Lawsuit Funding Solutions is proud to announce they are now a Sponsor for the DC-Trial Lawyers Association. LFS is looking forward to working with various attorneys from the DC-TLA and providing pre and post settlement funding to their clients.
Winning a lawsuit can be a very exciting time for a plaintiff and his/her attorney. Plaintiffs can now look forward to getting on with their lives and use the proceeds from the case to plan for their future. But, what happens when the defense and insurance companies decide to appeal the verdict. Plaintiffs are now put all the way back to the beginning where a resolution can now take another year or even longer. This delay in getting a final judgment or settlement can put a major strain on a family’s financial situation.
What can a family do in a situation where their case now has months if not years to get resolved? A lawsuit funding company may be the perfect solution. A lawsuit funding company can help a family get financial assistance now while they wait for the appeal to be completed. This financial assistance can help pay for monthly expenses such as mortgages, rent, bills, etc. This financial assistance will help a family relax while they wait for their attorney settle or receive a judgment on their case, for the 2nd time.
Call Lawsuit Funding Solutions today while you wait for a case to settle and see if we can help you.
If you have been involved in a personal injury lawsuit and need some financial assistance, getting a lawsuit advance is a great option.
A lawsuit advance works a little bit different than a bank loan. With a bank loan you apply for the loan and the bank will look at your credit score and collateral and decide if they can lend you money and how much. In today’s markets, it’s pretty tough to get a loan from a bank unless you want to sign personally. Everything has to line up perfectly for the bank to step up and lend money which is why a lawsuit advance makes a lot of sense in some situations. With a lawsuit advance, the only thing (collateral) required to get funding is a good case. And the great thing about a lawsuit loan is if you end up losing your case, you owe nothing back. With a bank loan, if you end losing, the bank will go after your home, car, etc. With a lawsuit advance, LFS is taking a bet on your case and your case winning. If you lose the case, you keep the money you borrowed from Lawsuit Funding Solutions.
The amount Lawsuit Funding Solutions can lend you is based on the strength of your case. If you have a good case and have a strong attorney/firm, you are likely to qualify for a lawsuit loan from LFS. The way LFS determines how much we can lend is based on how much our underwriters believe your case is worth. For instance, if we believe your case is worth $100,000, then the loan amount would range from $5,000 to $15,000, or 5% to 15% of the case’s value. In most cases, the cash advance process is fast and easy and is usually completed within 48 hours.
Then why would anyone ever get a bank loan over a lawsuit advance if everything points to a lawsuit advance being 100% easier. Simple, bank loans are a much cheaper option. Read my other blogs and you can see that lawsuit advances aren’t cheap. The national lawsuit lenders don’t want me to tell you that but it’s true. Lawsuit Funding Solutions charges between 2-3% per month and we are the cheapest option out there. Some of the national companies will charge rates from 4-9% per month!!!! Make sure you check what you are getting charged before you sign anything.
But, not everyone will qualify for a bank loan especially in the current banking world we live in. Therefore, if you need money to pay the rent, mortgage, expenses, kid’s tuition, then call us or fill out our simple 1 page application. Lawsuit Funding Solutions is here to help. Ask us any questions you may have. We would love to make your life easier in your time of financial need.
One new type of funding that we offer here at LawSuit Funding Solutions is Settlement Funding.
Most plaintiffs assume that when their case settles or receives a judgment they will receive their proceeds immediately. Unfortunately, that is not the case. Receiving your proceeds can take anywhere between 30 to even 180 days, especially when a trust is being set up. It can be a very frustrating process to receive these funds after waiting years to win a case.
LFS can help. We offer the lowest rates out there for settlement cash advances. After a plaintiff wins their case, LFS will advance them up to 15% of what the settlement award is. For instance, if your case settles for $100,000, LFS will advance you $15,000 now. When your attorney receives the settlement, LFS will be paid back our principal plus interest owed.
A settlement advance is a great way to help a plaintiff out with their short term cash needs. But, as always, with cash advances, the amount a plaintiff will owe can be expensive. Yes, we offer the lowest rates out there but 2% on $15,000 is $300 per month. Make sure you need a cash advance before you decide to take one.
Call LawSuit Funding Solutions today if you need a settlement cash advance. Best way to reach us is 215.599.6545.
There are a bunch of lawsuit funding companies to choose from and the numbers continue to grow. How do you know which lawsuit funding company is right for you? Obviously we would love it if you thought LawSuit Funding Solutions was the right funding company for you and your needs but we understand if you choose to go with another lawsuit funding company for a cash advance. Below is a quick guide in choosing the correct lawsuit funding company:
-Come up with a list of questions you may have for the underwriter or operator when you call. Make sure they answer all of your questions so you feel 100% comfortable in the process and the company.
-The biggest problem I have with other lawsuit lenders is they will never reveal or tell a client what their rate will be or how much they will owe. If a lawsuit funding company cannot tell you what their rates will be on a cash advance or if you do not understand how the interest/fee structure works, move on and fast.
-Apply with 1 lawsuit funding company. While you think this improves your chances, what it really does is wear out your paralegal and/or attorney who is sending documents 6 different times to each person requesting it. Some law firms will bill you for this! Because you need money quickly, you will need the firm to work quickly. Applying with many funders at once slows everyone down.
-Once you find the right lawsuit funding company, carefully review the cash advance agreement. What the company told you over the phone and what is on the cash agreement could be two totally different things. Again, make sure you are 100% comfortable in the agreement especially what the Total Amount Owed will be once your case receives a settlement or judgment.
-Understand that the advance process may take 24 to 48 hours to complete, if not longer depending how responsive your attorney is and how big of a case you have. Take your time. Do not take the first lawsuit cash advance you get if you don’t feel 100% ready.
