Lawsuit funding or legal funding companies provide plaintiffs with financial assistance as the case proceeds, with payment for the company coming from the settlement or judgment. While the industry is relatively new, many litigants are availing their services as they have proven very useful. Keep these things in mind so you will receive the best funding deal possible.
Legal funding doesn’t come cheap, so look for a legal funding company that provides free consultation. Many legal finance companies offer free, no obligation legal consultation, so there’s no reason for you to pay for such a service. If you’re looking for legal funding, take the time to study feedback about the company and if they’re willing to listen to your financial situation and offer some advice at no cost.
The free consultation that legal funding companies provide varies, but if you decide to apply, your application and documentation must be free of charge.
Transparent Payment Scheme
There should be no monthly payments or upfront fees of any kind, and they should not get anything until your case has been judged or settled properly. If you lose the case the cash advance repayment should be waived so you, the plaintiff, don’t owe the lawsuit funding company anything. If there are aspects of the payment process you don’t understand, it should be explained to you clearly.
Streamlined Application Process
The application and approval process has to be quick because the longer it takes, the greater your financial expenses will be. To avoid delays and hassles, you should look for a legal funding company that doesn’t require employment verification and credit checking, as those can take weeks to complete. The best legal finance companies can process and approve an application in 24 hours, so that should be your basis.
This point cannot be overemphasized, so you should choose a legal funding company that has a professional, dedicated staff who cares about your case. It’s very easy for lawsuit funding companies to make claims, so you should check their reputation among clients and litigants. If you are involved in a complex case, you need to rely on a reputable legal funding team that can provide the assistance you need.
Second, you can tell by visiting their website and see what kind of service they’re providing clients. The more resources available, the more the company will be able to help you out. In fact, some legal funding companies advice their clients how to attain financial sustainability in the future free of charge.
Last but definitely not the least, the lawsuit funding company should have several years of experience in the legal funding industry and in trial cases. Before you choose one of these companies, you should check the company’s background, the credentials of the team and what they have accomplished. There’s nothing wrong with seeking assistance from legal finance companies, but since you’ll be depending on them financially it is much better to go with an experienced company.