Don’t be pressured to settle. Today, many lenders are investing in lawsuits and helping plaintiffs pursue the litigation process to the fullest for fair compensations. The challenge, perhaps, is finding a reputable, trustworthy, and low-interest financier. This website reveals everything you need to know about settlement funding.
How lawsuit financing works
The lawsuit lender provides the money you need to pursue your lawsuit. This amount goes towards expenses such as lawyer fees, expert witness and investigation fees, court costs, deposition costs, and other expenses. Because settlement cases can drag on for long, securing the right amount of funding helps you pursue justice to the very end.
You must file a lawsuit to be eligible for litigation financing.
The next step after you file a lawsuit is finding a litigation financier. The lending company will evaluate your case and estimate the amount that you stand to receive as compensation for your damages. The lender then provides you with instant financing, and you sign an agreement to pay back the full amount plus interest from your settlement proceeds.
Lawsuit financing saves you from the pressure of settling.
97% of cases settle, and most do so prematurely in the litigation process. That happens because people run out of finances during the process. Insurance companies know how to play your financial problems to their advantage. They likely have teams researching your financial vulnerabilities and will possibly coerce you into settling for a flimsy amount at your most desperate moment.
When you settle your case too early, you leave untold amounts on the table. With the right lawsuit lender by your side, you will have the freedom to explore every angle to your case, including proceeding to trial if you have to. The goal of lawsuit funding is to sustain the process to the point where you get the right compensation for your damages.
The funding takes care of your medical costs and essential needs before settlement
A lot happens after an accident, including physical and emotional injuries, loss of wages, and unforeseen medical expenses. It can be challenging to go it alone at this time without financial backing. Legal Bay can help to keep the lights on and pay your medical expenses as you wait for settlement compensation.
You only pay it back if you win
One of the reasons to consider lawsuit funding is this advantage-you only pay back if you win the case. Lawsuit funding is categorized as non-recourse funding. When you lose, you will have no settlement amount to pay back with. Financiers get into it knowing the risk, and often they carefully evaluate your case before committing.
The best deal is the low-interest deal
You might not pay anything back if you lose, but no one starts a lawsuit to lose. With a good balance in your account and skilled lawyers by your side, your chances of winning a settlement case doubles.
It’s, therefore, essential to research the interest costs before signing up with a lender. Simple interest is the best type of interest for lawsuit cash advances. You must also consider other types of fees and upfront costs.
The takeaway
Money and justice go hand in hand. Lawsuit financing gives you the extra room to negotiate for better compensation.
