Legal Funding has become very popular among the people who are waiting for settlements in their lawsuits. This type of funding has had a very massive impact on the legal market with most plaintiffs now eager to get funding so that they do not have to wait for their money for months. By applying for this funding, the plaintiff can get hands on the money he requires for meeting his day-to-day needs and paying off his monthly bills. Legal funding is thus perceived to be very beneficial and useful for the plaintiffs. However, some people still have concerns about legal funding and question whether it is better for them or not. Taking a look at the benefits that legal funding has to offer, it is easy to understand why it is better for the plaintiffs.
Legal funding follows a non-recourse policy. This means that the plaintiff only has to pay back the money that he receives as funding if he ends up winning the case. In the event that the plaintiff loses his lawsuit for any reason then he would not have to pay even a cent to the company who provided the legal funding. This is among the most important and beneficial aspects of legal funding, which is why it is considered extremely safe for the plaintiffs since they owe nothing to the lending company if they do not receive their cash settlement from the court.
No Credit Checks
Unlike lawsuit loans, legal funding is offered to the applicants on the basis of their case’s merit rather than their credit history. The legal funding provider is more interested in the fact that the lawsuit being pursued by the plaintiff would result in a win for him and thus do not care if he has a bad credit record. This is the second benefit that legal funding has over other financial programs in which the applicant has to go to great lengths to prove that he has a good credit history before he is even considered for the loan.
Legal funding applications are processed very quickly by the funding companies. They know that the plaintiff asking for the funding is in dire need of the money so they do not take a lot of time in approving the application and transferring the funds to the plaintiff’s account.
No Monthly Payments
Legal funding programs require the plaintiffs to pay back the money they owe the funding company in a single installment after he has received his compensation award from the court. The funding company will not ask for any monthly payments while the lawsuit is going on no matter how much time it takes. This benefit is another reason why legal funding is considered best for plaintiffs awaiting settlement for their lawsuits.
Plenty of Options
Legal funding is offered to the plaintiffs in almost all types of lawsuits. Moreover, there are plenty of options available for the plaintiffs as well. They can opt for a lump sum fund upfront or can ask for scheduled payments which would be transferred to them as monthly installments.
Pegasus can help you and your family with a cash advance today! 855-FUND-YOU / 855-386-3968
.:About the author:.
James Sheridan is the Contracts Manager at Pegasus Legal Funding LLC and is responsible for the final stage of the funding approval process. James focus and priority is delivering to PLF’s clients the funds they need as quickly as possible