Tips For Getting An Affordable Legal Funding
Legal funding now is made available for people expecting settlements in nearly any type of lawsuit. Referred to as Presettlement Loans, they are commonly used by claimants to access their settlements ahead of distribution. Another widely used term to describe this type of financial transaction is Settlement Funding. It is made possible by the fact that the majority of court cases have clear liability, meaning that a defendant’s negligence is clear and it is often just a matter of the worth of the lawsuit instead of determination of liability. Claimants in personal injury cases and cases involving workers’ compensation are the most common beneficiaries of Presettlement funding. Below are four tips that will help lower the cost of your Presettlement Funding.
1. Offer all the details that relate to your case.
Offering all the details related to your case that enabled you to prove the other party’s liability and ensure that you won compensation is a key requirement when applying for a Presettlement Loan. Complete your application, ensuring that you are accurate and truthful with all the information you provide. Clarify to the financial institution offering the facility all the economic as well as non-economic damages that relate to your case and specify the complete settlement amount.
2. Provide details of medical procedures
Another parameter that funding providers look at when considering Presettlement Loans is the provision of detailed information with regard to medical treatments that may have been necessary due to the liable party’s negligence. Any injuries you suffer should be continuously documented without any “gaps” in medical procedures. To ensure full documentation of your injuries and the cost of receiving medical attention, continue to keep your appointments with your medical professional even when you start to feel better.
3. Have a lawyer that has a full understanding of your case
Using the same attorney who won you the settlement in your lawsuit to handle the application for a Presettlement Loan is always a good idea. Staying with the same attorney who represented you in the lawsuit will give you stability while helping you to hold the valuation of the settlement amount. Having the same lawyer allows you to be represented by an individual or firm that has the best understanding of your particular case, potentially increasing the settlement and easing the application process for the Presettlement Loan.
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4. Pick the amount of your loan carefully
When you only apply for the amount of money you need, the cost of your Presettlement funding is lowered significantly. The lower the amount of money you apply for, the lower the fees you have to pay when the settlement proceeds are distributed.
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A Presettlement Loan is the transfer of a part of the total value of a settlement by the beneficiary to a financier in exchange for a cash payment. A cash-strapped plaintiff can easily use a Presettlement Loan to obtain cash against their pending settlement, but it is important for the beneficiary to carefully assess the amount of money they would like to borrow.