Q. "How much is your interest on lawsuit funding?"
A. The lenders to which we submit applications don't charge interest because they're not providing loans. If it were a loan, you would have to pay a loan back no matter what. These are non-recourse advances. Therefore, if you lose your case, the lender loses money. Because of that, lenders charge a risk-three. A risk-fee is determined on a case-by-case basis. If you're approved, the contract will state exactly what will be owed before you sign anything.
Q. "How much time would it take for me to receive either a lawsuit loan or lawsuit funding?"
A. A lot of this will depend on the degree to which your attorney cooperates. The broker will send requests for documents to your attorney. If the required information is obtained on the same day that the broker is able to talk to your attorney, you may receive your settlement loan within 1-2 days. Remember, it is very important for you to notify your attorney that you're requesting a settlement loan and that you want your attorney to cooperate in obtaining the documentation as quickly as possible.
Q. "What are the upfront costs?"
A. No, there are no up-front costs to obtain lawsuit funding.
Q. "In what manner do I go about obtaining either a lawsuit loan or lawsuit funding once it is approved?"
A. There are a couple of ways that this may be done. The vendor may FedEx the money to you overnight. Additionally, the lender may wire the funds directly into your account for a pre-determined fee.
Q. "is it necessary for me to provide either my birth-date or Social Security number prior to obtaining either a lawsuit loan or lawsuit funding?"
A. No, it will not be necessary for you to provide this information initially. However, prior to receipt of the requested funding, it will be necessary for you to provide both your birth-date and Social Security number to the lender.
A good broker is going to follow up with your attorney via phone call to ensure that the Request for Documents has been received. This is necessary due to the fact that "time is of the essence." Hopefully, the plaintiff realizes that seldom, if ever, will the attorney actually round-up all of the required documents and forward those documents to the broker. In most cases, it will be a paralegal within that law firm. Therefore, it is essential that the broker be notified of the specific individual within the Law firm with whom the broker will be working
Your broker is going to be working on your behalf to obtain the settlement loan you seek as quickly as possible. Therefore, if the requested documents are not received within 1-2 days, a good broker will follow up with that law firm to find out if there's anything that the broker can do to expedite the process for you.
You should be aware of the fact that if your attorney is not cooperative, the broker will ask you to assist in obtaining the documents as quickly as possible. Once again, the clock is ticking and the attorney works for you, not the other way around!
If you have an attorney who refuses to cooperate, your broker is not going to encourage you to fire that attorney and retain a new one. However, it is extremely important for you to keep in mind that without your assistance, as well as your attorney's, obtaining either a lawsuit loan or lawsuit funding will be virtually impossible.
Some attorneys will require a Release of Medical Records that you must sign prior to releasing medical records to your broker. If that is the case, your broker will obtain the requisite form, submit it to you, request that you sign it and return it to your brokers as quickly as possible.
Ideally, your attorney will submit the documents following the initial contact. Once the documents are received, the broker must review the documents received to determine which lender may be most appropriate for your lawsuit funding request. Once that information is obtained, a competent broker will select a funding-source most applicable to obtain your pre-settlement loan.
Interested in learning more about lawsuit loans? Please visit us today. There you may learn more about lawsuit settlement loans and even apply online for a lawsuit loan.
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