If you’ve been involved in a lawsuit and are awaiting a settlement, you know that justice doesn’t always move swiftly. When urgent financial burdens begin to weigh on you more quickly than your settlement arrives, you can’t come to the negotiating table with the resolve that you need. The opposition in your case may actually be counting on this, and by waiting you out, they feel like they can get you to settle for less than your case is worth.
Lawsuit funding companies exist to put the funds you need in your hands so that you can negotiate a fair settlement without feeling the desperation of building financial pressures. Pre-settlement funding can be a great way to borrow risk-free against your eventual settlement, and there are lots of companies out there that provide this type of funding.
What Is Pre-Settlement Funding?
Pre-settlement funding is a type of non-recourse loan. This type of funding can only be pursued by a creditor as far as the collateral provided which, in this case, is a portion of your settlement. If you lose your case or fail to reach a settlement, you cannot be held personally liable for pre-settlement funding that you have obtained meaning you repay nothing.
This enables you to take care of your needs very quickly. Since pre-settlement funding will never result in funds being personally recouped from you, lenders have much less risk and can typically process approvals quickly with little more than just the details from your case.
How Does Pre-Settlement Funding Work?
With pre-settlement funding, you can get funds quickly to take care of urgent financial needs that you need your settlement for, and the loan repayment can be automatically processed by your attorney once your settlement is reached. The process to apply for lawsuit funding is typically very simple and straightforward:
- Fill out an application for funding.
- Provide all requested information about your case.
- Wait for approval. Depending on which lawsuit funding company you use, this can be as short a wait as 24 hours.
- Receive money in your bank account to spend as you need.
How do Lawsuit Funding Companies Stack Up Against Each Other?
There are lots of options out there for pre-settlement funding and only a few companies that stand out of the pack. While many of the leading names in lawsuit funding firms all seem equal at first, it’s important to get a closer look at how they actually stand up to customer reviews. By understanding previous customers’ experiences, you can get a feel for how the company handles its clients and its lending.
Golden Pear Funding
Golden Pear Funding is one of the biggest pre-settlement funding companies in the US. While Golden Pear certainly does a lot of business which implies that they are trusted, on closer examination some of their customers have experienced major red flags in the past.
The most glaring of Golden Pear’s problems is that they lack transparency about their funding, as several reviewers across multiple platforms mention paying exorbitant fees that they were not made aware of. The company in fact fails to mention anything regarding the interest rate or the fees associated with their loans, which should make anyone want to see more hard figures before signing a contract.
American Lawsuit Loans
American lawsuit loans is a newer company in the pre-settlement funding industry but has become widely used in the past few years. The company promises non-recourse lawsuit funding with approvals usually within 24 hours for all kinds of legal cases.
The company doesn’t have as much of a review record as the previous firm, but their reviews are mostly positive. One point that seems to pop up repeatedly is their failure to provide as prompt of approvals as they promise, with many taking days or as long as a week. Also of note, the firm has a TrustPilot rating of 3.7, but only one review one positive review on the platform, which could indicate issues customers have that have yet to be mentioned in web reviews.
Baker Street Funding
Baker Street Funding is the most widely used pre-settlement funding company in the US, and as such is able to provide incredibly competitive interest rates to their clients. Through their high level of resources and well-developed infrastructure, they are usually able to automatically approve many cases in 24 hours.
While Baker Street is highly reviewed across many platforms, the poor scores that exist focus around a central theme. Baker Street’s major selling point of being the biggest kid on the block seems to occasionally leave clients feeling that Baker Street communicates with them poorly about the status of their funding or approval. While this seems to be an occasional problem, getting essential communications about your money lost in the bureaucracy of a giant company is not an ideal situation when you have pressing financial burdens already.
Silver Dollar Financial: a Lender That Fits Your Needs
At Silver Dollar Financial, we strive to serve your needs in every way that the other guys can’t. Our approvals move as fast as possible, and often you can receive funding in as little as 24 hours. Our company was founded to help people in difficult situations, and so a real person will sort through your case and communicate every last detail about your funding fully with you before you commit to anything.
At Silver Dollar Financial, we’re an A+, BBB-accredited lawsuit funding company that has helped many people get the funding they need while they hammer out a settlement in their case. Borrowers and clients alike have left reviews praising the way that Silver Dollar has provided the funding they need when they need it. We can often reach approval within 24 hours for loans of up to $100,000 with no need for credit checks, so apply now and see how much funding you can get for your case today.