Top Reasons Plaintiffs Are Denied Pre-Settlement Funding

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Top Reasons Plaintiffs Are Denied Pre-Settlement Funding

by | Oct 19, 2021 | Uncategorized | 0 comments

Understanding Why Your Funding Request Was Rejected

Pre-settlement legal funding can provide a critical financial lifeline to accident and injury victims awaiting a settlement on their case. However, in rare cases, funding may be denied, or an application may be rejected.

At Triumph Legal Funding, our goal is to make pre-settlement legal funding available to as many people as possible. In an overwhelming amount of the requests we receive, we can help provide funding. If you want no risk, fast approval for pre-settlement legal funding, call our office today at (973) 362-3500 or apply now online

1. You Do Not Have an Attorney

The number one reason that a plaintiff may be denied funding is that they are not represented by an attorney. Legal representation is critical in personal injury cases. Without the help of a qualified attorney, you may not receive the maximum compensation allowed in your case. 

Most of the time, unrepresented plaintiffs end up recovering far less than those that are represented by an experienced lawyer. Hiring an attorney is critical to the success of your case and allows a funding company to obtain information about the matter that is vital to the approval process.

2. State Regulations

Pre-settlement legal funding is not federally regulated; each state has its own restrictions on the industry. In a handful of states (such as Colorado, Maryland, and Tennessee), regulations may limit or prohibit a plaintiff from obtaining third-party lending on their case. However, in the vast majority of states, legal funding is allowed.

3. You’ve Maxed Out on Funding

If you have already received legal funding from another company on the same matter, your request may be denied. Because the funding is repaid only through a portion of the recovered settlement or verdict, third-party lenders will not exceed a given amount. Prior legal funds could play a role in the denial of future funding.

4. The Circumstances of the Case Limit the Potential Settlement

Another reason that funding may be denied has to do with the facts of the case. If the case is not sustainable, meaning that it is unlikely to result in a favorable outcome for the plaintiff, then it may not be eligible for legal funding. 

Reasons the circumstances of the case may limit funding eligibility:

  • You were at fault for the accident or your injuries;
  • The evidence is unconvincing;
  • There is a lack of evidence to support your claim;
  • Your injuries are not serious; or
  • There are not enough provable damages.

It is important to note that at Triumph, we are committed to giving attorneys and their clients the financial help that they need while they await a settlement or trial verdict. We work hard to ensure that funding is easy and accessible. Many cases meet our approval guidelines and receive financing within 24 hours.

5. Insufficient Information

There are times when a case is simply too new to be eligible for funding. The lack of a police report or evidence of medical treatment may make it difficult for you to receive financial assistance. If you are denied because of insufficient information, you can always reapply once more evidence is collected on your case.

Call Our Office for More Information

If you are awaiting a settlement, but need money now, contact our office for more information. At Triumph Legal Funding, we offer fast approvals for attorneys and their clients. We will never deny funding because of a poor credit score, employment status, or lack of income verification. 

Our funding specialists try hard to help provide financial assistance to as many people as possible. With Triumph, legal funding is fast, easy, and risk-free. Call our office today at (973) 362-3500 to get started.