What is Pre-Settlement funding, and Can It Help Me Before My Lawsuit Settles?
You’ve been injured in an accident or are involved in another type of lawsuit, but it might take months (or years) to settle. You cannot work due to your injury and now have additional high medical bills that add to your stress and possibly overwhelming financial worries.
When done by a reputable, stable company, pre-settlement funding can significantly help and give you access to some of the money you expect to receive when your case settles.
Pre-settlement funding is never dependent on your credit score or the usual lending policies and credit criteria of other forms of lending but only on the rational and informed information pertaining to your personal injury (or other) case.
When you work with a known, qualified, and reputable pre-settlement funding company, you can get the money you need now and not experience the stress and financial strain while you and your lawyer fight your case.
Pre-settlement funding is a quick and relatively easy way to move forward financially during this challenging time.
Essentially, you discuss your case thoroughly with your lawyer and determine a few main points, such as;
- How solid is your personal injury or other type of lawsuit?
- What are the calculated chances of you winning your case?
- How much in compensation are you likely to receive?
Pennsylvania’s rules regarding pre-settlement funding are slightly different than other states, as the state regulates pre-settlement funding companies slightly more closely than other states.
That said, it’s vital to note that as a Pennsylvania resident, you can still easily and rapidly use pre-settlement funding to get the funds you must have to move forward with your life and your case.
First, your pre-settlement funding company will analyze numerous factors before deciding on your funding. Your lawyer and the funding company will go over your medical records, police reports, court filings, witnesses, and much more. However, unlike most types of funding, they do this in days or weeks.
After all the legal information is analyzed, the pre-settlement funding company will decide whether to fund your case and for how much,
A critical thing to note is that if you lose your case, you never have to pay the pre-settlement funding company back; they take all the risk.
Once approved, you’ll get the funds within days of signing your paperwork.
So, if you need cash now, you can use pre-settlement funding in Pennsylvania, but you must be aware of the rules and guidelines required by the state.
Are There Any Legal Regulations in Pennsylvania for Pre-Settlement Funding?
Pennsylvania’s Pre-settlement funding is commonly regulated like most states, and several reputable, reliable, and legal pre-settlement funding companies provide funds for state residents.
However, the most significant difference in Pennsylvania pre-settlement funding guidelines is that the state holds to strict periods in which you can apply for and receive your loan; these periods usually involve the statute of limitations on your particular type of case.
For example, the current Pennsylvania law only allows personal injury victims (such as car accidents, slips & falls, etc.) to file their lawsuit against the negligent party for two years. Therefore, it’s critical to note that if you hesitate and wait to file your case, you will not be eligible for compensation or pre-settlement funding.
So, although all types of litigation financing, including pre-settlement funding, are legal in Pennsylvania, you can only access this money if you file your claim before the statute of limitations expires.
Additionally, all reliable, well-known, and reputable companies in Pennsylvania follow strict basic best-practice disclosure guidelines for legal pre-settlement funding contracts. These reliable and nationwide funding companies must display their rates, fees, repayment terms, etc., up-front and prominently for any funding they offer.
Do I Have To Work With a Lawyer To Obtain Pre-Settlement Funding in Pennsylvania?
The simple answer is yes; you must work with a lawyer to obtain pre-settlement funding in Pennsylvania.
In most personal injury, medical malpractice cases, and more, many lawyers will work on a contingency basis. Still, they are also critical in working with the pre-settlement funding company to determine the validity and possible dollar value of your compensation. These calculations are mandatory when attempting to obtain up-front cash from the pre-settlement funding of your case.
Also, your lawyer is responsible for paying back the funding company once your case is finalized and settled. The funding company also knows that your lawyers will do an extensive screening case before taking it on, and they depend on your lawyer’s knowledge and experience when determining your case’s validity and dollar value.
In most cases, the fact that you have a lawyer working on a contingency basis and actively working on your lawsuit will go far in convincing the funding company that you have a solid and valid lawsuit. The validity of your case is critical, for If you lose your case, you owe nothing back to the funding company; they are taking all the risk.
In Pennsylvania, What Types of Cases May Qualify For Pre-Settlement Funding?
Your reliable pre-settlement funding company will explain that, in Pennsylvania, not all types of lawsuits are eligible for pre-settlement funding. Usually, but not always, most cases involve personal injury due to accidents, medical malpractice, etc.
However, other types of lawsuits, such as employment, labor law, product liability, workers’ compensation, and other negligence claims, are commonly filed against insurance companies that could qualify.
So, if you are battling a lawsuit, and cash is an issue, no matter what type of case it may be, it’s always prudent to discuss the details with your reputable pre-settlement funding company and let them decide on your case.
I’m Currently Involved In a Lawsuit and Need Immediate Cash; What Should I Do?
If you are a Pennsylvania resident and have questions on pre-settlement funding, contact a reputable, well-known funding company, and they will give you all the facts you must know.
Almost all pre-settlement funding firms provide advance funds on various personal injury cases. In most cases, their applications can be made online, and the entire process is relatively simple for you and your family.
However, not all companies are the same, so be sure you deal with a funding company with the required experience and reliability.
Consult with a local Exton, Pennsylvania, pre-settlement funding firm as soon as possible; you could have much to gain and nothing to lose.
Pennsylvania-based Universal Funds has assisted many clients who need pre-settlement funding now. Call them today at (484) 341-7106 as they stand ready to work with you now so you can avoid the financial stress that a lawsuit can impose.
It would be best if you moved forward with your life, so contact them today and get the funds needed for your and your family’s future.