Pre-settlement advance funding – why plaintiffs need money fast
Pre-settlement advance funding why plaintiffs need money fast
When someone has been injured, and lawsuits have been filed, the time to actually see the outcome can be considerable.
During the often drawn out wait, circumstances can force financial hardship upon many people. In this uncertain time of need, individuals consider a number of options to help relieve the pressure.
Family and friends may not be in fortunate enough positions to spare cash; the bank (if they have a relationship with a bank) aren't prepared to lend money or supply lines of credit on the basis on a unknown' and pending lawsuit- they aren't experts in legal judgments; and finally, a last resort option of turning to a lawsuit funding company for a pre-settlement advance.
These companies are the experts, and can help make a decision on the probability of a successful outcome, and provide a cash advance at no risk to the plaintiff if the lawsuit isn't successful!
The expertise, and ability to provide a no risk advance (not to be confused with a loan, as repayments aren't required until case settlement) comes at a cost but one that in a frustrating, desperate time of financial need, not over whelming. Interest is charged on the money lent, and is deducted with legal fees on settlement.
As time goes on, a growing concern continues to grow how long will it take to get money so they can pay the rent/mortgage, overdue bills and purchase much needed items?
It took them several weeks to exhaust the first two options, and by the time the turning to legal funding, they needed the money 10 days ago! So how long a firm takes to process and approve an application plays a large role, but just as importantly, perhaps even more so after telling them the good news that they CAN be helped is how long they take to get it into their hands!
Sending a check by courier, which is the most common form of payment, takes 24 hours or so, PLUS the time it takes time to cash it and without a solid banking relationship and the branch knowing the payer, cash won't be cleared for 3-5 days!! That's an even more stressful period of time, especially if it's over the weekend!
Bank Wire might be an option but again with no solid banking relationship, may not be viable for everyone. Yes its fast, generally 10 minutes or so but with high bank fees going out, and by going into an account, it can add up.
Money Transfer companies are becoming more popular because it's almost instant, and there are thousands of locations plaintiffs can collect cash but the cost of doing so can be VERY expensive. Either up front, or at the end of settlement, depending on who pays.
With technology available there should be a faster, and more inexpensive option available to both the legal funding firms, and the plaintiff's who need absolutely as much cash in their pockets as they can. Now, and at the end of settlement.
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