Individuals who have suffered serious injuries because of another party’s negligence often face substantial financial issues; even though you may be involved in a personal injury lawsuit, paying the bills for the duration may not be easy – or even possible.  This is where pre-settlement funding comes in.  Litigation financing is actually the process of getting a cash advance against the proceeds you expect to gain from your lawsuit.  While not right for everyone, many have found that this type of funding helped them avoid financial disaster or even bankruptcy due to sky-high medical costs.  How does it work?

Pre-settlement funding is a non-recourse process, which simply means that if you are approved for an advance and ultimately lose your lawsuit, you do not repay the advance.  This means that financially, you are at no risk.  If your attorney does win your lawsuit, you will repay the litigation financing company at the time you have your money, along with any fees and/or interest that may apply.  After repayment of the advance, the balance is yours to do with whatever you choose.

Who qualifies for pre-settlement funding?  Those who have a strong case usually qualify.  Litigation financing companies do not approve lawsuits which are viewed as weak or frivolous, because the chances are the lawsuit will not be won which means the funding company will not be repaid for the advance.  If you have a solid, viable case it is likely that you will be approved.  Your attorney will provide the necessary information which will include medical and accident reports, and other documentation related to your injuries and the circumstances which caused them.

Does credit rating or employment make a difference?  With pre-settlement funding, these factors are not taken into consideration.  Funding companies make their decision based solely on how strong your lawsuit is, not how good your credit is or whether you are employed.

No upfront money required.  You will not be required to pay any fees or other out-of-pocket expenses.

How long will it take to get your advance if approved?  In most cases, those who qualify for pre-settlement funding will receive an advance within 24 hours of applying, or by the next business day.  How much your advance will be depends upon the value of your lawsuit; for instance, if your attorney has filed suit for $450,000, your advance will be approximately $45,000, or 10% of the expected proceeds.

All you need to do is provide a bit of information; your attorney will then be contacted by the litigation financing company for the required documentation, which will be processed quickly.  If you are a plaintiff in a personal injury lawsuit who is facing serious financial problems, talk to your lawyer about Mayfield pre-settlement funding today.

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