Personal Injury Lawsuit cash advances in Times of Need
Pegasus Legal Funding understands that when a person is injured, their income is almost always dramatically reduced due to their inability to work. If they are eligible to receive workers compensation or disability benefits, the proceeds are typically only a fraction of their normal earnings. Read how it works.
Additionally, there may be out-of-pocket medical expenses associated with their treatment, such as insurance deductibles and non-insured procedures. Depending on a plaintiff’s financial resources and the length of his or her disability, many people will require financial assistance during this period. Many people approach friends and family for loans, but these resources are typically limited (if they exist at all). People are typically unable to borrow money from traditional lending sources such as banks because they are temporarily or permanently out of work due to their injuries and are therefore unable to make their necessary monthly payments.
Additionally, and most importantly, traditional lending sources do not consider a plaintiff’s claim as acceptable collateral.
In many cases, if a person is unable to borrow from family, friends or traditional lending sources, they may turn to their attorney for financial help. It is an ethical violation of the Code of Professional Responsibility governing the conduct of lawyers knows as “maintenance and champerty” for an attorney to loan money to his or her client. If the plaintiff cannot find a source of funds, he or she may be forced to settle his or her claim for significantly less money than the claim truly justifies due to their pressing need for funds. With a reliable source of funds to meet the plaintiff’s necessary obligations, both client and attorney are afforded the patience and leverage to hold out for a “fair” and often higher recovery. They can obtain an award that is based on the actual merits of the case and that is NOT affected by the immediate cash needs of the plaintiff. In most cases, by the time a plaintiff is referred to Pegasus Legal Funding, he or she is often behind on payments such as rent/mortgage, automobile, credit cards, utility bills, property taxes, etc…
Pegasus Legal Funding’s goal is to help clients meet their basic living expenses and financial obligations throughout the duration of their case providing lawsuit fundings. By assisting people in creating realistic budgets and needs assessments during the underwriting process, Pegasus Legal Funding seeks to limit the cash advance amount needed by the plaintiff and thereby protect the amount of the net recovery to them from the future lawsuit settlement or award. This philosophy makes the Pegasus Legal Funding an important and responsible provider of cash advances for both plaintiffs and their attorneys.
And remember it is not a lawsuit loan, actually Pegasus does not offer lawsuit loans whatsoever. Your lawsuit funding is not a loan, it is a non-recourse cash advance. There are no credit checks, no monthly payment schedule, and best of all… There is no risk, if you case is not settled and you are not awarded a settlement, you owe us nothing.