Certain states are prohibited - we offer basic guidelines below - see if your lawsuit or insurance settlement looks good or "do-able", or whether any time should be spent on it (either by you or by our funders).
You must have an attorney (not represent yourself), and preferably your case complaint should already be filed. If the lawsuit has not yet been filed, we may be able to help, but it may take more time (not on a 1-5 day schedule). You MUST work with your attorney to secure the advance - if your attorney won't sign the paperwork, you cannot get an advance - check with your attorney prior to applying for an
NOT all cases qualify for an advance. Even if you think you are in good shape with the restrictions - there is no guarantee that your case will be approved by the underwriters. Your case must be strong enough to win and be run through formulas to determine if it is actually worth what your attorney quotes you. There may be hidden aspects of your case that would cause it to be denied.
You should have first exhausted or ruled out other options, such as personal bank loans, loans from relatives or friends (if you dare to, that is), sales of property you have no need for, etc. Bad credit situations may make it tough to get a conventional bank loan, so we're here to allow you funding on your lawsuit.
Advance lawsuit funding can be expensive (if your lawsuit is far out in the future from being settled), but is available if needed. We try to keep the fees as low as possible.
If you have credit problems, advance funding is NOT contingent on your credit rating (although there may be verification required to prove that you have no bankruptcies or other liens against your settlement).
This funding request should be in "first position"- meaning, you should not have advances or liens against it unless it has been fully paid back and released (attorney's fees are not counted in, and medicals liens must be disclosed). Like a first lien. Very few cases will be considered on a 2nd lien position (or it usually requires the 1st lien to be bought out). The settlement amount needs to be substantial enough for any buy-out. You must disclose all liens and prior advances.
If you have gone through a bankruptcy, you must show the obligation is being dealt with outside of this advance, so the repayment to the funder will not be jeopardized.
It must be "secured" with a known entity (government, municipality, insurance, state lottery, large company, etc.) with equity and strength to make the payments - NOT payment secured by an individual.
Payment must be made by an insurance company, a government agency, a municipality, a state organization, a large company, or a legal fund.
The lawsuit settlement payment MUST be made to your attorney's office first - not to you directly. He then pays you after taking out his fees and other liens (one of which would be to our funder). If the payment goes to you, there is no way to secure it for the funder - the funder has no way to trust an individual. An attorney is bound by court and law to abide by the liens.
Settlement payment must be transferable on applicable cases.
We CANNOT "buy out" an entire lawsuit settlement. We can only fund toward a portion of it.
We cannot fund on every type of case, or in every state (the allowances and restrictions change at times).
PRE-SETTLEMENT SITUATIONS - The standard amount to be advanced is up to 10% of the amount of your NET settlement. Your minimum amount of PRE-SETTLEMENT funding request should be $1000, although we may be able to advance less in certain cases. Your amount of settlement needs to be at least $10,000 NET (to you) for $1000 funded. Ask only for what you need, not what you "want." There is usually a minimum term to pay back - determined case by case. The amount paid back is not $10,000 on $1000 - but we know there are attorney fees, medical bills and other costs that may come from that, and we do not want to stress out your entire amount due to you. In most cases, you can only be funded up to 10% of the amount that is to be awarded (net to you).
SETTLED CASES - the preferred amount of funding advance is $10,000 (in this case, with the NET amount of settlement being at least $12,500, after lawyer gets paid, etc.). For you to be paid $10,000 up front, it will cost you $2000-2500. We can work with other terms, and lesser settlements and advances, but this gives you some idea of what to go on. This generally gives you 3 months to pay back - the cost may go up some other amount (to be determined) if you need more time. We can fund high amounts if your settlement is much higher an award. Settled cases can usually fund in 24-48 hours after you get the paperwork to us.
We do NOT promise we can fund on any or every case - that is determined by the funder's guidelines and the underwriting department. We try the best we can to fund you, but not all situations are do-able - and many are too risky to fund. If your
net amount is too small, we may have to pass. We can only work under the
requirements of the funders we use. If we tell you we cannot do it - it is because we do not want to waste your time or our funders' time when it is certain we cannot help. We wish we can help everyone but it is not possible.
Your perception of case value may be higher than actual value - and some attorneys inflate the value in their opinion. The cases are funded on the premise of similar cases that have been won and their values. This may be completely different in estimation than what you or your attorney feel it is worth. This will determine the amount that can be advanced, if any. We work with attorneys who look over the cases and assess their fair worth.
Advance lawsuit funding does not harm your case - we do not get involved in it.