When a person suffers from personal injury because of the other person’s negligence, a case of personal injury lawsuit is filed to get fair compensation for the damages. However, not every person who is a victim of personal injury can keep on with the court proceedings. Many plaintiffs leave their cases in between when they cannot fund their cases or pay for the litigation expenses. Generally, it becomes tough for a person suffering from injury and lost wages to continue with the court proceedings. Either they give up the case or settle for a meager lowball offer.
Lawsuits are not only time-consuming, but they are very expensive. Costs like attorney fees, court costs, expert witness fees, and other related expenses add up to the amount that no one wants to pay if they are already in financial trouble.
Therefore, we bring you lawsuit loans, a simple and risk-free cash advance solution that a plaintiff can opt for if they are in the middle of a lawsuit and need money. Other than pre-settlement loans, there are a few more options which are available to fund your pending case. Let’s check some of the most common ways to fund your pending litigation.
Legal Funding Companies
Legal funding companies or lawsuit loan companies offer a risk-free and unique solution to the plaintiff. They provide financial assistance to the plaintiff when they need urgent money by offering them a lawsuit cash advance in exchange they take a portion of their future settlement award. The best part of pre-settlement money is that it is not a loan, but a cash advance which you get right now even prior to settlement. Further, it is the only risk-free option available out there as you will have no debt on you, since your lawsuit settlement money with take care of the loan amount and the interest on it.
Non-recourse feature of the lawsuit loans makes it the most interesting way to get funds for your pending lawsuit. Since you only need to repay the loan if you win the case, if you lose, you pay nothing to the legal funding company. Because of the very benefit and uniqueness of the lawsuit loan, all plaintiffs want to get this easy cash. However legal funding companies ensure that they don’t fund cases that are risky as the lender is going to bear all the losses if a plaintiff loses the case.
Hence, they have a simple and straightforward funding process. They will only provide lawsuit loans to people with a pending and strong case. Further, they have one more requirement, that a professional lawyer is representing your case.
Personal Savings & Assets
One of the most common ways to fund your pending lawsuit is to use your own savings. Either you use your bank savings or sell some of your investments and pay for the litigation fees. Using personal savings can be a difficult decision, as no one wants to risk their saving for something uncertain.
Personal savings do give the plaintiff full control of their lawsuit and can have full future settlement awards to themselves. This will also not put any extra debt on you, nor any lender will take your future award. But using personal savings to fund your lawsuit comes with a potential risk, as you will have to pay for everything out of your pocket, and in case of an emergency, your financial situation may worsen. Other than that there is no guaranteed return, if you lose your lawsuit, you will also lose your savings.
Crowdfunding
In recent years, crowdfunding has become a popular way for individuals to raise money for different causes. A plaintiff can also do crowdfunding in case they need money to fund their lawsuit. There are several platforms out there that can be used to create a crowdfunding campaign for you. Here the risk of losing the settlement awards to the lender is null. But not all crowdfunding is successful and has a very poor rate. Other than this crowdfunding takes a lot of time to generate the money you need.
While you are in a lawsuit and you need cash, generally it is for urgent needs such as surgery or to pay for the case. Since crowdfunding is time-consuming your purpose of urgent money required may lost. Additionally, funds raised through crowdfunding may be subject to taxes or platform fees, which can reduce the overall amount available for legal expenses.
Attorney Financing
Some attorneys may be willing to provide financing options for their clients, either through contingency fees or by advancing case expenses. With a contingency fee arrangement, the attorney agrees to take on the case without charging upfront fees, instead taking a percentage of the settlement or judgment if the case is won. This allows plaintiffs to pursue their case without incurring out-of-pocket expenses, but it also means that the attorney will receive a significant portion of the final award.
Alternatively, some attorneys may be willing to advance case expenses, such as filing fees, expert witness fees, and other costs, with the understanding that these expenses will be reimbursed from the settlement or judgment. This can help remove some of the financial burdens for plaintiffs, but it is essential to discuss the terms of any financing arrangements with the attorney beforehand to ensure a clear understanding of the repayment obligations.
Pro Bono Legal Services
For plaintiffs who cannot afford an attorney or secure financing, pro bono legal services may be an option. Many legal aid organizations, non-profit groups, and law school clinics offer free or low-cost legal assistance to individuals who meet certain income and case criteria.
Pro bono attorneys may take on cases involving civil rights, consumer protection, housing disputes, and other matters that align with their organization’s mission. While pro bono legal services can provide valuable assistance to plaintiffs in need, it is important to note that these resources are often limited and may not be available for all types of cases.
Get Funds For Pending Lawsuit Now With Pre-Settlement Funding
Getting funds for your pending lawsuit is a challenging affair as no one has the experience of tackling a lawsuit, the amount it requires and the time it will take. With our experience of working with tons of plaintiffs we have seen lawsuits take time consuming as well as expensive. And many plaintiffs who are unable to fund their case because of cash shortage, we have shown the different ways to get the funds for your pending lawsuit.
If you are interested in getting a lawsuit loan, then our company will be of great assistance. We offer lawsuit loans for more complex cases and provide funding for a wider range of expenses, including attorney fees, expert witness fees, and even living expenses for the plaintiff during the course of the lawsuit.
