Plaintiffs with an open lawsuit will often reach a breaking point when their financial situation becomes difficult. Paying monthly and daily bills becomes nearly impossible, which becomes the perfect moment for the defendant to strike. Opposing counsel strives on delay tactics and wants you to get financially desperate.
The road can seem long until you get a verdict and receive your payment. Silver Dollar Financial offers pre-settlement loans to victims with an open lawsuit. One concern clients often have if they need attorneys’ approval for a pre-settlement loan.
Your Lawyer’s Approval
Nearly all lawsuit loan companies require that you have a lawyer representing your injury case. The reason why we require a lawyer is for risk assessment. Borrowers have no risk as the lending company absorbs all of the risks.
Since these are non-recourse loans, lending companies have no additional recourse other than getting repayment from your settlement. If your injury lawsuit doesn’t result favorably, then the pre-settlement loan company has no way to get their money back. Sometimes payments are lower than the requested or expected amount, and other parties will receive compensation before the lawsuit loan company.
Since Silver Dollar Financial and other legal funding companies are taking on substantial risk, there are ways to assess the risk of offering you a lawsuit loan. One step to assess risk is to speak to your lawyer. Since the law firm represents you, you have a viable case. When speaking to your lawyer, we will also assess case details, your requested settlement amount from the other party, and how close to a resolution you are.
Another reason to require attorney assistance is that your lawyer will repay your loan. Your lawyer will issue payment to any creditors in order of priority, including your legal funding company.
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The Personal Injury Lawsuit Process
Before getting into your lawyer’s role in your pre-settlement funding, we must discuss the legal process. If you suffer an injury from another person’s negligence, you can seek reimbursement for your losses. You can file an insurance claim or lawsuit depending on case facts.
Most injury victims will seek legal representation for their cases that will review their claims and determine the next steps. Your attorney will then begin building your case. The investigation often entails talking to witnesses, reviewing documents, and hiring expert witnesses.
It can take months before the case is ready for trial. Sometimes it can take years before your case goes to trial. When you go to court, your lawyer and opposing counsel present evidence and their viewpoint.
Then the judge will award compensation for your losses. Once the court decides your award, it can take several months before you get your payment.
The Basics of Pre-Settlement Funding
Your financial obligations do not end because you’re in a lawsuit. While waiting for your verdict and payment, your bills do not stop. Creditors can sometimes work with you for weeks or months, but their patience will soon end.
These financial burdens will begin to tear away at you, and you are looking for options. One viable option is to apply for pre-settlement loans. First, you must find a lawsuit funding company like Silver Dollar Financial.
You want to work with a transparent and fair loan company. You can submit an application online or by calling our underwriting team. Our team will review the information and determine if you qualify for a pre-settlement loan.
After their review, you will get an offer and sign documents agreeing. Then Silver Dollar Financial will provide you with the funds you need.
What Happens When Your Lawyer Denies Pre-Settlement Loans
You do not qualify for a pre-settlement loan without an attorney’s signature. Some legal funding companies will get the attorney’s approval before issuing an offer to the borrower.
However, your attorney does not have to approve your pre-settlement, but it is best to speak to them about your options. By talking to them, you can better understand where your case stands and how much you may need to cover your expenses until you get your settlement.
Your lawyer is hired to protect your best interests. Sometimes, they will have a reason for denying lawsuit loans. One reason is that you exceed the legal funding available and will not get a settlement if you take any other loans.
Another reason is that it is too soon to seek legal funding, so you will have to wait and try again later. One final reason is that your attorney does not work with legal funding companies, which means you will never be able to get pre-settlement funding.
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Protecting Yourself from Denials
You can protect yourself from facing a legal funding loan denial by speaking to your lawyer about your current financial situation. You cannot ask your lawyer for financial assistance but talk to them about your financial need. They can advise you on how legal funding works and even refer you to pre-settlement funding companies.
Some attorneys do not have any references, and you will have to find a funding company independently. Your case strength will determine your pre-settlement funding, and you should also discuss how strong your case currently is. If it is not solid, you might have to wait until the case is stronger before applying for legal funding.
You might also have a better opportunity of getting a lawsuit loan the closer you are to resolving your lawsuit. It can be best to hold out as long as possible before applying for a lawsuit loan, but you should not find yourself in a deep financial hole because you are waiting.
Silver Dollar Financial Can Help
You can get a settlement without an attorney, depending on the complexity of your case. However, getting legal funding requires that an attorney provide information about case merit, potential payment, and case length. In short, you cannot get a pre-settlement loan without an attorney.
You can speak to the underwriting team at Silver Dollar Financial for more information about pre-settlement loans.