What Factors Affect My Ability to Fund My Lawsuit?

by | Mar 30, 2023 | Legal Funding | 0 comments

Understanding How Pre-Settlement Funding Is Determined

If you have been injured in an accident caused by another person’s negligence, you are likely entitled to compensation. However, receiving that compensation may take months or even years. Personal injury lawsuits are taking longer and longer to litigate which means that injured parties are left waiting for their payouts. Pre-settlement funding can help you get the money you need when you need it most.

At Triumph Legal Funding, we help bridge the gap between the initial accident and the final payout. We provide pre-settlement legal funding to attorneys and their clients, ensuring that injured parties can afford to wait for their cases to be fully litigated. If you would like to learn more about pre-settlement funding, contact our office at (973) 362-3500 today.

What Factors Are Used to Determine Pre-Settlement Funding Eligibility?

Pre-settlement legal funding is not a traditional loan. With a traditional loan, a lender will likely perform a credit check and ask you to verify your income. If your asset-to-debt ratio is too high or your credit score is too low you may not qualify for funding. Pre-settlement legal funding, however, is determined solely by the strength of your case.

Factors used in determining pre-settlement legal funding:

  • Who or what caused the accident;
  • The extent of your injuries;
  • The likelihood that your case will be successful; and
  • The expected value of your claim.

These factors will be assessed by a team of underwriters. The underwriters will use the information provided by you and your attorney to determine whether you are eligible for funding and how much money you can receive.

What Factors Are Not Used in Determining Funding?

There are several factors that are not used in determining pre-settlement legal funding. Unlike a traditional lender, pre-settlement legal funders are not concerned with your income or whether you will be able to pay back the loan. The money is taken from the settlement that you receive on the case.

Factors that are not used to determine funding:

  • Income verification
  • Credit check
  • Job-status or work verification
  • Your ability to repay the loan
  • The amount of debt that you have

Since pre-settlement legal funding operates like a cash advance on the settlement of your case, it is not a loan. You do not have to make payments on the money that you receive and are not expected to pay anything unless money is recovered on your behalf. 

In order to apply for funding you do need an attorney. The attorney can help provide the information about your case that is needed to determine funding eligibility. 

Get More Information About Pre-Settlement Legal Funding

If you were injured in an accident but need money now, contact our office at (973) 362-3500 today. We can help you understand your rights regarding legal funding. At Triumph Legal Funding, we offer no-risk, fast approvals. In many cases, funding is available within 24 hours of approval. 

Our experienced team has helped numerous people nationwide. We know how important it is to get the money you need after an accident. Let us help you avoid financial hardship after an injury. Call now to get started.