What is a Lawsuit Cash Advance?
If you were hurt in an accident or in another way as a result of the negligent actions of another person, you may decide to file a personal injury lawsuit. The law allows you to recover your financial losses caused by the at-fault party.
However, even when you have a strong personal injury case with a pending lawsuit, it can take some time for negotiations to result in a settlement. It can take even longer if your case goes to trial, sometimes lasting years before you’ll receive a dime.
Until your case settles or is successful in court, you will be stuck with the medical bills and other expenses caused by the careless entity. You may be unable to work due to your injuries, meaning that the bills will keep piling up, leaving you struggling financially.
Fortunately, you can get a lawsuit cash advance to bridge the gap in finances until your case is resolved. Cash advances on pending lawsuits allow you more time to fight for fair compensation and reduce your stress. Lawsuit funding is provided by legal funding companies, like Pinnacle Legal Funding, which specializes in providing cash advances for a pending settlement. In this informative article, you’ll learn how this type of funding can help you through financially challenging times while you await the future settlement of your ongoing lawsuit.
We will explore Pinnacle Legal Funding’s specialized funding services that provide lawsuit cash advances. Discover how we can help you during financially challenging times by offering various funding options tailored to your unique needs.
What Is a Lawsuit Cash Advance?
Cash advances for lawsuits go by many names – lawsuit loans, legal funding, or even lawsuit financing. In short, it’s funding for lawsuits that have been filed with the courts. Unlike a traditional loan you’d take out at your bank, a lawsuit cash advance gives you money upfront without the need for credit checks.
It works more like a non-recourse loan, one that you do not have to pay back if your pending lawsuit is unsuccessful. There is a greater risk for the legal funding company but the risk is assessed by working with your personal injury attorney to determine the strength of your case.
Your attorney does not need to approve of you using a lawsuit cash advance but having attorney representation is required for obtaining funding for lawsuits. On approval, you will get access to a percentage of your expected settlement that you can use to stay afloat.
Benefits of Obtaining Lawsuit Cash Advances
There are plenty of benefits involved when you get legal funding. Perhaps the biggest benefit is that you do not have to repay it if you do not win your case. The case serves as the collateral for your receipt of legal funding.
This is very different from getting cash advances or traditional loans from your bank or credit card. In those formats, you can expect to pay high-interest rates, adding more to your expenses. Pre-settlement funding, also called lawsuit cash advances or a lawsuit loan, will have a low-interest rate.
The money you receive for a lawsuit cash advance can be used any way you choose. You can use it to pay off your medical bills. You can supplement your lost income by using the money to help you pay for your household expenses such as your monthly payments for rent or mortgage. Buy groceries, make your car payment, take care of living expenses, and do whatever you need to do using your settlement funds. If you are currently in the middle of a personal injury lawsuit and the stress of being strapped for cash is wearing you down, you should consider legal funding. It may be the ideal solution in your time of need.
Additionally, when your attorney expects your pending lawsuit to take a while or even go to trial, there are even greater benefits to using a lawsuit cash advance. Once you have your money, you won’t be in a rush for your lawsuit settlement. This allows your lawyer more time to seek the maximum allowed compensation for your injuries and levels the playing field.
Criteria for Eligibility on a Lawsuit Cash Advance
Another reason to apply for lawsuit financing is that many plaintiffs who apply for a lawsuit cash advance get approved right away. There are fewer requirements for eligibility when applying for a lawsuit loan compared to traditional types of loans. You must have an active, ongoing case, such as for a car accident or medical malpractice, currently in the legal system, and the representation of an attorney.
An attorney is required because they will be contacted at the time of application. Your attorney will need to provide the merits of the case to allow your legal funding company proper evaluation.
The application process is quick and simple for lawsuit loans. You will first fill out an application and submit it. Pinnacle Legal Funding’s team will review this application and contact your attorney for details about your case. Once the merits of your case are determined and an estimated value is provided for your settlement case, you will receive an agreement for your lawsuit cash advance.
While your attorney does not need to give you their permission to choose lawsuit funding, you may want to review the contract with them. You can then decide if you want to proceed by signing it. Once signed, you can have a portion of your expected settlement sent to your bank account within 24 to 48 hours.
How to Borrow Money For Lawsuit Loans
If money is tight and you are currently in the middle of a personal injury lawsuit, lawsuit funding may be the best solution for you. It is always wise to consult your attorney for legal advice regarding a cash advance on lawsuits to fully understand the requirements. Once you weigh the benefits with your other possible options, it may be clear that funding for pending lawsuits is the right move.
At Pinnacle Legal Funding, we provide lawsuit cash advances in an affordable, easy, and risk-free way for injured plaintiffs. There is no cost to apply, no obligation, and no hidden fees, allowing you to take a look and learn more about using lawsuit funding to help you out through this challenging time.
