Are you an attorney or a plaintiff involved in a lawsuit and need more money to continue your case? Well, lawsuit cash may be the best way to go. While this service has been available for a while now, most attorneys and hardly any individuals are aware that it’s possible to receive cash advances for pending lawsuits.
So, what exactly is lawsuit funding? Many terms have been used to describe this term. Most of the common terms include lawsuit loans, litigation funding, settlement loans, lawsuit cash advances, etc. but knowing the fact that this form of financing is not regarded as an actual loan is essential. If lawsuit funding is issued just like other loans, it means the beneficiary would have to repay them regardless of the outcome of their lawsuit. For this reason, lawsuit funding is referred to as non-recourse transactions. Therefore, individuals are only required to repay this funding if they win their case.
Individuals normally pursue lawsuit loans principally because they level the playing field for plaintiffs. Most often, the entities that defend against your claim include large manufacturers, insurance companies, banks, etc. The fact is that these firms are well off financially and can protract the litigation by driving up litigation costs to the point that plaintiffs fold. As a result, plaintiffs will end up running short of money before they settle with the insurance company.
An example of such cases includes slip-and-fall and auto accidents. When this happens, individuals often lose their jobs or find themselves in a daunting situation where they can’t continue their jobs for an extended time. Most would end up sustaining serious injuries, life-threatening and irreversible damage after these occurrences. Learn about Legal Bay lawsuit funding.
Lawsuit funding plays a vital role when an individual has no choice when confronted with such hard times. Plaintiffs often use these funds to pay their mortgages, medical bills, and other household expenses. While it is true that anyone can qualify for lawsuit funding, it is surprising to note that most plaintiffs aren’t even aware that they can actually obtain these funds to sort out their issues. It is worth knowing that you are eligible for funding up to $1 million for any individual case and $10 million in funding for some commercial cases.
The primary purpose of lawsuit funding is to bail out plaintiffs from tremendous financial constraints. The good thing about it is that the application process is relatively simple and straightforward. All you need is to fill out the application and then submit it to the litigation funding company. After that, this company will contact the plaintiff and his/her lawyer to ask questions relating to the background of their case.
Who is eligible for the litigation funding? According to the policy, only those people who are involved in any civil litigation. Some of the cases for eligibility include employment discrimination, civil rights violations, breach of contract, personal injury, and more. Furthermore, a plaintiff must be represented by an attorney to qualify for the fund.
Therefore, if you or an acquaintance needs financial help to pursue a lawsuit against any entity or individual, then it is wise to consider lawsuit loans to assist you in getting the settlement you deserve.