Are you looking for find pre-settlement funding at cheapest rates possible? In this article Ill highlight some tips to have the best experience with pre-settlement funding as well as point you to some further resources to assist in your search.
Pre-settlement funding has become popular because lawsuits can take so long to settle in the U.S. legal system. Collecting on an injury settlement could take 2 to 4 years or even longer in some cases. The claimant will eventually receive a significant award, but how do you make ends meet in the meantime?
Pre-settlement funding could be right for you if youre reasonably sure that there will be a settlement in your favor in the future, but you dont have to be 100% sure.
Generally, in order for a lawsuit funding lender to consider you for approval these three requirements must be met:
1. You have a pending claim against a defendant.
2. You have an attorney.
3. Your attorney is representing you on a contingency basis which means the only get paid if the lawsuit is decided in your favor. (This does not always need to be true so ask the lender)
A couple advantages for pre-settlement loans are:
1. You get access to funds immediately, generally in 24-48 hours.
2. Zero-Risk You only pay back the loan if you win your case. Basically the lending company is taking on the risk that you dont win the lawsuit, not you.
So just to be clear, the way these programs work is youre essentially taking out an immediate loan against the future judgment in your favor. Once that claim is awarded you pay back the loan. There are fees of some type involved or you may get offered lower than the estimated value of the judgment. This is because these lending companies, like everyone else, need to make money and this is how they do it. You get access to the cash immediately and they make some money on the back-end. Everybody wins.
In doing my research, I came across a few lending companies that I wanted to highlight as their rates seemed to be quite good.
FairRateFunding.com Unlike some others in this space, they are a direct lender (no middle man) so their rates are very competitive.
Lawcapital.com Large lender with very competitive rates as well.
Anylawsuits.com Another large lender with great rates.
Check any or all of these out for pre-settlement funding at cheapest rates.