If you are involved in a legal case and are waiting for a settlement, you may be considering pre-settlement funding as a means of covering your expenses during the long wait. Pre-settlement funding is a cash advance that you can receive before your case settles, based on the estimated amount of your settlement. This type of funding can help you pay for medical bills, rent, and other expenses while you wait for your case to conclude. In this article, we will discuss the key steps and requirements of the pre-settlement funding application process.
Key Requirements for Pre-Settlement Funding
In addition to basic information about yourself and your case, pre-settlement funding companies may have additional requirements for applicants. These requirements may include:
- A Pending Lawsuit: To be eligible for pre-settlement funding, you must have a pending lawsuit. The funding company will want to review the details of your case to determine the likelihood of a settlement.
- An Attorney: You must have an attorney representing you in your case. The funding company will want to review your attorney’s experience and qualifications.
- Settlement Estimate: You will need to provide an estimate of the amount of your settlement. The funding company will use this estimate to determine the amount of funding you may be eligible for.
- Injuries or Damages: You will need to provide details about your injuries or damages. The funding company will want to determine the severity of your injuries and the likelihood of a settlement.
The application process for pre-settlement funding is designed to be straightforward and simple. By following the key steps and meeting the requirements, you can receive the funding you need to cover your expenses during the long wait for your settlement. As with any financial agreement, it is important to read the terms and conditions carefully and ask any questions you may have before signing. High Rise Financial provides affordable pre-settlement funding, you can focus on your recovery and your case, without worrying about how to pay your bills in the meantime.
Step 1: Find a Reputable Pre-Settlement Funding Company
The first step in the application process for pre-settlement funding is to find a reputable pre-settlement funding company. You should do your research to ensure that the company you choose is trustworthy, reliable, and transparent about its fees and charges. Look for a company that has experience in your type of case and can provide you with a clear understanding of the terms and conditions of the funding agreement.
Step 2: Submit Your Application
Once you have identified a reputable pre-settlement funding company, the next step is to submit your application. The application process is typically straightforward and can be completed online or over the phone. You will need to provide basic information about yourself and your case, including the name of your attorney, the estimated settlement amount, and the nature of your injuries or damages.
Step 3: Review and Sign the Funding Agreement
Once you have submitted your application, the pre-settlement funding company will review your case and determine if you are eligible for funding. If you are approved, the funding company will send you a funding agreement to review and sign. It is important to carefully review the agreement and ask any questions you may have before signing. The funding agreement will outline the terms and conditions of the funding, including the interest rate, fees, and repayment schedule.
Step 4: Receive Your Funds
After you have signed the funding agreement, the pre-settlement funding company will transfer the funds to your bank account. You can use these funds to cover your expenses while you wait for your case to settle.
It’s important to note that pre-settlement funding is not a loan, but rather a cash advance that is based on the estimated amount of your settlement. This means that if you lose your case, you are not required to repay the funding. However, if you do receive a settlement, the funding company will be entitled to a portion of the settlement amount, as outlined in the funding agreement. It’s important to carefully review and understand the terms and conditions of the agreement before signing, to ensure that you are comfortable with the repayment terms.
