If you are in the market for legal funding, you should contact LawLeaf today. Content is provided by LawLeaf, a lawsuit funding company.
Legal funding is a term that describes a cash advance against a lawsuit. When a person is a plaintiff of a personal injury lawsuit they may have to wait months or even years before compensation is won. If a plaintiff wins their lawsuit and it gets appealed, it could mean another 6 months to a year before compensation is paid. This could result in financial uncertainty for the plaintiff and in some cases can force a person to settle their case early, resulting to lower payouts on their case.
Legal funding can help a plaintiff pay for bills and expenses while waiting for compensation. It's a way for some people to hold out for larger payouts, without having to settle for less money. Legal funding can provide you with the staying power of seeing your lawsuit through.
How does it work?
There are several steps that take place prior to receiving a legal advance. The first step is identifying a company and applying online or calling the company. Once the company has received your information they will request documentation from your attorney. The attorney will provide the lender with the documentation and evaluate the liability on the claim. If the claim is fundable, the lender will decide at how much and at what rate. You can request as much money as needed but typically you will only be approved for around 10%-20% of the value of the claim. Once a company has approved your application a contract will be sent out for approval. Once the contract is signed by you and your attorney, the advance should be sent out the same day or next business day.
Will I be approved?
If the lender believes you have a strong case and there is clear liability, you will have a good chance of getting approved. It is important you make sure you are dealing with a company that can take your type of personal injury. Not all companies fund all types of personal injury cases and not all will entertain both catastrophic and soft tissue injury.
How long does it take to get approved?
The average approval should take no more than 72 hours, however, most companies can approve the same day if they have the resources in place.
Legal funding has become an option that many plaintiffs throughout the United States are now using. For additional information on lawsuit funding, visit LawLeaf today.