Tips For Getting An Affordable Legal Funding
Legal funding now is made available for people expecting settlements in nearly any type of lawsuit. In a lot of cases, these funds are known as Presettlement Loans and they provide claimants with an avenue to gain access to their settlement before distribution. This kind of credit facility is also referred to as Settlement Funding. Because a defendant’s negligence in most lawsuits is abundantly clear, with the court only having to determine the settlement amount, financial institutions can offer this facility. Presettlement Loans are most commonly offered in cases that involve workers’ compensation and in personal injury lawsuits. If you are looking for a Presettlement Loan, here are some tips to ensure you get one at the lowest possible cost.
1. Give the lender all the details of your lawsuit.
Offering all the details related to your case that enabled you to prove the other party’s liability and ensure that you won compensation is a key requirement when applying for a Presettlement Loan. Fill out your application as truthfully and accurately as possible. In addition to stating both the economic and non-economic damages considered in your lawsuit, you should also provide the ultimate value of the settlement.
2. Provide details of medical procedures
When applying for a Presettlement loan, your financial institution will want to carefully scrutinize any medical procedures that may have been necessary due to negligence. Continue to see your physician to ensure all injuries are documented without leaving any gaps. To ensure full documentation of your injuries and the cost of receiving medical attention, continue to keep your appointments with your medical professional even when you start to feel better.
3. Stick with your lawyer
Using the same attorney who won you the settlement in your lawsuit to handle the application for a Presettlement Loan is always a good idea. When you use the same lawyer, your lawsuit will not only gain stability, but you will also be able to hold the valuation of the settlement. Having the same lawyer allows you to be represented by an individual or firm that has the best understanding of your particular case, potentially increasing the settlement and easing the application process for the Presettlement Loan.
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4. Pick the amount of your loan carefully
A significant reduction in the cost of your Presettlement credit facility is possible when you only apply for money that you absolutely need, and nothing more. If your Presettlement loan amount is small, the fees payable upon distribution of the settlement are also lower.
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Presettlement funding is different from other loans from commercial lenders since it refers to the assignment of a part of the settlement value to the lender for cash payment to the beneficiary. A cash-strapped plaintiff can easily use a Presettlement Loan to obtain cash against their pending settlement, but it is important for the beneficiary to carefully assess the amount of money they would like to borrow.