If you want to apply for a pre-settlement loan with a reputable funding company, you must have a lawyer representing you and your case. It is your right to represent yourself, even in a personal injury lawsuit; however, doing so will stand in the way of your ability to obtain pre-settlement funding.
So, if you must have a lawyer, can they deny you from applying for and receiving a pre-settlement loan? The simple answer is no; they cannot. Your lawyer could have various reasons to try to stop you from applying for or obtaining a pre-settlement loan, but in the end, it’s usually your decision.
It’s also true, however, that your lawyer will be actively involved throughout the pre-settlement funding process.
Your lawyer will be responsible for the following:
- Providing specific details about your case – Your pre-settlement funding company will require full access to your claim’s specifics, including your legal documents and medical records. Your lawyer must be available and responsive to these requests.
- Dispersing the funds from your settlement – When the case defendant finally turns over the entire settlement money, it will go to your lawyer for disbursement. Your lawyer will repay creditors, etc., and the pre-settlement funding firm.
You must know that all reputable and thorough pre-settlement funding companies only back cases where you (as the plaintiff) are likely to win. They hold the risk, so it’s a very sound reason why they must communicate consistently with your law team. They only recover the funds if you win your case.
Your lawyer may be trying to deny your pre-settlement funding if you’ve exceeded the number of legal allowances you can obtain. It also may be too early to file for your pre-settlement funding claim. This, however, would only mean you have to apply again later for your funding.
Most lawyers understand the value and need for pre-settlement funding. Also, if approved, there is virtually no risk to your lawyer or you. So in almost all cases, your lawyer understands the value of pre-settlement funding to you and your family.
What Other Reasons Might My Lawyer Attempt to Deny My Funding?
Keep in mind that your lawyer will have some extra work; some simply might not like working with pre-settlement funding companies. They may have personal reasons, or something in the past might have caused them issues. However, these incidents are rare, and most personal injury lawyers know how valuable this money is to you and your family.
Remember to note that all experienced pre-settlement funding firms will investigate your case thoroughly and discuss pertinent details with your lawyer. Only when they both rationally agree will your funding proceed.
Additionally, it may be premature. Your legal team may still be investigating your case and not have all the pertinent facts needed to determine your chances of winning and how much you may be awarded. In this situation, you will commonly discuss it with your lawyer and apply again later for your needed pre-settlement funding when all the facts are clear.
You must note that having a qualified, experienced personal injury attorney on your case always increases your chances of winning and receiving needed compensation. However, also note that repayment to the pre-settlement funding company is contingent upon you winning your case! Not yet having enough information about your case is the most common reason your lawyer attempts to deny your pre-settlement funding request.
How Can I Get Approved For Pre-Settlement Funding?
Your lawyer and your pre-settlement funding company understand wholly how vital these funds are now and possibly in the future. Please be aware, however, that to get approval for pre-settlement funding, you must apply correctly and have a strong enough case.
Also, the final amount you are approved for will depend on how much you are expected to receive.
All pre-settlement financing companies will determine a targeted amount you may receive and the chances of winning your case. All approvals will advance you a percentage of the amount you’re most likely to receive. So, if you have a lawsuit where you’re expected to receive $500,000, you will be approved for a percentage of that final figure.
Your pre-settlement funding company will assist you through the entire process. They want to help you and your family through this challenging time and will work diligently.
The funding company takes all the risk. So, they must do all their “due diligence” but also will work quickly and thoroughly and help you the best way they can.
What Can I Do To Help Secure My Pre-Settlement Funding?
If you want to help your chances of not being turned down for pre-settlement funding, it’s always prudent to discuss it with your lawyer before you begin the process.
Document your need for money for current medical and recovery costs, everyday bills, and living expenses, and show why you want to apply for pre-settlement funding.
They will usually give you excellent legal advice on the matter and may even know reputable pre-settlement funding companies you can work with.
Also, even if you’ve applied and been turned down initially, working with your attorney may help you improve your case so that you can now obtain the funding you need.
Always remember that the significant factors needed to approve pre-settlement funding are the case’s strength, the timeline for awards, and the expected settlement.
The further you are with your lawsuit, the better your chances of being approved for pre-settlement funding. At this point also, Yo
My Family and I Need Pre-Settlement Funding Now; How Should I Proceed?
As stated, discussing your needs and the pre-settlement funding process with your lawyer is always an excellent idea. Determine ahead of time where you are in your lawsuit, the possible time frame until the end of your case, and the approximate amount you stand to receive.
Tell your lawyer that your family’s bills are mounting up, and money is needed now.
If the time is right, pre-settlement funding will help enormously to alleviate the financial stress you’re under and give you the peace of mind you need. You should speak to your attorney first to avoid getting turned down for legal funding. They will offer legal advice and may even know some reputable pre-settlement funding companies to apply with.
If you have applied and been turned down, work with your attorney to improve your case so that you can get approved the next time. Then consult with a local Pennsylvania legal funding company, and they will give you detailed answers to any questions about the application process and all the funding details.