What is the Difference Between a Lawsuit Loan and Pre-Settlement Funding?

Hablamos Español (973) 362-3500   EnglishSpanish

What is the Difference Between a Lawsuit Loan and Pre-Settlement Funding?

by | Oct 7, 2020 | Frequently Asked Questions | 0 comments

Seeking Financial Help While You Wait for a Settlement? Get to Know Your Options.

Despite sometimes being used interchangeably, a lawsuit loan and pre-settlement legal funding are two completely different forms of financing. Personal injury lawsuits are taking longer and longer to settle, putting injury victims at a distinct disadvantage.  When you are hurt in an accident, you may be unable to work and need money now to pay your mortgage, medical bills, or everyday expenses. Obtaining funding can help alleviate the financial hardship created after an accident caused by someone else’s negligence or wrongdoing, but not all funding is created equal. 

Call Triumph If You Need Quick Funding!

If you were injured in a car wreck, slip and fall, or other accident, contact Triumph Legal Funding to get the cash you need now. Triumph provides pre-settlement legal funding for accident and injury victims nationwide.  You should never have to settle for less than your case is worth. Find out how we can help by calling (973) 362-3500 or fill out our online contact form for no risk, fast approval.  

What Is a Lawsuit Loan?

Lawsuit loans are a type of financing given to individuals awaiting a settlement on their case. They are most common in personal injury lawsuits but can be applied for by other plaintiffs as well.

Lawsuit loans may require you to:

  • Pay interest
  • Make monthly payments
  • Affect your credit
  • Repay the loan, even if you lose your lawsuit
  • Incur penalties for late payments

Both pre-settlement legal funding and lawsuit loans can be used to cover medical expenses, rent or mortgage payments, groceries, and any additional out-of-pocket costs. Loans, however, can cost you substantially more due to high interest rates and fees. 

What Is Pre-settlement Legal Funding?

Pre-settlement legal funding, on the other hand, is not a loan. Triumph legal funding provides funding for attorneys and injury victims to bridge the gap between accident and settlement. 

Additionally, pre-settlement legal funding is a form of non-recourse debt meaning that once we are repaid the agreed-upon amount through your settlement or jury award we cannot come after you for additional money.

Benefits of pre-settlement legal funding:

  • Funding is provided risk-free and without recourse
  • We charge a flat fee, meaning there is no interest
  • No monthly payments required 
  • No out-of-pocket expenses, money is repaid through the financial recovery you receive on your case
  • You only pay if you win, with no repayment if you lose your case
  • Will not affect your credit and is not based on your credit score

With pre-settlement legal funding, you can receive the money in as little as 24 hours, and we only get paid if you win. Triumph receives an agreed-upon portion of the recovery; if your case is unsuccessful, you pay nothing. Our company absorbs the risk so that you can worry about getting better instead of having to stress about finances.

HOW TO QUALIFY FOR PRE-SETTLEMENT LEGAL FUNDING

Qualifying for pre-settlement legal funding is actually easier than qualifying for a lawsuit loan. Because pre-settlement legal funding is not based on a person’s credit score or income level, it is easier to obtain than a traditional loan.

To qualify for pre-settlement legal funding you need to:

  • File a personal injury lawsuit or another qualifying lawsuit
  • Retain the services of a lawyer or law firm
  • Contact Triumph Legal Funding

In three easy steps, you can qualify for pre-settlement legal funding. First, you must have an eligible case. The most common type of case that qualifies for pre-settlement legal funding is a personal injury claim. Personal injury cases include car accidents, medical malpractice, slip and fall accidents, product liability cases, animal attacks, and more.

At Triumph Legal Funding we work exclusively with clients who have retained an attorney. An attorney can help you understand your rights and the legal process. Once you have retained an attorney, contact our office to discuss obtaining legal funding. 

Find Out How Triumph Legal Funding Can Help

At Triumph Legal Funding, we are committed to helping injury victims, and attorneys get the money they need to successfully litigate a case. Our pre-settlement legal funding allows attorneys to pursue the maximum compensation for their clients by eliminating the financial hardship created after an accident. 

What happens once your case is over if you have received pre-settlement legal funding:

  • If you lose, you pay nothing. There are no repayment fees or other costs.
  • If you win and your lawsuit settles or you receive a jury award, then your attorney will receive a check;
  • A previously agreed-upon portion of your recovery is used to repay our services; and
  • Your attorney disburses your portion of the check to you.

The process is straightforward, easy, and risk-free. Working with an attorney ensures that you receive the largest possible settlement or jury award and lends validity to your case. It can also help ensure that you do not end up settling with the insurance company for less than your case is worth.

DO NOT FEEL PRESSURE TO SETTLE WITH THE INSURANCE COMPANY

Insurance companies know that plaintiffs are often at a disadvantage and may need money fast. They use several different tactics to try to get an individual to settle their claim quickly. With pre-settlement legal funding, injury victims are less likely to feel pressured into settling their case for less than it is worth when they have the money they need to cover living expenses and medical costs.

CONTACT TRIUMPH LEGAL FUNDING TODAY FOR MORE INFORMATION

If you have been injured because of someone else’s negligence, contact Triumph Legal Funding today at (973) 362-3500 to discuss your options.

We provide pre-settlement legal funding for attorneys and their clients nationwide. Do not settle; call today to get cash fast and find out how we can help fund your way to victory.