- James Miller
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Getting a pre-settlement lawsuit loan is a pretty simple process. At Delta Lawsuit Loans we are committed to getting our clients funding against their personal injury settlement as quickly as possible.
We have many pre-settlement injury options available. People have many questions and we will aspire to answer the most frequently asked ones.
Will my case qualify for a pre-settlement lawsuit loan?
The good news is that if you’ve been injured in an accident that was no fault of your own, getting a loan for a pending lawsuit is pretty simple. As long as you have an attorney and are bringing a claim against the person who is at fault, you should qualify for pre-settlement funding.
Another good news is that there are no upfront fees, no credit check, and no employment history check. The only criteria that is looked at is the case itself. The stronger the case is, the more likely you are to get a lawsuit loan.
How long will it take for me to get Pre lawsuit funding?
We pride ourselves on being the fastest in the pre-settlement lawsuit loan business.
Many companies can take days or even weeks. On average, we can get an approval on your pre-settlement funding in 24 hours.
A lot of it depends on how long it takes your attorney to get us the pre-settlement funding docs. Because our underwriters are in house, once we receive the case documentation, we can get the approval within the hour.
Do you need to speak to my personal injury attorney?
Not always. However settlement, your attorney will need to be involved in one way or another. First, someone will need to send us the pre-funding documentation.
For example, if you are looking for a car settlement lawsuit loan for a car accident, we will need a copy of the police report, medical info and insurance coverage.
This information will come from the law firm. And finally, when you are approved for the pre-settlement lawsuit loan, we will need your attorney to sign the lien on the case so that when you win your case, he knows to pay us back for the advance settlement funding.
How much funding will I get?
The amount you receive in your pre settlement lawsuit loan really depends on three factors:
Who was the party that was at fault in the case. A lot will also depend on the state you live in and the laws regarding accidents. Some states allow you to sue even if you were partially at fault. And it is decided what percentage of the liability is attributed to each side. That will help out underwriters determine how much is the right amount to give you for the pre-settlement lawsuit loan.
The other factor that is considered is how badly were you hurt. As an example, someone that requires surgery as a result of their accident, is more likely to recover more money then someone who has soft tissue injuries. Remember, the higher the recovery, the more we can afford to provide a higher loan for a pending lawsuit.
We look at how much the policy limits are for the defendant. The higher the limits the higher amount we can provide in pre settlement lawsuit loan. Note that for car accident loans we look at two policies.
The first is obviously for the defendant in your case. The second is your own policy to determine if you have uninsured or underinsured motorist insurance. This can get you a higher recovery hence a higher lawsuit loan amount.
How much do pre settlement loans cost?
Pricing for a pre-settlement lawsuit loan can get very tricky. Unfortunately, there are all sorts of companies out there that have very confusing rate structures and worse, hidden fees.
There are basically a few types of pre-settlement loan rates structures out there:
- There are companies that charge monthly fees on your pre settlement lawsuit loan contract. Mostly they will charge you between 2 and 4 percent. The thing to watch out for is often they charge you compounding interest. That makes your pre settlement lawsuit loan a lot more expensive
- Other companies charge you in 6-month buckets. They usually range between 20 and 40 percent every six months. Note that this can get tricky as if your case settles right after the sixth month, you will need to pay the higher price on your pre settlement lawsuit loan.
- Fees. There are all types of hidden fees on your pre settlement lawsuit loan contract. They call them by different names. Application fee, case monitoring fee, origination fee, document fee etc. You get the picture. There is nothing wrong with them charging these fees as long as it is clearly shown on the contract and that you know that it’s there before you sin the agreement.
Whatever the structure for your loan is, make sure that you are working with a reputable company and that the pre-settlement loan agreement clearly stipulates what they are charging you.
What happens if I lose my case?
If you have a pending case and took out a pre-settlement funding loan with us and lose your case, you owe us nothing. Not a dime.
That is because although it is often referred to a pre-settlement loan, it not actually a loan.
You see, we are advancing money on your case to you as an investment.
We invest in your lawsuit. It’s just like any other investment.
We take the risk with you. If we lost our investment, even though we gave you the pre-settlement lawsuit loan, we simply lose our money.
How often do you call my attorney for an update on the case?
Once we provide you with a pre-settlement lawsuit loan, although we do need updates from time to time, we try not to bother your attorney. We usually will send out a status email once every 90 days to just find out where the case stands.
What happens if my case takes a very long time to settle?
Although we take a substantial risk when we provide you with a pre-settlement lawsuit loan, we also don’t want to take all of your funds when the case settles.
Therefore, we will usually cap our fees at three years. So, if your case takes longer than three years to settle, we will not charge you additional fees for your pre-settlement lawsuit advance.
How do you provide the funds to me?
At the very beginning of your pre-settlement lawsuit loan agreement, we offer several options for funding.
- We can send you a check vial regular mail. Usually, that takes three to five business days.
- We can Overnight a check to you through federal express
- We can wire the money into your bank account
- We can send the money to your bank account via ACH
- In some instances, we also offer to send it via Western Union
If you choose to get the payment expedited, there will be a fee associated with that.
We hope that this article was helpful in answering any questions you might have about the process to secure your pre settlement lawsuit loan.
Delta Lawsuit Loans is here for you. Call or Contact us now to apply now and get the cash that you need while you wait for your case to settle!
Over his career, James has successfully built and managed several of his own businesses, sold his company, managed hundreds of employees, operated across the United States and Europe, and completed financings for his own companies in excess of $400 million dollars.
James investment and operating experience includes co-founding one of the largest pre settlement companies, a special purpose fund that advanced money to litigants against pending legal claims. He had over $300 million across thousands of case investments, collections, and receivables, a staff of almost 50 employees, operating in 40 states. James built, assembled, and motivated a team of who became the leaders in their field of pre settlement funding. The company offered multiple solutions include attorney funding, plaintiff advances, pre settlement and post-settlement funding, and surgical and medical financing, which enable his clients to receive funds for their case, while the await their settlement.
After selling his business, James now operates a consulting firm which specializes in the lawsuit loan industry. He advises companies how to structure their financing, run their operations, deal with legal issues and collecting on their lawsuit loans. In addition to his consulting firm, James teaches business ethics classes and a local university.
James enjoys teaching, reading, writing and spending time with his wife and two boys.