If your case is strong enough to win, you can borrow money from your lawsuit. If you are facing financial hardship and are in need of instant cash, pre-settlement funding is an option. In this article, we will explain what settlement funding is, how it works, and how much may be available to you.
The easiest way to define borrowing against a lawsuit is as a non-recourse cash advance against future settlement funds or a jury verdict. Non-recourse implies that we only get paid if you win your lawsuit and only after your lawyer has been compensated. Similarly, you can receive the funds prior to (or subsequent to) your settlement.
Litigation loans from Silver Dollar Financial essentially allow you to borrow the money you require right away in exchange for a percentage of your eventual settlement award. Learn more about how easy it is to borrow against your settlement.
How Much Money Can I Borrow Against My Settlement?
Knowing how much you need to borrow against your settlement is the first step in obtaining loan funding for a lawsuit.
The minimum and maximum borrowing amounts are generally determined by the lender, while the loan amount depends on the strength of your case. The severity of your injuries, available insurance coverage, and the stage of the claim’s processing all affect the claim’s value.
Most lenders give up to $100,000, or up to 20% of the cost of your legal claim’s gross settlement. If you plan to use pre-settlement funding, make sure you only take out as much money as you urgently need, whether it’s to cover an emergency room bill or regular bills.
We offer settlement loans for the following types of lawsuits (and many others):
- Personal injury claims
- Car accidents
- Motorcycle accidents
- Product liability claims
- Dog bite claims
- Medical malpractice claims
- Premises liability claims
- Workers’ compensation claims
- Wrongful death claims
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Where Does the Borrowed Money Come From?
When you decide to borrow against a settlement, we provide you with a non-recourse loan. A non-recourse loan is different from the traditional recourse loans you typically get from a bank.
Non-recourse means that borrowers are not responsible for the debt they incur. So, if you can’t pay back the money you borrowed against your settlement, you owe us nothing.
There is virtually no risk to obtaining a non-recourse loan. If you need to borrow money for your financial obligations after an accident, we provide the means to borrow quickly and safely. We offer pre-settlement funding, in case you wish to start an application today.
Simple Approval Process for Settlement Lending
No matter which firm you choose, the procedures for obtaining a loan against a settlement (before or after it settles) are typically the same. You must confirm your claim and include your lawyer’s contact information.
There are no protracted paperwork processes, countless filings, or waiting periods when working with our lending firm to withdraw funds from a potential settlement. In a few simple steps, you can borrow money against a settlement:
- Apply for funding: After your attorney files your complaint, you must first apply for a loan by filling out our quick online form in order to get settlement money. You’ll get a call from us shortly to confirm your details.
- Lawyer verification: A staff member of the Silver Dollar Financial team will get in touch with your lawyer to ask for your case file.
- Case confirmation: Our underwriters will assess the merits of your case within 24 hours of receiving the documents.
- Financing agreement: If all the criteria are met, we produce a contract for you and your attorney to sign.
- Instant payout: After both parties have signed the contract, we can send you a check or transfer the agreed-upon sum directly into your bank account.
Borrowing against your settlement is essentially risk-free because our contracts are transparent, and if you lose your case, you owe us nothing. Once the funds have been disbursed, you may use them for medical bills or other daily expenses like rent, food, or travel.
How Does Borrowing Against a Settlement Work With Silver Dollar Financial?
When you borrow money from us, the money we provide you is like a cash advance. You’re not really borrowing like a traditional loan. You’re essentially getting early access to the settlement you’re going to win.
You can use the money we provide for any expense. We don’t place any restrictions on how you choose to allocate the money you’re borrowing. Once you win your settlement, what you borrowed is paid back to us.
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Advantages of Borrowing Against Your Own Settlement Money
Borrowing against a settlement can help you in many different ways.
Preventing Debt From Piling Up
Even though your accident may have left you unable to work properly and earn money, your bills won’t care. Credit card companies, landlords, and other financial institutions only care about how you’re going to make your payments, not about when you’ll recover.
You don’t have to face the threat of bankruptcy or crippling debt. Instead, by borrowing against your settlement, you can get money fast and use it to pay off your financial obligations quickly.
Fast Approval and No Need for Financial Proof
When you apply for our pre-settlement loan, you don’t need to submit to a credit check or provide proof of income or employment. Your accident has already left you in a less-than-optimal economic state. Asking for these standards of proof isn’t going to do anything to help qualify you.
What our financial experts care about the most are:
- The details of your accident
- The value of your settlement
- How much money you need
- Basic information about your current financial predicament
That’s it. Nothing else matters or is required. We operate fast to get you a notification of approval within 24 hours or less. We know that time is of the essence when bills or payments need to get paid. Getting an advance on a pending settlement can help you keep the lights on.
Fight Back Against the Insurance Companies
Believe it or not, a lot of personal injury victims often end up settling for less because they can’t afford to stay in the fight anymore. The longer they try to negotiate, the more their debt continues to impact them negatively.
Most personal injury victims want to get on with their lives and take whatever settlement they can. Don’t do this.
Insurance companies know that you’re under pressure and will intentionally stall negotiations or trials to get you to settle on their terms. When you borrow against your settlement, you give yourself the financial stability to stay in the fight longer and get the settlement you deserve.
Is Silver Dollar Financial Trustworthy?
We have never engaged in any predatory lending practices. Other lending institutions are known to hijack cases from their borrowers and pressure them into settling for more. This is so they can get a higher payout when it comes time to pay back the loan. Our customer ratings show:
Silver Dollar came through for me when I needed it. It was fast and easy. Thank you.
As an attorney, I have found the team at Silver Dollar Financial to be very friendly, prompt, helpful, and useful. I highly recommend them.
Silver Dollar exceeded my expectations! The service was fast and the staff is so friendly! I needed money before my case was settled, and they helped me in my time of need. Thank you Silver Dollar!
Our number one goal is to put your comfort and wellbeing above anything else. We believe in honesty, respect, transparency, and empowerment. As a source of economic relief, we will help you borrow against a settlement with confidence.
Need Money Before Your Settlement Comes?
Borrowing against your settlement may seem like a risky move, but it doesn’t have to be. We have assistance available to help guide you through all the steps and give you the best information for your financial health after an accident.
Silver Dollar Financial wants to see you on the best road to recovery while awaiting your settlement. Contact us if you wish to learn more.