How Does Legal Funding Work in NYC?
Personal injury claims are up across the board, all across the five boroughs of New York City! The fact is that negligence based accidents and incidents are on the rise, and personal injury law in general is by far one of the most expansive areas of legal concentration around today. From car accidents and medical malpractice, to more niche claims like dog bite incidents and even amusement park accidents, personal injury law or tort law as it is also known, covers a wide range of different cases and claims. When involved in a personal injury claim or case, it can be one of the most difficult times in an individual’s life. According to the team at Apex Legal Funding, known for the best legal funding Brooklyn has to offer, finances can often be the biggest issue during such a claim, and individuals can often be strapped for cash during this time, as they might be suffering from injuries, be out of work, and not in the best state to earn at the time. This is where legal funding comes into play, one of the most vital services for an individual as they go through the rigors of a personal injury claim and are in need of cash to pay bills and cover life expenses and much more. Despite how valuable of a service it might be, many individuals are still relatively uneducated on what legal funding is, and how it works in New York City. Therefore, to better educate men and women in need, in this article, we will be going over how exactly legal funding works in New York City.
What is Legal Funding?
Legal funding is very valuable for someone in need, during a personal injury lawsuit or clam. Legal funding is a risk-free cash advance that can be provided to plaintiffs who might be injured and out of work, going through the litigation process who expect financial recovery. According to the team at Apex Legal Funding, the best legal funding Queens has to offer, unlike a conventional loan, there is no risk for individuals to go into major debt and cause them to suffer major financial difficulties.
How Does Legal Funding Work?
As we mentioned above, legal funding is a type of cash advance that can be tied to a plaintiff’s legal claim, during a personal injury case as a result of a negligence related accident. According to Apex Legal Funding, the best pre settlement funding NYC has in practice, a legal funding company gives cash to plaintiffs in need, in exchange for a future percentage of their legal claim’s settlement or money they might acquire as a result of a trial victory later on. This is a huge benefit for clients who might need cash during an arduous time of their personal injury claim. According to Apex Legal Funding, known for the best litigation loans NYC has to offer, the funded client can gain access to cash now when they need it, and the legal funding company then hopes to see a return on investment if and when the case comes to a successful end.
Are there Risks for the Plaintiff?
The beauty of legal funding in NYC is that there is little to no risk for the client themselves, or the plaintiff who is being funded. The fact is that according to the team at Apex Legal Funding, known for the best legal funding Queens has to offer, the lawsuit funder or legal funding company, that is purchasing a stake in the future settlement or court award, they buy a part of the case proceeds and are not loaning the plaintiff money. They are taking on the risk of never recovering the legal funding money.
Is Legal Funding a Loan?
Legal funding is not a loan of any type, it is what is known as a non-recourse cash advance that is given to an injured or damaged plaintiff, as the company is purchasing a portion of their future trial victory award, or a potential settlement that might be acquired during their personal injury claim. According to Apex, the best legal funding Brooklyn has to offer, this is big for a client, as they don’t have to pay interest or go into debt if they lose the case as they would during a conventional loan.
For more information on legal funding be sure to contact Apex Legal Funding today.