Repayment only after Settlement of Case
Also called as Pre-Settlement Funding, this legal funding option can help you clear all your bills and keep you financially afloat until your case settles and you get the payment you claimed. Therefore, if you are seriously considering about opting for a financial institution to fund your lawsuit, here are some of the other benefits you can get from the same.
The biggest highlight of opting for litigation funding is that you get to repay the loan amount only when your case is settled in court. If you win the case, you can repay the loan amount (which would usually be a percentage of the total amount you would get as lawsuit settlement when the case ends). However, if you lose the case, you do not need to pay the company anything. This would reduce the financial burden of paying out monthly settlements in case you are already low on cash.
Assured Sum for Legal Costs
Unlike other loans that would let you get a significant amount and then plan it over a course of period to cover the costs of your lawsuit, a loan from a litigation funder would assure to cover the costs of your lawsuit, no matter how high they may become in the future. This way, you don’t need to worry about running out of cash midway.
No need to sell Investments or Assets
Individuals fighting tough lawsuits would usually tend to sell of their properties, assets and investments in order to cover the costs of the same. Opting for litigation funding would enable them to get the money they need without selling off anything to pay legal fees.
No interference in Business Ventures
In the case of commercial litigation funding, a commercial entity can use the loan amount to pay the legal fees without diverting money from other venues like hiring, expansion and upkeep, etc. Therefore, the commercial entity can continue to fund these activities without worrying about using the money to pay for the lawsuit.
Extra Strength to Fight the Lawsuit
It is a known fact that a plaintiff would stand a higher chance of winning the case if he/she is well funded. Litigation funding can provide these individuals with the essential monetary strength they need to face the court proceedings until the end instead of backing off due to lack of funds midway.
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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.