Plaintiffs struggling financially during the process of a civil lawsuit can often find relief through a lawsuit loan, also known as legal funding. Personal injury clients experiencing financial problems because of a lack of income caused by their injury may experience many benefits from this type of cash advance while awaiting expected settlement money. Lawsuit loans can provide needed funds that keep injury victims from accepting a lower settlement amount than they deserve. The money can help prevent vehicle repossession or eviction from a home.
The option of a lawsuit loan is a fast-growing choice for personal injury victims embroiled in a lengthy case. A significant benefit for such individuals is the relief experienced when they receive a financial reprieve by being approved on the same day they apply. The information given here shows how you can qualify to get same day approval for a lawsuit loan.
Process for Same Day Funding
The process begins by first completing an application form online or by calling the funding company directly. Applicants are usually happy to learn that no credit check is required and no your financial history is not reviewed. Upon applying, each individual receives personalized help from a specialist who can answer all questions about the application process. The legal funding specialist will ask for the following information:
- Plaintiff’s information such as full name, phone number, and date of birth
- Attorney’s information such as full name, office address, and contact information
- Amount of funds needed
- Type of case and what state your the case is in
- Any previous lawsuit funding received and the company involved
After the completed application is received, the funding company contacts the plaintiff’s attorney to gain additional information. The following will be acquired:
- Police accident report
- Insurance carrier’s name, contact information, and policy specifics
Upon approval, the attorney will then be contacted to sign a contract. After the signing and same-day return of the papers, the cash advance can be made available to the plaintiff. The recipient must already have a verifiable bank account for the funds to be transferred electronically.
Applying for Same Day Lawsuit Loans
Many different case types qualify for this style of funding. Specific information and documentation must be provided when making an application for such funds. The following information should help an individual effectively apply.
- Establishing Liability in the Case
Liability is a crucial factor used to determine whether a plaintiff qualifies for lawsuit funding. Documents and facts showing the defendant’s fault help demonstrate liability and thus help secure the lawsuit loan.
A written police report from the accident scene that shows fault on the defendant’s part can be invaluable. For example, if the defendant’s insurer paid for the plaintiff’s vehicle damage, this is essentially an admission of fault regarding the company’s insured driver. If an injury occurs on someone else’s property, a written report and witness statements can help prove the property owner’s negligence in failing to provide a safe environment.
- Providing Accurate Information
Correct information that gives the lawyer’s full name, name of the firm, address, and phone number is crucial for a third-party funding company. A representative will need to speak with the attorney to gather information about the lawsuit’s strength and the approximate amount of any potential settlement. Plaintiffs should provide accurate information to ensure no delays in getting same day approval for a lawsuit loan.
- The Applicant’s Contact Information
The applicant should provide the complete mailing address along with an email address and phone number. The financing company should be able to easily reach the applicant if any questions arise during the underwriting process. If the applicant cannot be contacted, the company’s representative will potentially be forced to move along to the next person’s paperwork temporarily. However, if all parties are easily reached, the entire application process can move at a quick pace and be completed in a matter of hours. Learn more about how soon you can get a lawsuit loan here.
- Details of Medical Treatment
Specific and complete medical treatment details need to be shared upfront. The following information should be provided:
- Records showing the victim went to an emergency room or clinic
- Any additional medical treatment afterward
- The total amount of medical expenses to date
Accurate medical expense details are essential to receive same day approval for a lawsuit loan. Therefore, an applicant should make sure to have complete and correct figures.
- Economic Loss
Any monetary damages incurred by the plaintiff should be shared with the funding company. This includes medical bills and any lost wages. Proof should be provided by the plaintiff of all missed work resulting from the accident injury. Accurate documentation could show, for example, that 20 days of work were missed at a rate of $120 a day. This brings the amount of “economic loss” to a total of $2,400.
- Cooperation by the Attorney
As mentioned earlier, the plaintiff’s lawyer needs to be on board and cooperating with the lawsuit funding company for the applicant to receive same day approval. The lender has a financial interest in the lawsuit’s outcome and is taking a degree of risk to provide a cash advance to the plaintiff.
Therefore, sufficient details of the case must be divulged to the funding company before an application is approved. The lender will want to receive a copy of the case file from the attorney and have a conversation with the attorney to discuss the lawsuit’s specifics.
Both the applicant and the attorney will be required to sign the lending company’s repayment agreement. The financial advance will be repaid from the lawsuit’s settlement or final judgment amount. When a lawyer joins in this manner of cooperation with the lender, the attorney becomes a trustee overseeing the lending company’s financial interest. This commitment ensures that the lender will be repaid before any proceeds are dispensed to the plaintiff.
Complete an Application Today for Financial Assistance
Some people find it challenging to enter into a new arena when they are already struggling. Hopefully, the information provided herein has answered many questions for those who need financial assistance while going through a lengthy lawsuit. Often, these individuals are not in a position to qualify for traditional lending options. Thankfully, there is now an alternative for which they may be eligible to receive financial help right away.
You can get financial assistance today to help pay for your living expenses and make ends meet until you settle your case by calling The Legal Funding Group. We offer same day lawsuit loans to qualified individuals.