Many people are not aware that they are able to get cash advances against their pending judgment on legal cases. These types of services are called by different names like lawsuit loan, legal funding, lawsuit cash advance and lawsuit settlement. The purpose of these firms like Uplift Legal Funding is to provide cash advance for plaintiffs against future judgment. According to lawyers.findlaw.com, these kinds of services are expensive and hence it would be prudent to check the fee structure before finalizing any cash advance company. Finding a good and affordable legal funding company is really a difficult task. Read the following points before deciding on a legal funding company.
Legal Funding –Explained
· You can avail these services only when you require cash for meeting your medical treatment expenses and also to run your family expenses. Keep in mind that the charges will be high if your case judgment is delayed for many years. The charges will almost double each and every year. Finally, you will end up in paying more money than your claim amount. It may definitely affect your financial conditions.
· When you approach a legal funding company to get some cash advance against your legal case for which the judgment is still pending, the legal funding provider first checks your case history to find out whether the judgment will be issued in your favor. They generally will contact your attorney to know the claim status.
· Keep in mind that your cash advance approval purely depends on the legal funding company. If they doubt that your case may fail then you probably won’t get a cash advance. As per the commitment with the legal funding company, in case you lose your claim amount in the legal battle, you don’t have to pay the advance amount taken from them. It will be a huge loss for the service provider. So they will do proper checking regarding the claim details before sanctioning the loan.
· Legal funding cannot be considered as a loan because if you are taking a loan, you have to pay the interest plus principal amount on a monthly basis or as per the agreed terms. Here, you have to refund the amount only when you win the case. Otherwise, you don’t have to pay the legal funding amount what you borrowed from them.
Legal Funding Types
· You need to know the different types of legal funding before finalizing one. There are basically four types of legal funding available namely pre-settlement funding, settlement funding, structured settlement funding and verdict funding. You have to find out your claim status with your attorney and accordingly select one from the above list.
· Pre-settlement funding is approved against pending judgment. The charges may turn out to be expensive. Settlement funding is provided after you win the case and waiting for the settlement amount from the court. Structured settlement funding is provided only for eligible persons against their confirmed settlement payments. Verdict funding is provided after winning the case but if your opponent appeals against the verdict.