Pursuing a personal injury lawsuit can be daunting. Besides dealing with physical injuries and emotional trauma from an accident, you’re likely dealing with financial struggles.
That is where a lawsuit loan might help. But how do you know whether you’re eligible for legal funding?
You might qualify if you’re in the midst of personal injury litigation and represented by an attorney. However, some potential hurdles include where you live and whether you’ve received money from other companies.
Legal funding is designed to support you through the long haul of litigation.
If you qualify, you can alleviate some of your immediate financial concerns, allowing your attorney to proceed with litigation.
Read on to learn more about how lawsuit loans work and legal aid eligibility requirements.
How Do Lawsuit Loans Work?
A lawsuit loan is pre-settlement funding, meaning it’s an advance on your future settlement or court judgment. Once approved, you could have access to funds within 24 hours.
One of the key differences with a lawsuit loan is that you don’t have to pay it back should you lose your case.
Injury Wallet is not a lawsuit loan company. We strive to match you with the best lawsuit loan company that offers the best rate for your case.
We work with many companies in the industry, so you don’t have to waste your time shopping around.
How to Know If You’re Eligible for Legal Funding
Lawsuit loan companies have different requirements than a loan you might apply for at a typical financial institution. There’s no credit check or employment verification.
Your Geographic Location Matters
State laws govern the availability and nature of lawsuit loans. Some states do not permit third-party funding companies to offer cash advances to plaintiffs.
Other states might limit services to certain types of cases only. Before beginning the legal funding application process, check whether your state allows such services.
Types of Cases Supported
Not all cases qualify for lawsuit loans. Personal injury cases are most commonly approved for pre-settlement funding.
However, a workers’ compensation claim might present challenges. Some states restrict third-party lenders and cash advances, especially regarding workers’ compensation.
Legal Representation Is Crucial
Securing an attorney is vital before starting the legal funding application process. Most companies, if not all, require you to have legal representation to qualify.
Your chances of winning a lawsuit substantially improve with an experienced attorney guiding you, which makes you a less risky investment for funding companies.
If you’ve already received funding from other sources, it could limit your eligibility for an additional lawsuit loan.
Any new lender will assess the total sum of your existing loans in relation to the potential value of your case settlement. If the ratio seems unfavorable, you might find it challenging to get additional funds.
How Injury Wallet Can Help
Injury Wallet specializes in matching you with the best lawsuit funding options for your situation.
Our network consists of experienced and reputable companies that offer the most competitive rates. And remember, the funds are non-recourse, meaning you only pay it back if you win or settle your case.
You’ll be matched with a lender that understands your case. You’ll receive the immediate financial support you need while giving your attorney time to proceed with your case.