Pre-Settlement Funding Company Giving Clients Early Access to Their Settlement Funds
Being injured in an accident that wasn’t your fault and finding yourself unable to work and earn your full wages can lead to an enormous financial strain, even if you expect your case to settle in your favor. The legal process that gets you from the first step of filing a lawsuit to the point in which a settlement check is written can be excruciatingly slow if you desperately need money to take care of your living expenses and medical bills. Fortunately, there is a way to access part of your settlement money months in advance. That is what Universal Funds can help you with.
What Is Pre-Settlement Funding?
Some legal areas are notoriously famous for taking months or years before reaching a resolution. The litigation process for cases in cases for medical malpractice, for example, can take up to a year on average in many US courts, especially with the current caseload and backlog. This may be too long for a plaintiff and their family to wait, especially as medical bills keep coming and there is no sign of their case settling anytime soon. This is where Universal Funds can step in to help. If you have a pending lawsuit and need money right away, Universal Funds can give you a lawsuit cash advance before your case is finalized and a settlement is granted.
Pre-settlement funding is an alternative financial tool that plaintiffs in a civil lawsuit seeking damages recovery can use to receive a cash advance on their expected settlement amount even before the case goes to trial. Universal Funds offers pre-settlement funding for lawsuits in several different legal areas, from personal injury to medical malpractice, offering a path for plaintiffs to obtain financial relief when their cases are expected to be lengthy and take several months before yielding any sort of compensation.
Does a Pre-Settlement Funding Agreement Hurt My Credit Score?
Some people may use the terms settlement loan and pre-settlement funding interchangeably, but the truth is they are not the same thing. When you obtain a settlement loan, you are usually working with a bank and sometimes with a broker that may charge you fees on top of whatever interest you will be paying for your loan. A loan may affect your credit score, require a credit check, and may generate a hard inquiry on your report. And, of course, you are expected to pay back the money you borrowed, sometimes through monthly payments. Many of the plaintiffs that come to Universal Funds have been turned down for a settlement loan because they may be currently unable to work and cannot show proof of steady income.
Pre-settlement funding, on the other hand, is a cash advance on a percentage of the total value of the settlement you are expected to receive for your lawsuit. Because it is not a loan, you have nothing to repay — the money is yours, and a pre-settlement funding company like Universal Funds is simply helping you access it in advance. There is no credit inquiry and thus no negative effects on your credit score. Unlike a traditional loan, with a pre-settlement funding agreement, you get to keep the money even if you don’t win your case. The risk is 100% on us.
How Do I Know if I Am Eligible to Receive Pre-Settlement Funding?
In order to be eligible for pre-settlement funding, you need to be the plaintiff in an ongoing personal injury case involving auto accidents, civil rights, sexual abuse claims, dog bites, medical malpractice, product defects, slip and fall (premises liability), or workplace accidents. You need to be working with an attorney on a contingency fee basis and your lawsuit is seeking monetary compensation for damages resulting from an accident or incident that caused physical injuries and/or economic losses due to someone else’s actions or negligence.
Some law firms may offer pre-settlement funding options. The advantage of working with a company such as Universal Funds is that we are not attached to the outcome of your lawsuit. Once we agree to extend an offer to you, we are taking on all the risk. While we expect your case to settle in your favor, we understand lawsuits are complex and may take unexpected turns. If you end up losing your case, you can keep your money and no repayment will be required.
What Can I Use My Pre-Settlement Funding Money For?
We understand how hard it is to watch bills roll in and feel like you cannot do anything to get ahead. A pre-settlement funding agreement allows you to stop putting your life on hold as you wait for your case to be resolved, and access a portion of the money that is already yours without waiting. It’s risk-free and the money arrives in your account in as little as 24h in most cases.
Once you have successfully applied for pre-settlement funding and received your money in your account, it will be up to you to decide how to use it. Many of our clients need the money for necessities such as rent, utility bills, and groceries. Others need the extra money to cover medical bills, insurance, car payments, or any other expenses they are unable to take care of because their injuries keep them from returning to work. The money is yours to use however you want.
Is Pre-Settlement Funding a Scam?
