Even after a case has been resolved, payments can be delayed for numerous reasons, including lien and appeals resolution, the claims administration process, and slow-paying defendants. If you are in a bind and need this money to cover your legal expenses, there is good news. With post-settlement funding, you can receive cash while you wait for your settlement check to process.
What is Post-Settlement Funding?
Post-settlement funding is a financial service available to attorneys and plaintiffs after a lawsuit has been resolved and is entirely risk-free. While post-settlement funding has often been referred to as a lawsuit loan, it is not a loan. Post-settlement funding is non-recourse, meaning it is risk-free. If the defendant defaults on their payment, you don’t owe anything until you receive your settlement check. Post-settlement funds provide financial security for you and your family.
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
A third-party lien is placed on a plaintiff’s settlement to secure the funds. It only takes 60 seconds to fill out an application, and we can provide you with either a lump sum cash payment or monthly installment payments.
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
Winning a lawsuit brings relief to plaintiffs; however, the legal process is still not over, even after the verdict is issued. Settlement awards can take a long time to payout. Post-settlement funding helps clients and attorneys get the money they need to pay for their expenses while their settlement is still pending.
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
There are a couple of requirements that must be met to qualify for post-settlement funding. A lawyer must be representing your lawsuit, and you must currently be receiving settlement checks or have a settlement offer.
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
Once the defendant and the plaintiff sign an agreement regarding the settlement amount, an initial sum of money is paid to the plaintiff by the defendant. According to the law, the defendant is not required to pay the entire settlement amount within a specific timeframe. Therefore, the amount of time it can take to receive your settlement checks will vary. A settlement agreement includes contractual terms that can spread your payments between several months or even years.
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
You will need the following when you start applying for your 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
Your financial obligations won’t go away just because you are waiting for a settlement from your personal injury lawsuit. Bills still need to be paid, and life goes on. Fortunately, post-settlement funding from The Legal Funding Group can help you pay for the following common expenses:
Mortgage or rent
Groceries and other household necessities
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
We also provide funding services tailored to law firms and lawyers to help them gain quick access to future fees on settled cases.
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.
Contact The Legal Funding Group
Fill out an online application today or give us a call at (912) 207-8114 to get started with your post-settlement funding.