What To Know About Pre-Settlement Funding
Injuries sustained from accidents usually require medical treatment. While you have a lawsuit still pending, the funds for your treatment will have to come from somewhere or someone. This is why pre-settlement funding is often recommended.
Not a loan
Many accident victims whose lawsuits are still pending do not know about pre-settlement cash advance or funding. And those who know believe it is a loan. Fortunately, it is not. So, you are not required to pay back.
The pre-settlement funding is a non-recourse cash advance which is only repaid if you win your case. However, if you do not, you will be required to keep the cash according to the funding agreement which you will be required to sign during your application for the funding. So, whether it is cash advance for your treatment you want or a plaintiff funding, you will not be required to repay the money.
Your pre-settlement cash advance application is usually reviewed and a decision taken within forty-eight hours. If you are qualified, you will be given a funding agreement. And upon the receipt of your signed funding agreement, funding will be done within twenty-four hours.
Your litigation attorney will be contacted
In order to be eligible for funding, you must provide the attorney assigned to your case, as he will be contacted. It is your attorney that will furnish your prospective funding provider with the position and developments of your lawsuit. The information provided by your attorney or paralegal will be used to determine your eligibility, so it is a standard procedure.
No credit checks required
Just as you do not need to pay back pre-settlement cash advance, so also you do not require credit checks for it. Therefore, you do not have to worry about your credit score because it will not be affected.
Now that you have you had a clearer understanding of pre-settlement funding, how do you go about applying for it?
Pre-settlement funding or cash advance application is a very easy and straightforward process. All you need to do is to contact an organization responsible for this service and follow their instructions. They will provide you with all the information you need. However, below is an analysis of the process you may undertake;
Your first step is to apply for the funding. You can complete an online application for this process. These organizations are so professional that they treat the information you provide with utmost confidentiality.
Upon reviewing your application, if you are eligible for this funding you’d be required to submit or provide documentary evidence. The documents include but not limited to the following;
Police report or related document
Defendant’s insurance company and coverage limits
Copy of complaint
The requested documents will vary depending on the type of accident you were involved in. However, the listed documents will suffice in almost all situations. Apart from the documents mentioned, your prospective funding provider may demand additional documents.
You should endeavor to inquire from your attorney or paralegal before you apply for this funding, as not all attorneys are comfortable with it.
Upon the receipt of your submitted documents, your prospective funding provider will carry out an underwriting process which should be concluded within two days. Then a funding agreement will be sent to you. It is pertinent that you study it carefully with your attorney or paralegal before you sign it.
Once your signed funding agreement is received, your funds will be wired into your account within twenty-four hours.
Yes, the process is that fast and simple.
So, in conclusion, the points discussed show clearly that pre-settlement funding providers play a significant role in the lives of injury victims whose lawsuits are still pending, as they make it possible for them to carry out plaintiff funding and equally undergo treatment.