Like any business dealing with financial transactions out there, there are great pre-settlement funding providers, and then there are not-so-great ones, too. You may have heard a friend saying that pre-settlement funding is a scam. There are providers in the marketplace that may not operate in an ethical, honest manner, thus creating the notion that lawsuit funding is a scam. The truth is you need to choose a reputable company that takes pre-settlement funding seriously and operates with the client’s best interest at heart.
At Universal Funds, we rely on a collective of professional funding experts that have helped thousands get through a rough time for the past 14 years. Our company is a member of ALFA (American Legal Financial Association) as well as an A+ rated member of the Better Business Bureau. We are committed to offering you a hassle-free way of accessing your settlement funds and are proud of our track record of highly satisfied customers.
We know some people may be skeptical and think that there has to be a “catch” to this whole process. While we may not speak for other settlement funding providers, at Universal Funds you will always have access to a real person who is knowledgeable about the pre-settlement funding process and ready to answer any and all questions you may have. Our agreements are written in simple language so you understand exactly what you are agreeing to, and our team is always ready to walk you through the process and provide guidance every step of the way.
Should I Tell My Attorney I Am Planning on Getting Pre-Settlement Funds?
Many of our clients wonder if they should check with their attorney before accepting a pre-settlement funding offer. The short answer is ‘yes! Your attorney is the person who should be advising you about all aspects of your case. Not only should you speak to him or her to see if pre-settlement funding is right for you, but you will also need to provide the pre-settlement funding provider of your choice with your attorney’s information so that he or she can fill out the required forms and provide essential information about your case.
Your attorney can also be instrumental in helping you review your lawsuit funding agreement and making sure you understand every aspect of it. At Universal Funds, we not only encourage you to discuss settlement funding with your lawyer, but we rely on your lawyer to help us build your application. It is a myth that a lawyer can deny you access to pre-settlement funds. They may advise against it if they believe it is not the best route for you, but the decision of signing the agreement is ultimately up to you.
What Does ‘Non-Recourse’ Funding Mean?
Non-recourse funding (sometimes called non-recourse loans) are a category of financing options that do not behave like a traditional loan because they are issued based on a promise of a future jury settlement or award. Lawsuit settlement funding is considered a type of non-recourse “loan” because the funding provider will not demand payment beyond the initial collateral (i.e. the amount you will receive for your lawsuit from a defendant). In other words, even though some may refer to it as a lawsuit settlement loan, non-recourse funding is in reality an advance purchase in which the settlement funding company takes on all the risk. If you don’t win your case, you don’t need to pay back a single dime.
What Is the Pre-Settlement Funding Application Process Like?
You may be wondering if securing a pre-settlement funding cash advance is a complicated process. Fortunately, it is easier than you think. The Universal Funds team takes care of all the hard work — all you need to do is take a few easy steps to get things started. You are already going through a lot after your accident, so removing complexities is always one of our main priorities for any client.
First, in order to apply for pre-settlement funding, you need to have an ongoing lawsuit. You also need to be represented by an attorney who is working on a contingency fee basis, an arrangement in which your attorney does not get paid until he or she wins your case and takes a percentage of your settlement as payment. Once your lawsuit is pending, you may contact Universal Funds through our website or by calling us at (484) 341-7106 and talking to one of our knowledgeable representatives.
When you get in touch with us, we will ask you a few simple questions about your case and use the information you provide to make an assessment about how likely you may be to receive a settlement for your case and how much money you may receive. If we determine that your case is a good fit for our program, we will send you a written agreement in which we will explain how much money we are offering for your pre-settlement advance as well as all other details and important information pertinent to the agreement.
After you review the agreement and decide that it works for you, you just need to sign it and send it back to us. We will then work quickly to deliver your agreed-upon pre-settlement funding amount to your bank account. Some clients are able to receive their money in less than 24h, but the time it takes for you to receive your money often depends on your bank institution. Once the money lands in your account, it’s yours! There are no repayments and no hassles.
If you have an ongoing lawsuit and are struggling to make ends meet while your case is pending, we invite you to speak to your attorney, then contact Universal Funds by calling (484) 341-7106 or filling out the form on our website. We have helped countless clients in a similar situation, and we are ready to work with you so you can move on with your life and receive the money that is already yours. Contact us today!