Legal funding cannot be awarded to everyone, who is eligible then?
Legal funding is a form of settlement non-recourse cash advance which is often referred as the legal finance to the plaintiff. It is designed with a specific purpose to help the personal injury sufferer in time. All until the case is in the court’s jurisdiction; they will not be able to get any settlement. Lawsuit loan can be helpful to them during such a situation. Yet, how many cases are being awarded with funds by the legal funding agencies is a challenging question though. There are diverse facts that are to be analyzed in detail to understand the concept better. Money lending in the traditional sense is not that easy mode, and especially complex when it comes to legal financing needs. In fact, it is not offered to everyone or anyone. There are certain cases that are eligible for the presettlement finance .
In order to be entitled to get a pre-settlement loan there are certain eligibility criterion that are to be fulfilled in the first place. Certain conditions should be existent in the plaintiff’s case, so as to qualify for a presettlement advance. Let us see what they are! Lawsuit cash amount is awarded to the plaintiffs in personal injury cases of the selected kind alone. even in that, some of the funding firms find certain cases to be too riskier to deal with, hence, they assume that the chances to win or pretty less and hence, do not offer any lawsuit cash amount as advance to such applicants.
Some of the fundamental needs that the lawsuit settlement funding firms look for are listed below, here.
- Finding the right category to which the case belongs to, is the first step in the method of approach. One ever knows on which category it will be brought under despite being closely related to the personal injury or some kind of accident cases. There are closely related civil rights breach lawsuits of the similar kind too. It can be sexual harassment or a sexual abuse or else it can be some other type of litigation too. You need to better check it appropriately with the best lawsuit funding firm or the legal attorney or the legal consultants to guide you in the best manner.
- When you are under the shadow of the attorneys you are well protected all the time rather than you approaching things on your own especially when it comes to lawsuit cash advance
- It should be at least more than one month right after filing the lawsuit to be eligible to apply for a lawsuit cash advance. It is a clear cut indicator to showcase the fact that the legal proceedings are already on, and that is the reason for the plaintiff to look for financial assistance to take care of the expenditure associated.
- Ultimately the complete worth of the lawsuit has to be determined as well. The plaintiff can ask regarding this to the personal attorney too. In fact, you can come to know about the potential possibilities to win the case as well.
Some things to take into consideration when you are offered a pre settlement finance offering is to know that it is not a lawsuit loan, in fact it is not a loan at all. It is not a legal loan; it is not a lawsuit loan. Conventional loans usually require credit and employment background checks and loans are not provided to those with bad credit. So Pegasus Funding does not offer these types of financing, our cash advances do not require any history of the applicant… The only deciding factors are the merits of your lawsuit, that’s it.
.: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