Is a Lawsuit Cash Advance a Lawsuit Loan?
Plain and simple
A Lawsuit Cash Advance is not a Lawsuit Loan. Unlike traditional lawsuit loans, there aren’t any credit or employment background checks. In fact with a Pegasus legal funding, there aren’t any monthly payment schedules. Our lawsuit cash advances are repaid when you win your case. When awarding the cash advance the Pegasus Legal Funding LLC purchases just a portion pertaining to the proceeds of the case of yours.
What happens when I lose my lawsuit?
The major aspect by which the lawsuit cash advance is going to be different from that of a lawsuit loan is that the mode of repayment. When you lose the case you are not going to repay anything from your legal funding from Pegasus, since in our arrangement is the case of non-recourse cash advance. A conventional or traditional loan, also referred to as lawsuit loans are entirely different. This is why it is commonly known as a non-recourse legal funding. Pegasus is investing in a portion of your legal settlement, and there isn’t a cash award then you owe us nothing. Pre settlement loans rates and fees are based on the strength of your case, Pegasus takes not part in your lawsuit, we only provide you money which is a legal funding. Your attorney will make arrangements to repay the liens related to lawsuit so that your lawsuit loan is repaid, also known as satisfied. Your attorney will most likely represent you on a contingency basis, which is their motivation to win the case to which they will satisfy the legal financing Such risks are not associated with the borrowing here, it is your attorney and Pegasus that assume most, if not all the risk when you get a lawsuit loan.. Cash advance facilitates your easy handling of cases and at the same time you do not have any obligation to repay the lawsuit loan as well, when you lose the case .
Non-recourse means Pegasus takes most of the risk offering you a settlement loan
One of the most significant advantages here in obtaining the cash advance is that you are not required to repay anything at all, on a monthly basis just like how you do in the case of conventional lawsuit loans and the insurance policies that you undertake. No fees upfront are to be paid as well.
The Process involved obtaining the lawsuit cash advance
As mentioned earlier we are making the legal funding paid to you, which means we are just buying a part of your case proceeds as such. Several criteria are taken into due consideration for doing the case evaluation effectively. It includes the liabilities too. It includes the damages too. Something like the insurance coverage of the defendant will also be given due weight-age. The stage in which the case is pending and the development stages ahead will all be assessed to the best extent possible and a report will be submitted as a case study to the management by the underwriters here at Pegasus Legal Funding LLC. That is how we evaluate your case and decide if we can provide you with a lawsuit loan. It can be a complex and time consuming process. But since we’re a direct funder, the entire process for the lawsuit loan is addressed by our staff only, which means not only privacy but a faster decision.
A fax is sent to your lawyer requesting him to submit the case details to us, for evaluating the case merits as such. documents that are to be submitted along with the case details will include a clear cut statement about the defendants insurance status, medical records of the relevant kind, how and when and where did the accident happened and what are all the causes, and so on. Some of the medical records will be cross checked in detail to assess the situation and its worsens. We do check even al lathe other type of pertinent documents. Once we receive everything readily from your attorneys, then there is not much to be delayed any further. Immediately the evaluation study will be conducted and the final approval can be announced if it is a meritorious case from our perspective. Meritorious case means a case which has the brightest possibility to be won in the courts of law. In case, if we do have any questions to be answered by you our attorney we might call you in one such a situational need. Notification about the approval is made to you when you have successfully submitted everything as the above mentioned and have waited for a couple of days or so, at the maximum.
.: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