Timely Financial Assistance to Accident Victims who Await Settlement
Lawsuit funding is an advance payment made by the funding company to the plaintiff in anticipation of the settlement or final outcome of the lawsuit. The company is providing the funds to enable the plaintiff to meet his day-to-day expenses prior to the settlement of the case. The plaintiff will repay the amount to the funding company once he receives the settlement amount. The recipient of the lawsuit funding has full liberty to utilize the funds for any purpose that he thinks urgent as well as important. One may utilize the money for repayment of a loan, to avoid complications such as bankruptcy or foreclosure eviction, to pay the medical bills, to pay the house rent, to buy various commodities for the house, to pay the school fees or for any other purposes. The funding company will never interfere in this matter. The amount received by way of lawsuit funding is entirely different from other loans. The plaintiff has to repay the amount if and only if he could get a favorable verdict from the court and received the settlement. In case he fails to get the settlement he amount need not be repaid to the funding company.
Advantages of lawsuit funding
Lawsuit funding has a lot of advantages. The funding company pays the amount without carrying out a credit check. Hence, irrespective of the credit score one can avail lawsuit funding. Those who are unemployed and do not have a regular income are also eligible for lawsuit funding. Even if it takes several years to complete the legal process and obtain the settlement the funding company will provide the money to meet he expenses throughout that period. The accident victims who had suffered personal injuries are likely to face financial problems. Hence, the insurance companies will make comparatively smaller offers anticipating that in order to honor urgent commitments the client will accept the same. However, by way of obtaining lawsuit funding from a funding company the victim can wait for some time in order to obtain a much better settlement. The funding company decides the amount for lawsuit funding after discussions with the plaintiff as well as his attorney. The lawsuit funding is available for various types of legal suits such as road accidents, construction accidents, medical malpractice, slip and fall, head injuries, neck injuries, dog bites, product liability, etc. The lawsuit funding amount needs to be repaid only when the legal suit is settled and if the plaintiff could get the settlement. Through lawsuit funding the funding company provides the financial strength to the plaintiff to fight the case to its completion.
Other features of lawsuit funding
The company that provides lawsuit funding ensures quick delivery of cash by approving the payment within 24hours of receipt of the application. The application process is simple as well as transparent. There is no tedious paperwork or cumbersome formalities. The funding company charges very low fees and there is no monthly repayment. lawsuit funding is direct funding in exchange of a portion of the future settlement at a very reasonable rate and without credit check and income verification. Those who have a personal injury suit in the court and have hired a lawyer are eligible for lawsuit funding. The lawyer of the plaintiff also will be involved in the process and he should also assure that the amount will be repaid as soon as the settlement is received.