What is Post-Settlement Funding?
Defendants usually have to pay part of the agreed-upon amount after a settlement has been reached. It’s not for the entire amount because there is no legal deadline that requires a defendant to pay in full. The wait time to receive a settlement can be as little as a couple of weeks to as long as several years. If a contract regarding payments was signed, it could take a while before you see the award.
Post-settlement funding may work for you if you need financial assistance instantly. You can receive the compensation you need within 48 hours after your application is approved.
How Post-Settlement Funding Works
- Application: To apply, call us or fill out our easy online application.
- Evaluation: Our team of funding specialists will evaluate your case.
- Funding: Once your application is approved, you will sign a contract and receive the money within 48 hours.
Benefits of Post-Settlement Funding
- Benefits for Plaintiffs: Victims can rearrange their finances with funds.
- Benefits for Attorneys: Attorneys can use funds to pay for business expenses and new contingency cases.
- Personalized Funding: Funds are personalized for each case based on the expected date of your payout.
- Fast Approvals: You will get quick access to your post-settlement funds in under 48 hours.
Post-Settlement Loan Case Qualifications
You can receive post-settlement funding for the following types of cases:
With a settlement offer, funders will have documentation of your settlement, which will show them the value of your case and increase your chances of receiving post-settlement funding. Bear in mind that injury lawsuits in some states do not qualify for post-settlement funding.
Receiving a Settlement Award
Post-settlement funding can help people with basic expenses until they receive their settlement payments. Once your post-settlement loan has been approved, the funder could issue you the funds in 48 hours or less.
How to Get Post-Settlement Funding
- A letter from your lawyer stating the amount of your settlement
- How much funding you will need
- A copy of the letter from your defendant’s lawyer outlining their obligation to pay and/or a copy of your lawyer’s letter to the insurance company
- A copy of the general release
We will also contact your attorney to discuss these details.
How Post-Settlement Funding Can Be Used
- Mortgage or rent
- Medical bills
- Rehabilitation expenses
- Loan payments
- Utility expenses
- Groceries and other household necessities
- Tuition
- Vehicle bills and repairs
- Everyday expenses for your children and family
Your bills will continue to pile up despite your injuries or pending settlement payout. You don’t have time to apply for an expensive personal loan or to wait for a settlement when you need money to cover your everyday living expenses now.
Post-Settlement Funding for Lawyers
- There is no liability or personal guarantees for monies that aren’t collected from a case.
- Contingency fees are a lawyer’s most valuable asset, which is why we offer our clients quicker access to these fees and more liquidity than a traditional financial institution.
- We offer quick access to non-recourse financing. Repayment is only required upon collection, and there are no monthly payments.
Once a case has been settled, the attorneys working on the contingency can collect their fees and use the money to fund their firm. Post-settlement funding helps attorneys who need a quick cash flow after a settlement has been reached. The gap between the award and the settlement can be huge.
Firms with a quick turnover between settlements and collecting fees thrive better than firms with a much slower turnover. You can use the money to bring in more cases through hiring, advertising, or building other cases. You may also be able to compete against firms with larger budgets.
If you already have a large firm, post-settlement funding could help you utilize your marketing budget and maintain a competitive edge against other firms. This gives you and your business an advantage you wouldn’t normally have if you relied on a typical settlement timeline.