What to Know About Pre-Settlement Legal Funding If Your Case Is Unsuccessful
If you have secured pre-settlement legal funding, you may wonder whether you will have to pay the money back if your case is unsuccessful. Unlike a loan, pre-settlement legal funding is not paid back in every circumstance. In some cases, such as when your lawsuit fails, you will not be required to pay anything back.
At Triumph Legal Funding, we aim to make pre-settlement legal funding easy. We want to help injury victims and their attorneys secure the funding they need so that they can get the best possible outcome on their cases. We know the financial hardship that can be created by an unexpected accident and injury. Our team is here to help. To learn more contact our office at (973) 362-3500 to schedule a free, no-obligation consultation.
Is Pre-Settlement Legal Funding a Loan?
Pre-settlement legal funding is not a loan. It is a cash advance on the expected recovery in your case. Funding is based on what the lender believes your case is worth. They will offer a percentage of the settlement or verdict that you may receive. Since it is a cash advance and not a loan, you do not have to make payments on the funding. The money is repaid through the financial recovery you receive once your case is settled.
Do I Owe Anything If I Don’t Win?
If you do not win your case, meaning that there is no money recovered on your behalf, then you are not responsible for repaying the funding. Legal funding lenders absorb the risk when they lend you the money. They use detailed calculations to determine whether you are likely to recover money in a settlement or verdict based on the circumstances of your case.
If their underwriters feel that there is a strong likelihood that your case will be successful, they lend the money risk-free. You only pay the money back if you win your case and it is always paid back through the recovery itself so you do not have to pay out of pocket.
Do I Need an Attorney for Pre-Settlement Legal Funding?
In order to qualify for pre-settlement legal funding, you will need to show that you are working with an attorney. During the approval process, the lender will get the necessary information they need from your attorney. They will work with them to determine whether or not your case would qualify for pre-settlement legal funding and the amount of money that could be given in a cash advance. Even if you have not filed a case yet, but you have retained an attorney, you may still qualify.
Pre-settlement legal funding can help you cover a wide-range of costs including your living expenses, medical bills, and more. If you are struggling financially after an accident and have retained an attorney, contact our office to discuss your funding options.
How Do I Get Started?
Do you need pre-settlement legal funding? Contact our office at (973) 362-3500 to schedule a free, no-obligation consultation. We offer no-risk, fast approvals. Get the financial help you need now, so that you can get the outcome you deserve in your case.