Get Presettlement Legal Funding At Lower Cost
Legal funding now is made available for people expecting settlements in nearly any type of lawsuit. Also known as Presettlement Loans in some circles, they provide a claimant with the chance to access all or part of their settlement before it is distributed. Another widely used term to describe this type of financial transaction is Settlement Funding. Because a defendant’s negligence in most lawsuits is abundantly clear, with the court only having to determine the settlement amount, financial institutions can offer this facility. Presettlement Loans are most commonly offered in cases that involve workers’ compensation and in personal injury lawsuits. 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
When applying for a Presettlement loan, your financial institution will want to carefully scrutinize any medical procedures that may have been necessary due to 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
If it is possible, try to stick with the same lawyer who represented you in your lawsuit and helped you win the settlement in the first place. When you use the same lawyer, your lawsuit will not only gain stability, but you will also be able to hold the valuation of the settlement. The lawyer not only has an intimate understanding of the lawsuit, but can also get you the largest settlement possible and ease the loan application process.
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4. Carefully consider how much money you apply for
One way to lower the cost of your Presettlement Loan is to apply only for what you absolutely need. The lower the amount of money you apply for, the lower the fees you have to pay when the settlement proceeds are distributed.
A settlement loan is not an actual loan in the traditional sense of the word, but refers to a portion of a settlement from a lawsuit being transferred to a financier in exchange for cash payment. Although this type of funding is an excellent way for a cash-strapped plaintiff to borrow cash against their settlements, it is important for borrowers to determine how much money they want to apply for.