When you submit an application for a legal finance cash advance, the lawsuit funding company will reach out to your law firm and ask for the detail about your case so they evaluate if you qualify. The length of this process depends on not only how cooperative of your attorney is, but just how much information your law firm has received. Things like police reports and medical records have to be requested and because of privacy laws they must be requested correctly or there will be delays. It might be the best thing to do is to get as much of your case docs as you can (police report, medical records, etc..) and even go to your law firm personal so you can provide the information to the Legal Finance company. This will no doubt speed up the process of you getting legal financing quickly. We realize that you are probably short on time and need help now, not tomorrow. The one promise we can make is that when it comes to legal financing, we’re give the best effort we can to help you a lawsuit loan Following up with the lawsuit loan company and your attorney so to ensure that the lender receives the documentation needed to make a decision.
If you’ve been injured as result of someone else’s fault, it’s likely you’ve seen and heard lending offers and numerous commercials on TV, Radio and the Internet. Finding a reputable company can be daunting. Here’s where to start.
Your attorney. Your first resource should be your attorney. No doubt he or she will have opinions on which lenders to approach and which to avoid. Your attorney can also help you negotiate the best terms. But keep in mind that your law firm and attorney’s roles are to get you the settlement you deserve. Obtaining legal funding is above and beyond their scope of responsibilities, so please do not expect the help and be appreciative if you do your attroney does help you get a lawsuit loan. And some sound advice, do not make your attorney spend inordinate amount of time doing this, they should be focusing on matters of your case, not getting a pre-settlement loan
ALFA. Another resource may be the lawsuit funding’s primary trade association, the American Legal Finance Association. ALFA publishes a list of best practices to which its members agree to abide, covering such subjects as lending amounts, disclosure requirements, conflicts of interest, and false advertising. Keep in mind that a trade association’s main mission is to promote the interests of its member companies, not your interests.
BBB. The Better Business Bureau is yet another resource for researching Lawsuit Loan companies. The BBB has a vast database on the business practices of millions of companies, it has been the Ipso Facto standard for consumers to find out more about businesses and provide a transparent view of how the public feels about them. They will assist with conflict resolution so you can find out how a company handles problems. And to be fair, all companies have issues from time to time, but it how they address and resolve the issues that is really important.
Once you’ve gotten several recommendations, contact each litigation funding company and do the following:
1. Compare interest rates (or what the lenders call “funding fees”). Because the rates are generally high, this information may be difficult to find on websites. The company may also be reluctant to quote a rate until it has evaluated your case.
2. Ask about application fees. Some companies charge just to consider your case, but many will evaluate it for free.
3. Ask how often the interest is compounded. Many companies compound monthly, others compound more often. Since compounding means you’re paying interest on interest, the more often the interest is compounded, the more you’ll pay at the conclusion of the case.
4. Confirm that you will not be required to pay the lender more than your award or settlement amount, and that you will pay nothing if you lose your case.
5. Remember that applying for the loan or asking for information does not obligate you to sign any paperwork or make any commitments to the lender. If the lender drags its feet, seems reluctant to answer your questions or disclose the terms of the loan, it’s time to find another lender.
6. There is a little known secret with the legal financing industry, a rescission clause. Also known as a buyers remorse clause, this is part of the legal financing contract that specifies a time frame (usually one business week) to return the legal financing and cancel the lawsuit loan.
Above all, keep in mind the following: For the most part, only some state and federal agencies do not regulate litigation funding companies in the same way that they regulate banks, credit unions, and even storefront finance companies. There are restrictions on how much they can charge for their services and few requirements as to how interest rates and other terms are disclosed, but this varies from state to state. But even the heaviest regulated states, Direct Legal Funding has had success in providing legal financing where others will not. That is because that we work hard for our client’s and their law firms. From vast amounts of legal relationships Direct Legal Funding has made over the years, we have resources and lines of credit that other funding companies do not. We will ignore you like the larges funding companies will and we will give the professional and courteous attention that you deserve. We will not take you for granted. But the one thing that is a constant is that you should always have a well developed case to get the best rates and most funds.
We do care because we know how difficult a lawsuit can be. In fact how we became a legal finance company was from the presidents own personal experience. He found that the legal system was confusing and it took much time, money and effort to reach a satisfactory conclusion. Direct Legal Funding cannot provide advice about the law, but we can certain talk to you about legal finance to help you make a good decision. And help pay your bills at the same time. Call us now!