-Less is more in the end. Lawsuit cash advances are expensive. Other lawsuit funding companies will never tell you that but we will. It can cost anywhere between 2-3% per month to get a cash advance from Lawsuit Funding Solutions and it is a lot more to borrow from other lawsuit funders. Therefore, only borrow the amount that is really necessary. Do not borrow $10,000 if you only need half of that. A lawsuit cash advance should be for necessary expenses = pay the rent/mortgage, heating bill, kid’s school expenses, etc.
Hopefully this will give you some supportive information to assist you in making the best decision possible. Fill out our application and see if LawSuit Funding Solutions is the right choice for you. We would love to help you in your financial time of need and get you to finish line in your case.
Thanks and call LFS at 215.599.6545 if you have any questions.
A structured settlement is a financial structure where a personal injury plaintiff who won his/her case agrees to accept a personal injury claim by receiving periodic payments on an agreed schedule rather than as a lump sum. Structured settlement cases are popular as an alternative to lump sum settlements. The increased popularity is due to several rulings by the IRS, an increase in personal injury awards, and higher interest rates. The IRS rulings changed policies such that if certain requirements were met then claimants could have federal income tax waived. Higher interest rates result in lower present values, hence annuity premiums, for deferred payments versus a lump sum.
In simple terms, structured settlements are a great way to give a claimant a set return per year or month. Instead of taking the money all at once and potentially overspending, structured settlements allow an attorney and claimant to set up a set amount that will allow the client to receive enough money to live comfortably.
The busiest time of the year at Lawsuit Funding Solutions is easily the Holiday Season. There are a bunch of reasons for that:
-Cold Weather – heating bills rise dramatically. It has been a brutal start of the Winter to end 2013 with temps hitting the 20s and even the 10s. Therefore, we see heating bills double or even triple from the mild Winters of 2011 and 2012. Not only that, some people have oil heat and have to fill their tanks at the beginning of the Winter and that can cost $500 to $1,500.
-Gifts – no one likes or wants to give less during the Holidays because of a lack of income due to a personal injury. People want to enjoy the Holidays in the same fashion as they did prior to their accident even though they are struggling economically.
-Year End – a lot of plaintiffs have the hope that their case would be settled or receive a judgment by years end. By the time the Holidays come around, they reach the realization that their case will not end by years end.
These are 3 reasons (there are a bunch more but these are the main ones) why LFS is a lot busier during the Holiday Season. People need and spend a lot more money during the Holiday Season and that is why they reach out to lawsuit funding companies in November and December.
Please call us if you are in need of financial assistance while you wait for your case to settle.
I have been working at Lawsuit Funding Solutions now for three months but before I worked here I worked for an attorney’s office in Philadelphia that specialized in personal injury litigation for five years. In my time at the law firm I handled all kinds of cases and when one of my client came to me asking for an advance I would try and talk them out of it as best I could unless it was an emergency and they had no other choice. But in my short time working for Lawsuit Funding Solutions, I have seen how much we can help people that are in need of financial help when an accident rips their life apart. It feels good to be able to help a client out of a financial jam when they are unable to work and need to pay their rent or bills.
If you have any questions, call me and I will answer any questions that you may have. My direct line is 267.546.3936.
What cases we fund and do not fund here at Lawsuit Funding Solutions depends on a ton of different circumstances. Here are the most important things that we look for:
1. Type of Case – MVA or Settled Cases are the easiest to fund. S&F’s are the hardest.
2. Attorney – if we know the attorney and the attorney has a strong reputation, then it makes it a lot easier to fund.
3. Other liens – if you have other liens already on your case then it will make it a lot harder to fund your case.
4. Coverage amount – is your case Full or Limited Tort. If it is limited, we will have a tough time funding.
5. Date of Accident – LFS does not usually fund a case until it is 6 months old.
6. Extent of Injuries – soft tissue cases are the hardest to fund.
There are a ton of other issues that we look to determine if we can fund a case but the above 6 are the most important. Call us today if you have any further questions at 215.599.6545.
A lot of times we get asked what are the easiest and hardest cases to fund or give a cash advance on. The hardest cases to fund are slip n falls. They are always tough to fund because of how hard it is to determine fault. There can be so many circumstances involved in a S&F case that the likelihood of a positive outcome for the plaintiff is going to be the lowest win % for all the cases that LFS funds.
The easiest case to fund and one that we can do very quickly are the cases that have settled. Now why would a plaintiff need a cash advance if their case already settled. In most cases, a case will settle but an insurance company is not required to pay for another 30, 60, or even 90 days. Some circumstances, it can take a plaintiff 6 months or more to get their settlement proceeds if the case settled for a very large amount and if a trust needs to be set up. Therefore, while the plaintiff waits to receive their proceeds, LFS can fund the plaintiff a cash advance.
This can help for 2 reasons:
1. If a client is in financial distress, LFS can help them pay off various bills that continue to pile up. Especially if a plaintiff was hoping for the proceeds sooner rather than later, LFS can step in and give a plaintiff money now and will get paid when the proceeds finally are sent out.
2. The amount the plaintiff will owe to LFS will be minimal. Obviously the amount of time the advance will be outstanding will be short, therefore the total amount owed will be very little. For instance, if a plaintiff got a cash advance for $3,000 and would pay LFS back within 1 month, the amount owed would $3,200, or $200 on top of the initial advance.
As always, a plaintiff should not get a lawsuit advance unless they need one to pay the rent, heating bill, etc. Lawsuit advances can be expensive, so do your homework and make sure you choose the right company that fits your needs.
Call us today if you have any questions. Thanks. 215.599.6545