’s role in the process, and valuable insights into the services offered by Pinnacle Legal Funding, a leading legal funding company in the legal industry. With their expertise in pre settlement loans, Pinnacle Legal Funding aims to help clients overcome the common financial challenges that tend to arise during legal battles.
Benefits of Legal Funding
Pre-settlement funding goes by many names such as lawsuit funding, legal funding, a lawsuit loan, or even a pre-settlement cash advance. No matter what you call it, it can provide some powerful benefits in your time of need.
It gives you money up front that you can use to pay your medical bills, legal fees, or use on your own household and living expenses. You can also use it to supplement your lost income when your injuries make it impossible for you to work.
A pre-settlement lawsuit loan gives you the funding you need immediately too, which lessens the pressure on settling your case. When you are not pressed for time, your personal injury attorney can further strengthen your case and work to get you a larger settlement.
A pre-settlement funding company is a great partner for a pre-settlement lawsuit loan as they usually do not require you to repay the loan if you don’t win your expected settlement. This makes it less risky for you compared to traditional loans from the bank.
Requirements for the Pre-Settlement Funding Process
Before you can apply for pre-settlement funding, you need an attorney representing your case. While you do not need an attorney’s consent for a pre-settlement loan, legal funding companies require an attorney’s signature to confirm that you have legal representation for your personal injury claim.
The repayment for pre-settlement loan companies is contingent on the outcome of your case, which is why they will not take the risk on anyone without an attorney representing them. Most personal injury lawyers use a contingency fee basis for payment, meaning that you do not need to pay them for their services unless they win your case. It creates a win-win situation when you hire one, allowing you to get more money.
Using a pre-settlement loan can additionally help you get the money you need right away for personal expenses. Keep in mind, you must have a strong case that is already filed with the courts and represented by a lawyer.
Every legal funding company will determine the amount you may receive and the chances of your success in winning your personal injury claim. You will be given an advance based on a percentage of the amount you’ll most likely receive.
Why Might My Attorney Try to Deny My Pre-Settlement Funding?
Can your lawyer deny you the option of pre-settlement funding? The good news is that your attorney can’t deny your right to legal funding, though they may not recommend it. It is ultimately up to the pre-settlement funding company as to whether they approve pre-settlement funding for you in the application process.
Your attorney may advise against it if you have already exceeded the number of legal allowances permitted. You also may be denied if you are filing too early, though this just means you’d have to apply again later.
Some attorneys may not like working with pre-settlement funding companies for personal reasons. However, most of them understand how important it is for their clients to get the money they need quickly to avoid financial fallout.
Your lawyer will only be involved in confirming that you have a personal injury case, that they are representing you in the legal process, pertinent details that can determine your chance of winning, and your expected court award.
Many law firms work to conduct thorough investigations, and if your case is still being investigated, it may give your lawyer cause to tell you to hold off, at least until this part is complete. A good attorney will keep an open line of communication here and make sure you’re kept informed throughout the process.
Ultimately, the biggest reason an attorney may try to deny you from getting a lawsuit loan is that they do not have all the information yet to determine fair settlement calculations. If that’s the case, you should wait until they have finished and then apply for legal funding.
How to Get Lawsuit Funding
Legal financing can be a great solution that works like a cash advance to help you pay for medical bills and your other financial obligations while you await your settlement funds. While your lawyer doesn’t need to approve it, having a discussion with them can help determine if legal funding is the right action in your situation.
The entire process for lawsuit funding is incredibly simple. You must be actively involved in a current lawsuit and have a lawyer providing your representation. With Pinnacle Legal Funding, you can apply with ease online to receive funding. When you have these advance funds, it gives your lawyer more time to make your settlement increase dramatically, all while you incur fewer fees than a regular loan. If you’re considering getting a pre-settlement loan, contact Pinnacle Legal Funding today.
