3 More Frequently Asked Questions About Legal Funding
As we have previously discussed, with personal injury lawsuits on the rise, the need for legal funding has seen a steep increase as well. In many cases, when the need for personal injury lawsuits arise, the plaintiff can often find themselves in quite a tumultuous situation. In the event they might have gotten injured in a car accident due to a drunk driver, experienced issues due to medical malpractice, or any other grave situation – it will often leave the plaintiff without the ability to work and support themselves as well as their loved ones – especially in the case where he or she might have been the primary bread winners of the family. It can really put the family in a tough financial position. However, when a situation like this occurs, it might be in the plaintiff’s best interests to seek out pre-settlement legal funding, in an effort to manage their financials as they await the pending settlement or judgement to come. According to the team at Apex Legal Funding, known for the best legal funding Queens has to offer, pre-settlement funding can truly make or break an individual’s case. Often times, in all manner of civil litigation, the individual with the deeper pockets will generally come out on top, as they can simply bury the other side in a series of legal motions, and constant delays. This will force the other side to constantly spend money, until they run out and can no longer pay legal bills or can no longer afford to pay their rent or other living expenses without, the help of the settlement. In many cases, this will force the plaintiff into taking a substandard settlement. However, with plaintiff legal funding, they have the financial backing they need to stand tall, and continue fighting their case. As in our previous article, here are a few more frequently asked questions regarding pre-settlement legal funding.
· Is it Possible to Get More Than One Settlement Loan?
Lawsuits can take a long time to resolve, and unexpected expenses may arise while your case is still pending. In some cases, it may be possible to take out more than one lawsuit loan. You may be able to secure a second pre-settlement legal funding advance from the same company, as they may simply increase the size of your loan or work with a different lawsuit funding company on a second advance. According to the team at Apex,known for the best legal funding Queens has around, if you need a second pre-settlement loan, you should be honest with the pre-settlement funding, company about the existing loan. Ultimately, it will be up to the funding company to decide whether to issue the additional pre-settlement funding. The lawsuit financing company will need to consider all of the factors related to your case, including the existence of a prior pre-settlement advance.
· How Much Does Plaintiff Legal Funding Cost?
The cost of pre-settlement funding varies on a number of factors, including the strength of your legal case, where it was filed, and the amount of damages claimed. When you apply for a pre-settlement loan, the settlement company should ask you for detailed information about your lawsuit and consult with your attorney. According to Apex, the team known for the best legal funding Queens has to offer, you’ll want to work with a company that charges low interest rates and considers the facts of the case before setting their fees. If you secure a favorable settlement or win in court, you will be required to pay back the amount you borrowed plus an interest payment. Some companies also charge funding fees.Ultimately, the amount of your lawsuit loan will depend on how long your case lasts. Any lawsuit funding company worth trusting will talk with your attorney to gather detailed facts about your case and will give you clear information about the terms and conditions of your settlement loan.
· What Alternatives are there to Plaintiff Legal Funding?
The fact is that while in most cases, legal funding from a reputable legal funding company, such as Apex Legal Funding, is definitely your best options – there are definitely a number of strong alternatives you can consider.In fact, you can even work your lawyer, to push for a quicker settlement. However, this usually means that you will receive less money for your claims than had you waited until closer to trial, as you are giving up some of your leverage to the defendant. You can also apply for a personal loan or credit card to help cover the costs of your living expenses while your case is pending, but in most cases, you will be paying a much higher interest fee.Another thing you can look into though, is that if you suffered a serious personal injury and are unable to return to work, you may be eligible for state or federal disability benefits. And then of course, if at all possible, you may be able to ask a close friend or family member to borrow money in order to handle your expenses until your settlement comes.
For more information on legal funding, be sure to contact Apex Legal Funding today.
