If you fear that all your finances are getting drained in fighting your lawsuit, you may be able to turn to personal injury financing. However, you need to follow a few steps to ensure that you are granted the financing before the settlement and well before you fall into financial trouble. There are certain factors that determine the speed at which you can get a loan.
In lawsuit financing, there are two parties involved — mainly the plaintiff and lawsuit funding company or the lender. A plaintiff is someone who has a valid legitimate claim/lawsuit and is represented by a counsel.
A lawsuit funding company is a financial institution that has experts to evaluate your personal injury lawsuit and earn profits if the lawsuit of the plaintiff turns out to be successful and awarding. If the plaintiff loses the lawsuit, no repayment is required.
The process of obtaining a lawsuit loan typically involves the following steps. It is usually a fairly quick process if everything is very well prepared and meets the basic requirements. It is typically also a straightforward process. The process often includes the following steps:
- The applicant’s/plaintiff’s data is entered into the system.
- Applicant’s attorney needs to send the documents that are requested of him or her as quickly as possible.
- The documents, once sent by the attorney, are received and reviewed by the financing company.
- A conference call is then made with counsel to discuss the status and merits of the case.
- If the contract is approved, the financing proposal is sent to the applicant
- The contract then requires the signature of the applicant and his attorney. Once the signed contract is received, the case is funded and mailed overnight via electronic transfer.
The only time that is typically consumed is when sending and receiving the documents and in finding an appropriate attorney by the applicant. Evaluating the case does not take much time as lawsuit financing companies have underwriters working on cases for investment purposes.
Certain availability of certain documents required in different cases can also cause a delay in getting a loan. Documents like a police report, medical record, and insurance information in case of an accident can take up time. There are also various other documents required in some cases that may take up additional time. However, personal injury finance companies try their best to cause no delay in obtaining and reviewing documents.
Cases That do Not Pass the Lawsuit Loan Criteria
Some of the cases in which the lawsuit loan companies do not grant loans include landlord-tenant cases, social security dispute claims, wage disputes, and similar. The common cases in which you would likely have no problem in getting a loan from the financing company include:
- Liability cases involving defective products
- Personal injury cases
- Medical device cases where devices caused an illness or accident
Contact Capital Financing Today
If you are considering personal injury financing or have questions about whether it could benefit you, contact Capital Financing today and let us help you determine if your claim is eligible for financing.