What Protections Are Offered After Being Approved for Lawsuit Funding?
If you’re struggling with medical bills, monthly expenses, or daily living while in the middle of a personal injury lawsuit, you may feel hopeless. Fortunately, there are funding options that you can pursue. While traditional funding options can cause financial trouble, there are protections in place when you apply for lawsuit funding from Preferred Capital Funding. You’ll have access to the money you need, while fully understanding the terms conditions regarding the repayment amount and process.
We understand that there are a lot of uncertainties when it comes to lawsuits and pursuing compensation. That’s why there are certain guarantees worked into the lawsuit funding process. These protections revolve around the involvement of your lawyer, how repayment works, and what happens in the event your case doesn’t go as planned.
The Importance of Your Lawyer’s Signature
Prior to applying for lawsuit funding, it’s imperative to ensure your lawyer is on board with the process. If they’re not, you won’t be eligible. We only work with plaintiffs whose attorneys are willing to work with us. This is because of the work we need to do to ensure you have a strong case.
When you sign a funding agreement with us, it’ll contain three signatures: yours, ours, and your lawyer’s. This simultaneously protects all three parties. You receive the money you need to manage your expenses while your lawsuit settles, we have a repayment plan in place for when you receive your compensation, and your lawyer has the time they need to build a case that proves you were wrongfully harmed.
Having your lawyer on board also gives you peace of mind that you’re making the best decision for your future. We understand that applying for legal funding can be overwhelming, but we make the process as fast and easy as possible.
Understanding Repayment
Another protection that goes along with lawsuit funding is knowing what you’ll pay us back after you win your case. With traditional funding options, you could be facing variable interest rates and monthly payments plans that make it hard to pay off what you owe. With lawsuit funding through Preferred Capital Funding, however, we factor in the interest and fees prior to you signing.
You’ll know exactly what we’re owed once your case settles. You won’t have to worry about piling interest. Once your lawyer receives your settlement check, you can work with them to forward us the entire sum you were originally funded. This way, you don’t have to deal with fluctuating balances. Instead, you can focus on moving on from the lawsuit and getting your life back in order as quickly as possible.
Settlement Outcomes and Non-Recourse Funding
While regulations vary by state, the majority of our funding is non-recourse. This means that you have no obligation to repay the amount if you lose your case. We understand that even with the strongest case, litigation matters don’t always go as expected. That’s why lawsuit funding protects your financial future. You’ll have access to the money you need now, and you only pay us back if you receive a settlement from your lawsuit.
We absorb the risk of funding for you. This lets you take care of your expenses while you wait for your lawsuit to settle. You can use the money however you need, whether it be for rent or mortgage, electricity bills, medical bills, or grocery shopping. Because we take that risk on, we only accept cases with strong evidence proving the plaintiff was wronged and is deserving of compensation. Part of determining the validity and strength of your case involves speaking with your lawyer.
In order to determine if an applicant is eligible for legal funding, our underwriters analyze the situation based on the documents from you and your attorney. Once the final evaluation is made, you could have access to anywhere from $500 to $500,000. The sum we provide you with is contingent upon how much you request and how much you’ll likely receive in compensation.
Secure Your Future with Preferred Capital Funding
When you’re approved for lawsuit funding, there are guarantees in place. Those protections ensure you understand what your rights are and how things will work after your case settles – regardless of the outcome. If you have more questions about lawsuit funding, or you’re ready to submit an application, contact our office today. Once you apply, you could have access to the money you need in as little as 24 hours.
