What Are Some Of The Most Frequently Asked Questions Regarding Either A Lawsuit Loan Or Lawsuit Funding?

Q. "How much is your interest on lawsuit funding?"

A. This would be a valid question, were the requestor to obtain a loan. However, there is no interest charged when obtaining lawsuit funding because it is not a loan. If it were a loan, it would be necessary for the requestor to repay that loan irrespective of the outcome of the case. However, with a non-recourse advance, if you do not prevail in your case, you pay nothing. It is for this reason that the funding-entities will charge a risk-fee. The risk-fee charged is contingent on the inherent risk in the lawsuit that you present.

Q. "What is the length of time that it takes to obtain either a lawsuit loan or lawsuit funding?"

A. Do you have a cooperative attorney? Upon receipt of your application, the broker will contact your attorney and request specific documents. It will be important for you to contact your attorney as quickly as possible to notify your attorney that such a request will be received. If your attorney cooperates and the documents are received within one day, it is quite possible for you receive the settlement loan you seek within 1-2 days. Thus, if you're in a hurry to receive the advance, you're encouraged to contact your attorney as quickly as possible.

Q. "What are the upfront costs?"

A. No, there are no up-front costs to obtain lawsuit funding.

Q. "If my request is approved, how am I to go about obtaining either a lawsuit loan or lawsuit funding?"

A. If you're in a hurry, the funding-entity can arrange to either FedEx a check to you overnight, or, if you wish, the funding-entity may wire the funds directly into your account for a pre-determined fee.

Q. "Am I going to have to provide my birth-date and Social Security number when I submit my application?"

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.

Please note that because time is of the essence, a good broker will follow up immediately with you with a phone call to ensure that the law firm with which you want the broker to work has received the Request for Documents. In most cases, the attorneys themselves neither prepare nor submit the paperwork in response to lawsuit funding requests. It is customarily a paralegal or secretary who will both prepare and submit the paperwork to you.

Your broker will need to find out very quickly with whom they need to speak to obtain the requisite documentation. If the paperwork is not received within 1-2 days, a competent broker will follow up with the law firm and request the documents once again.

Please note that if your attorney is being uncooperative, the broker will ask you to assist in obtaining the documentation required to obtain settlement loans. Remember the attorney works for you and the clock is ticking!

If your attorney is particularly uncooperative, a good broker is not going to encourage you to fire that attorney and retain a new one. Irrespective of the broker's recommendations, it is important for both you and your attorney to cooperate in this process. If either you or your attorney fails to do so, the likelihood of obtaining either a lawsuit loan or lawsuit funding is significantly diminished.

If your attorney requires you to sign a Release of Medical Records prior to providing requisite medical documentation, the broker will forward the document to you for your review and signature, once you've reviewed the document and signed it, it will be essential for you to forward that a signed document to your attorney as quickly as possible. Additionally, it will be necessary for you to notify the broker that you've done so.

Under ideal circumstances, your attorney will submit the documents following the initial request. Upon receipt of the documents, it will be necessary for your broker to review those documents for completeness. It will also be necessary that the broker determine the funding-entity best-suited to accommodate your funding request. Once that information is obtained, your packet will be submitted to funding-entity for review. If the funding-entity determines that the packet is complete, the entire packet will be submitted to underwriters for consideration. If the facts of your case substantially support your claim, and your request is reasonable, your chances of obtaining either a lawsuit loan or lawsuit funding are very good!

Looking for more information about lawsuit funding? Please allow us to provide more information regarding lawsuit settlement loans. Please stop by today, and you may either apply online for a lawsuit settlement loan or review our lawsuit funding frequently asked questions archive.