3 Frequently Asked Questions About Legal Funding
When it comes to issues like a car accident, medical malpractice, and a wide variety of other issues that occur as a result of the negligent actions of another party, the way in which we deal with such issues is by filing a personal injury claim, in civil court. By definition, a personal injury claim is a form of a legal dispute that arises in the event that one party or person suffers harm from an accident or injury, and someone else might be legally responsible for that harm – due to certain actions that might have been way out of the ordinary, and deemed negligent. The responsible person’s insurance company will pay money to the injured person for medical bills, pain and suffering, and other ongoing medical expenses. If the case involves medical malpractice, your personal injury attorney will be working with insurance companies and hospital attorneys.
A personal injury case can become formalized through a personal injury lawyer representing you at a civil court proceeding. This court session seeks to find others legally at fault through a court judgment or, as is much more common, such disputes may be resolved through informal settlement before any lawsuit is filed. However, in many cases, when an individual is gravely injured and can no longer work or needs time off to heal, they may have financial issues, and they might require something known as plaintiff legal funding or in most cases, just legal funding. According to the team at Apex Legal Funding, known for the best legal funding Queens has to offer,legal funding, while many might refer to it as litigation loans, the fact is that it is not actually a loan at all. Essentially, it is a cash advance on an expected settlement or verdict in a pending legal case.After you file a lawsuit, a lawsuit funding company advances you an amount of money based on the estimated value of your legal claims. If you lose your case, you are not required to pay anything back.A pre settlement lawsuit “loan” is an advance on an expected settlement or verdict in a pending legal case. After you file a lawsuit, a lawsuit funding company advances you an amount of money based on the estimated value of your legal claims. To better help you to understand litigation loans or plaintiff legal funding, here are a few of the most popular questions prospective clients might ask.
· Is Legal Funding Safe & Legally Protected?
There are advantages to securing pre-settlement loans, including having cash available to cover living expenses and other bills while waiting for the outcome of a lawsuit. This can give you more time to negotiate a favorable settlement and prevent you from going into debt while your case is pending.Unlike traditional loans, you don’t need a good credit history to secure a pre-settlement loan. Finally, a reputable pre-settlement funding company can often deliver an advance in as little as one day. According to the team at Apex, despite being known for the best legal funding Queens has around, they would like clients to know that there are some possible drawbacks to pre-settlement loans, too. You’ll be charged interest on the pre-settlement advance, and lawsuits can take a long time to settle or reach a judgment in court. It’s important to wait to take out an advance until you absolutely need one since interest on the advance will grow over time.
· How Long Does it Take to Get Cash?
This is highly dependent upon the company that you are working with, as in many instances it can be as soon as 24 to 48 hours to get your cash. Unlike a bank loan, credit card, or mortgage, whether you are approved for a pre-settlement loan is not based on your credit history or income. Instead, the pre-settlement loan company will evaluate the facts of your case and the strength of your legal position to determine your eligibility.
· How Long Does it Take to Get Paid Following a Settlement?
Nearly 95 percent of all lawsuits settle out of court, which means that a settlement agreement is reached by parties before the case reaches trial. A settlement agreement typically requires the defendant to pay a sum of money to the plaintiff. Unfortunately for plaintiffs, there is no law that requires a settlement be paid within a certain amount of time. This is a contractual term that is left up to the parties to negotiate. When it comes to such litigation loans, the amount of time it takes to get paid after a settlement depends on a number of factors, including whether the defendant or the defendant’s insurance company will be responsible for paying the settlement, the financial solvency of the defendant, the settlement terms negotiated by the parties, and the number of plaintiffs involved in the lawsuit. Because of the uncertainty around settlement payout times, many plaintiffs decide that a plaintiff legal funding is the best way for them to proceed while their lawsuit is pending.
For more information on legal funding, be sure to contact Apex Legal Funding today.
