Lawsuit Funding: A Solution for Plaintiffs In Need of Cash Now!

If you've been injured in an auto accident, unable to work, and the bills are piling up while waiting for your lawsuit to settle, do you know how you will manage financially? Borrowing from family and friends may be an option, but it could put a strain on their finances and/or your relationship.  Taping into your savings or investments may also be an option, but what happens when this source of cash is depleted?  Banks typically will not provide a loan based on a possible settlement award.  When faced with the inability to borrow money from one of these sources, many plaintiffs are often deterred, from pursuing their case.  That is where a resource like lawsuit funding can help.

 “Lawsuit funding a valuable service to someone who needs fast cash to make ends meet while waiting for their case to settle," says Mark Bello, CEO of Lawsuit Financial Corporation, in Southfield, MI.  "It helps needy plaintiffs in a long litigation process by leveling the playing field with large corporations and insurance companies.”

To further define how lawsuit funding works and can benefit a plaintiff, Mr. Bello shares a case (real names not used for confidentiality of his client) his company funded.

Tom Banks was seriously injured in an auto accident that left him unable to return to work.  His wife was a stay-at-home mom caring for their two young children.  Tom drained his personal savings and even tapped into his small retirement fund.  When a settlement still seemed far off, he desperately needed cash to avoid eviction from their home and keep food on the table.  The insurance company offered $450,000, but his lawyer felt case value was $1 million.  Tom applied online for a lawsuit cash advance.  Lawsuit Financial contacted Tom's attorney for some case documentation to determine how likely the case would settle in Tom's favor and what the likely payout would be.  Once we determined the case had merit, a contract for $3,000 was agreed to and signed.  Lawsuit funding bought him eight months and Tom settled for $1.2 million.  Had Tom lost his case, he would not have been required to repay the cash advance because the funding company assumes all risks.

If you are considering settling too early for less than case value, just to pay the bills, level the playing field and wait for a fair settlement with lawsuit funding.  Your credit report and employment history are not factors in obtaining a lawsuit cash advance.  The only thing that matters is whether the case has merit.  Although plaintiffs can use the cash advance anyway they wish, most funds go to paying immediate household needs, such as mortgage, rent, car payments, medical expenses, utility bills, and putting food on the table.

A reputable legal finance company will not charge any upfront fees or monthly payments, do not get involved in your case, and only get paid once you successfully settle your case.  Make sure you clearly understand the interest rates you will pay once you settle and whether there are caps.  Once you choose a funding company, if your application is approved, funds can be available within 24 - 48 hours.