Legal battles can be long and financially draining, especially for plaintiffs who are struggling to cover medical bills, rent, and other living expenses while waiting for a settlement. Fortunately, legal funding—specifically pre-settlement advances—provides a financial lifeline to those in need. But how does the application process work?
Let’s take a closer look at how the application process works.
Step 1: Determine Eligibility
Before applying for legal funding, it’s important to understand if you qualify. Legal funding companies typically provide advances to plaintiffs involved in personal injury claims, workers’ compensation cases, employment disputes, and other civil lawsuits with strong chances of success. Unlike traditional loans, legal funding is non-recourse, meaning you only repay if you win your case.
To be eligible, you must:
- Have an active lawsuit with a valid claim.
- Be represented by an attorney on a contingency basis (meaning your attorney gets paid only if you win).
- Need financial assistance before your settlement is reached.
Step 2: Submit an Application
Applying for legal funding is a simple and fast process. Most funding companies allow you to apply online or over the phone. The application typically requires basic information, such as:
- Your contact details.
- The type of case you are involved in.
- The name and contact information of your attorney.
- The expected settlement amount.
Since pre-settlement advances are based on the merits of your case, your credit score and employment status are not considered in the approval process.
Step 3: Case Evaluation
Once your application is submitted, the legal funding company will assess your case. This involves reviewing details such as:
- The strength of your claim.
- The estimated value of your potential settlement.
- The expected timeline for resolution.
To complete this step, the funding company will contact your attorney to gather necessary legal documents and confirm details about your case. The stronger your case, the more likely you are to receive an advance.
Step 4: Approval & Funding Offer
If your case meets the funding company’s criteria, you’ll receive an offer specifying the amount you qualify for and the terms of repayment. If you accept the offer, you will sign an agreement outlining the repayment conditions.
Step 5: Receive Your Funds
Once you sign the agreement, funds are typically transferred to your bank account within 24-48 hours. You can use the money for urgent expenses like medical bills, rent, groceries, or any other financial obligations.
Step 6: Repayment Upon Settlement
Repayment only occurs once your case settles. Your attorney will handle the repayment directly from your settlement amount, ensuring a hassle-free process. If you lose your case, you owe nothing.
Legal Funding From Cash Now Funding Group
Are you or a family member in need of financial assistance due to a lengthy legal battle? Are you preparing for a long-term legal battle to get the compensation you deserve? Cash Now Funding Group can be the financial lifeline you need while your case settles. Applying is free and confidential & no credit check is required.
