Pre Settlement Funding Companies – An Overview
Lawsuits are a big hassle to deal with. They are expensive and incredibly time consuming, often testing the patience of involved parties. It may take months or even years to get your time in court, and it is just the beginning of a very long process. If you are injured or have lost money, you may need help covering living expenses like rent, utilities, and sometimes medical bills. Handling these bills on your own is not easy. This is where Pre Settlement Funding Companies come in.
What is Pre-Settlement Funding?
Pre-settlement funding is an option available for those involved in lawsuits. It is where a company provides you with upfront money to cover your expenses in exchange for a portion of expected earnings from future settlement proceeds. Once your courtroom battle ends, the company receives the portion they agreed to. It does not matter if the settlement or verdict amount is lower than expected; the amount they are entitled to is never greater than the amount you will get.
Pre-settlement funding is especially helpful if you are near to or are in debt because of injury that prevents you from working or from working often. It is especially helpful for those who do not have a stable paycheck to cover their monthly bills. Pre-settlement is not a loan though. You are not borrowing money but offering them a portion of your future settlement proceeds. It is basically an advance.
What are Pre Settlement Funding Companies?
Interested parties can reach out to Pre Settlement Funding Companies on the suggestion of their lawyer or by themselves. The company, upon receiving the request, will then reach out to the lawyer handling the case and obtain relevant information. Based on the information they acquire, the company will then calculate the value of the settlement verdict and offer a cash advance based on the calculated value. When the case is settled, the advance is paid off along with associated fees.
Since the companies perform calculations to evaluate how much the cash advance may be, applicants need to make sure they have a strong case before they apply. Pre Settlement Funding Companies may not offer cash advances to those who do not have a justifiably strong case or have possible low settlement values.
As court cases can drag on for many years, the applicant needs to keep in mind that the fees they will be charged might be higher than expected. If it is a long and drawn-out case, the financing fees will be much higher. Do note that pre-settlement funding amount varies from company to company. It is also termed as cash advance, investment, or venture capital by many companies.
How Soon Can One Get Pre Settlement Funding From a Broker?
While it depends on the complexity of the case and the evaluations the companies have to carry out, you can expect a quote as soon as possible, often within 48 hours of applying. You need to make sure you and your attorney provide all the necessary details in your application.
If you decide to accept the offer made by Pre Settlement Funding Companies, you may need to provide further details. It will be handled by your lawyer before finalizing the advance. Once everything is processed, you may expect to receive the cash in as little as three business days.
Overview of Pre Settlement Funding Companies
There are a lot of such companies in the market. Here is a brief overview of some of them.
• Oasis Financial lets you apply from the comfort of your home. They evaluate applications as soon as they receive them, and if you qualify, you may expect to receive between $500 to $100,000. They usually disburse the money within 24 hours of approval. The company has an A+ rating from BBB. Their Trustpilot page is also full of positive reviews for the service clients got from them.
• JG Wentworth is another pre-settlement funding company that has lots of positive reviews. The format is similar: you need to provide your details, and they will contact your lawyer with an offer. They offer an online form for submitting cases. If you wish to talk to someone on the phone, they offer a phone number as well which can get you an obligation-free quote. They have been around for more than 30 years in the United States and have an A+ rating from BBB.
• Golden Pear Funding is another company that has been operating in this field for a while. They offer quick responses and can disburse advances under $3000 within 24 hours. The company also notes that it does not do credit checks. Instead, they evaluate based on the strength of the case details. Their Trustpilot page is filled with glowing reviews by satisfied clients. Finally, they use an online form for submission; no phone number is offered.
• LawCash also provides pre-settlement funding and have been voted the best by law journals from around the country. They offer both online and telephone-based application submissions. They have video testimonials from satisfied plaintiffs and clients who have nothing but good things to say about them.
• MC Law Funding is another company that operates in this space. They offer qualified applicants between $500 to $150,000 within days of approval. Getting in touch with them is easy through their online form. They have an online chat function as well.
As you can see, Pre Settlement Funding Companies are easy to approach and offer quick turnarounds. If you need help, do not hesitate to reach out them through your lawyer.