Legal finance is an ultimate solution for people, who are seeking cash in order to meet legal expenses. It is a process meant for litigants so that people could carry out litigation by taking funds from a third party. It is known by many other names like litigation financing, settlement funding, professional funding, litigation funding and third party funding. The process works as a trade between funding company and the litigant. If litigation party wins the case, then the amount of cash received has to be divided with the funding company in pre decided ratio. However, if the party loses then no amount is to be shared with the company. People who are not in a good financial position use legal finance to carry out legal procedures. These legal procedures may be in form of workers compensation, commercial disputes, structured settlement, civil rights or personal injury. Third party funding is an entirely different process than loaning and is considered as a form of nonrecourse debt.
Legal financial solutions can help an individual reap rich benefits, which are as follows.
Education – The money received from legal finance can be used for child’s education. You can use the money to pay school/college fee or pay child support.
Hospital Bills - In accidental case, the litigant can approach third party funding company to seek finance for his medical bills and surgical procedures.
Repayment options - If the plaintiff loses the case, he is not required to repay the money. In legal funding process, the funding company buys a portion of proceeds from the case itself.
Fee for application - The interested party does not need to pay any application fee. The consultant guides you through the entire process and does not charge a single penny. Anyone can afford legal finance but only under one condition, that he should be holding a strong position against other party.
Property Checks – You do not need to worry about your financial position or your property checks. In settlement funding process, the companies do not check your credit or your property. It is solely based on the merits your case has against other party.
No Monthly Payments – Legal financial solutions give an advantage to customers of not worrying about monthly payments. Interest is pre-decided by funding company as well as the client, which the client has to pay once he wins the case.
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About the author
Michael Smith is the Customer Experience Director at 911 Lawsuit Loans LLC and is responsible for client relations throughout the funding.