How does pre-settlement funding support law firms? Pre-settlement funding gives law firms money to help plaintiffs continue with their litigation until damages are awarded or a settlement is reached.
A personal injury lawsuit loan provider can share full details on our FAQs page.
How Pre-Settlement Funding Supports Law Firms in Personal Injury Cases
Pre-settlement funding allows law firms to receive non-recourse loans. It allows a firm to take on a case on a contingency basis. If the firm does everything within its power and its client does not recover damages, it does not have to pay back its loan.
To understand how pre-settlement funding supports law firms in personal injury cases, consider an example. Your law firm assesses car accident loans and accepts one, but your client’s auto collision lawsuit is unsuccessful. In spite of the outcome, you keep the money that was already given to you by your legal funding provider.
Silver Dollar Financial offers pre-settlement funding to law firms in as little as 24 hours. Let us teach you about our legal funding options and how your law firm may benefit from them. Contact us for more information.
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Why Law Firms Request Pre-Settlement Funding
You may have questions about what is a personal installment loan and if your law firm should get one. Ultimately, pre-settlement funding may prove to be a superior option. Common reasons why law firms choose pre-settlement loans over other options include:
You Can Get a Cash Advance that Helps You Keep a Case Going
With pre-settlement funding, your law firm may be able to keep a lawsuit going for as long as necessary. The funding ensures you can continue to negotiate with the other party in the hopes of reaching a settlement or bringing your client’s case to trial.
In either scenario, you can operate on contingency and continue to support your client until their case is resolved.
There Is No Risk with Pre-Settlement Funding.
In terms of legal loans, many types of funding are available, and each must be paid back only if a case is successful. Thus, there is no pressure to repay a pre-settlement loan if a case is unsuccessful. If your law firm represents a client who does not receive damages or a settlement, you keep your lawsuit loan and do not incur any penalties for doing so.
You Can Provide Your Clients with the Legal Representation that They Deserve.
A pre-settlement loan helps ensure you can focus exclusively on your client’s litigation. The loan gives you sufficient money to use so you can pursue your client’s case to the fullest extent. As such, you are well-equipped to put your client in a great position to receive their desired case outcome.
You Can Negotiate a Fair Settlement.
With pre-settlement funding, there is no pressure to encourage your client to accept the first settlement from the defendant in your lawsuit. Instead, you and your client can evaluate a proposal in detail. If a settlement falls short of what your client wants, they can decline, and you are assured of having money that can help you continue to represent this individual.
If you want to learn more about how pre–settlement loans support law firms, meet with a legal funding provider. This gives you an opportunity to share your concerns and questions about pre-settlement funding. You can also explore personal injury lawsuit loans and other legal funding options.
How Law Firms Can Apply for Pre-Settlement Funding
If you want to get your money now from a legal loan provider, you will have to complete a lawsuit funding application. The entire application process may require only a few minutes to complete. You may submit your application materials over the phone or online.
During the application process, you may have to provide information relating to a case and your contact information. There is no need for a credit check during the application process. In the same way, a legal funding provider does not need to evaluate your income history.
As far as what happens after you submit your legal funding application, a pre-settlement loan company reviews your request. Next, the business can give you a personalized loan quote. You may receive this as soon as the day after the company gets your application materials.
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What a Law Firm Pre-Settlement Funding Quote Looks Like
Quotes for non-recourse loans include details about how much money your law firm can receive and what you will have to pay back after your client’s case is resolved. A legal loan provider will share your loan’s interest rate with you. This may be a simple or compounding interest rate.
A simple interest rate remains intact for the life of your loan. Alternatively, an interest rate that compounds can increase over time. A simple interest rate is often a preferred choice to a compounding one, as you may wind up paying less if you have the former as part of your legal loan terms.
Your legal funding provider should provide sufficient information about your loan amount and interest rate. If you are unsure of how your loan will work, let your lawsuit loan company know. This can help you make an informed loan decision.
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How Pre-Settlement Funding for Law Firms Gets Repaid
As you evaluate how pre-settlement funding supports legal firms, think about the repayment process. You are required to repay a non-recourse loan only if your client’s case is a success. Otherwise, your legal loan company lets you keep the money it gives you.
Ideally, you represent your clients, they receive compensation, and they are happy with your work. The defendant in your client’s lawsuit provides compensation. You deduct what your client owes you, and you pay your legal funding provider for this amount.
In a situation where your client does not recover damages, there is no need to worry. You can notify your legal funding provider about the result of the case. From here, your legal loan company waives your balance.
Find Out More About How Pre-Settlement Funding Supports Law Firms
Silver Dollar Financial is a top choice for law firms interested in legal loans. Our lawsuit loan specialists can explain our pre-settlement funding options and their complexities. Contact us today.
Call or text +1(844)871-0628 or Apply Now for Pre-Settlement Funding