As explained in our Funding Basics, there are some minimum criteria to be met before Pegasus funding can accept your application for lawsuit cash advance (also known as pre settlement funding and legal funding). Once the basic criteria are met, there are a number of other key elements that contribute to making a case fit for lawsuit funding approval. While these are the basic minimum requirements, Pegasus Funding LLC may need certain additional criteria to be met based on the funding requested and the type of the case. However, for most lawsuit funding requests, the approval factors are used as guidelines for our review and deciding on whether or not to approve an application for lawsuit cash advance.
The following are among some of the key factors that aid the approval process:-
1. Damages – While muscle injuries and sprains considered soft tissue injuries would be reckoned on a case to case basis, generally, there are severe injuries requiring the injured to stay off work and other financial obligations to be met.
2. Liability – Liability takes the center stage in our decision making process. The defendant’s liability must be clear and strong for the injury that has been caused.
3. Ability to pay – If the defendant’s ability to pay the settlement through the insurer or other means cannot be established, Pegasus Funding LLC, cannot offer the lawsuit cash advance.
4. Contingent fee for Attorney – The compensation for your attorney comes from the settlement/award rather than a retainer or an hourly fee. Just as Pegasus is repaid from the settlement, your attorney must be willing to shoulder the risk of winning to get paid for his/her services.
5. Adequate margins for investment – We will consider all other lien and expenses to be set aside from the settlement to arrive at the lawsuit cash advance that can be approved for you. Public records may be accessed to confirm that there are adequate funds available to discharge all obligations.
6. Background – The applicant’s past records of legal proceedings will be checked to ensure that they are discharged/explainable and will not hinder the lawsuit against which the advance is sought.
7. Residential status – Pegasus can extend lawsuit cash advance in most states. However, Colorado, Kansas; Arkansas; North Carolina; Illinois; Minnesota; Missouri; Nebraska; Oklahoma; South Carolina, and Maryland are presently exempted.
Eager to know how much lawsuit cash advance you qualify for? Pegasus Legal Funding can answer your question anytime you need our services. Do you want to know more? Complete the online application or
Call us: 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