Pre-settlement funding is a great option for plaintiffs involved in personal injury cases in Massachusetts. You can ask for legal funding as soon as you file your personal injury claim. Then, your lawsuit loan can help you stay afloat financially during your litigation.
Silver Dollar Financial is a top provider of Massachusetts pre-settlement funding. For more information, please reach out to us. We can learn about your personal injury case and provide you with a personalized lawsuit funding quote.
How Pre-Settlement Funding in Massachusetts Works
Massachusetts law states there is a three-year statute of limitations for personal injury claims. You have a maximum of three years from the date you suffer a personal injury to pursue compensation from anyone responsible for it. If you file a personal injury lawsuit, you can request a pre-settlement loan.
A lawsuit loan differs from standard financing options from banks and credit unions. This type of loan gives you access to money based on your projected personal injury case settlement. You are only required to pay back your legal funding if you win or settle your case.
The team at Silver Dollar Financial can explain the different types of pre-settlement funding available in Massachusetts. We can also walk you through our loan application process. If you are interested in getting a lawsuit loan, please let us know.
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When You Can Request Massachusetts Legal Funding
There are many reasons why people apply for pre-settlement funding. These reasons include:
An auto accident can put a major dent in your budget. You can file a personal injury lawsuit to hold the at-fault driver responsible for your auto accident damages. On top of that, you can request a car accident loan to get money you can use for the duration of your case.
You can sue a product manufacturer or seller based on a faulty product. There is no telling whether you will win your product liability case. Regardless, you can still request a product liability loan.
You can suffer a slip-and-fall injury due to a negligent property owner. In this situation, it pays to sue the negligent property owner for any damages you incur. You can also request a lawsuit loan based on the projected settlement in your slip-and-fall accident case.
If you have been injured as a result of someone else’s negligence, do not wait to file a personal injury lawsuit. In addition, you can request legal funding. Your attorney can make sure your lawsuit and legal funding requests are submitted right away.
What You Need to Get a Pre-Settlement Loan in Massachusetts
With all pre-settlement loans, you must have an attorney, and they will serve as a liaison between you and your legal funding company. Also, you must be involved in a personal injury case. You must share details about your case with your lawsuit funding provider as well.
To request pre-settlement settlement funding, you need to fill out an application. You can complete your application online and get a response to it within 24 hours. During the application process, your credit score is not evaluated, and there is no check of your income history.
If you are approved for a lawsuit loan, your lender gives you a quote. You can review your quote and the interest rate associated with it. If you accept the terms and conditions, you will get your money, and you can use it however you choose.
How Pre-Settlement Funding Stacks Up Against a Traditional Loan
At first glance, a lawsuit loan may seem nearly identical to other types of funding. Yet, pre-settlement funding may prove to be a superior option over a standard loan. There are several reasons why.
When you get legal funding, you do not have to go through a lengthy application process. While a bank or credit union may require a credit check, information about your income history, and other financial records, a lawsuit loan company does not. Instead, a legal funding company looks exclusively at your case to determine how much money it can give you.
Of course, with legal funding, you do not have to repay it if your case is unsuccessful. Comparatively, a loan from a bank or credit union must be paid back. If you receive bank or credit union financing but cannot repay it on schedule, you risk late fees and other penalties.
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What It Takes to Find a Pre-Settlement Loan that Works Well for You
Do not hesitate to ask questions before you apply for a lawsuit loan. Remember, it is in your best interests to accept legal funding only if it works well for you. If you have questions about whether there are upfront fees to apply for legal funding or similar topics, you should share them with a pre-settlement funding company.
A lawsuit funding provider has pre-settlement loan specialists on staff. These specialists can review your case and explain the ins and outs of lawsuit loans. They encourage you to ask questions, so you can get insights that you can use to weigh the pros and cons of pre-settlement funding.
If you receive a lawsuit loan, your attorney will make sure you get the most value out of your funding. They will do everything they can to help you win or settle your case. If your attorney succeeds, you should expect a large settlement, and this will be used to pay back your legal funding.
What You Need to do to Repay a Lawsuit Loan
Your lawyer takes care of the pre-settlement loan repayment process. They notify you when you get a settlement check for your case. Next, your attorney deducts the amount you owe your lawsuit loan company from this check, pays the business, and gives you the remainder.
If you do not receive compensation in your case, there is no need to stress. Your lawyer remains in contact with your legal funding company throughout your litigation. They will tell the company about the result of your case.
When you are not awarded damages but previously received a lawsuit loan, you keep 100% of your loan amount without any penalties. At this time, your pre-settlement funding company covers your balance. If you ever want to pursue lawsuit funding from this company again down the line, you can do so.
Request a Lawsuit Loan Today
Silver Dollar Financial can help you with your pre-settlement funding request. To get started, please contact us today.