What is Pre-Settlement Funding?
Pre-settlement legal funding provides cash to a client in advance for a personal injury lawsuit. No monthly payments or up-front fees are required. Funding is determined on factors such as the strength of the case and repayment of the loan is only required if the client wins their case.
Typically, pre-settlement funding is sought by a person who is facing financial hardship because their injury from an accident has left them unable to work and generate income for their bills and living expenses.
How Does Pre-Settlement Legal Funding Work?
There are four main stages of pre-settlement litigation funding. They are:
- The application. Prior to the application, a client should discuss with their attorney whether pre-settlement funding is the best option for their case. If so, our intake process involves collecting relevant information about your, your case, financial situation, and more.
- The case evaluation. During this phase, we work with your attorney to evaluate the strength of your case and if it meets the necessary criteria for lending from Motor City Legal Funding.
- Loan approval or disapproval. Following the case evaluation, a loan for your lawsuit is either approved or disapproved. A status update is shared with you and the reason for the decision.
- Disbursement of funds. If the loan is approved, funds are dispersed to an account for you to access and use.
The Types of Legal Cases That Can Qualify for Pre-Settlement Funding
Specific types of personal injury and accident cases qualify for pre-settlement funding from Motor City Legal Funding. The case types are:
- Motor Vehicle Accidents
- Slip and Fall Accidents
- Pedestrian Accident
- Wrongful Death
- Workplace Negligence
- General Negligence
The Top Reasons to Use Pre-Settlement Litigation Funding
The settlement timelines for personal injury cases are very unique and vary widely. Thus, those who have been injured and are unable to work require the type of assistance that comes from pre-settlement litigation funding. Some of the top reasons include:
- The client seeks financial relief from bills and other expenses.
- Having funds available takes the pressure off the client to settle their case early and perhaps at a lesser amount.
- It replaces lost income if the client has been injured and is unable to work.
- There is absolutely no risk for the client. The loan only needs to be paid back if they win their personal injury case.
- Pre-settlement litigation funding is quite often faster for the client than seeking a loan from tradition lending sources.
Get The Help You Need Today
Motor City Legal Funding has a stellar reputation for being one of the most trusted pre-settlement funding companies by attorneys and clients throughout Michigan. Contact us today or call (248) 792-8833 for a free case evaluation from one of our team members and let us get the financial help you need.
