Can I receive pre-settlement funding for a dog bite case?
If you or someone you know is considering filing a dog bite case but concerned about covering necessary lawsuits and potential damages or settlements, you may have heard about pre-settlement funding for dog bite cases. Whether called pre-lawsuit funding, lawsuit financing, or lawsuit funding, this type of borrowing can give you the financial resources to pay your litigation-related bills, while you wait for your case to move forward and, hopefully, receive a settlement.
What Pre-Settlement Funding Is
Pre-settlement funding, also called third-party litigation funding, is a type of loan that helps cover costs and expenses while a dog bite lawsuit is pending. The amount you can borrow depends on your state law and the particulars of your case. Generally, you can borrow a portion of what you anticipate receiving as a settlement, should you win the case or reach a settlement.
The funds to back the loan come from a legal funding company that specializes in providing funds for dog bite cases. This company pays you the portion of the award you request and, in return, receives a percentage of the final award when the case is settled.
Advantages of Pre-Settlement Funding
There are several advantages to using pre-settlement funding for dog bite cases, especially when compared to other common loan options such as bank loans or personal loans. Pre-settlement funding for dog bite cases:
•Does not require any prepayment; you need only to repay the loan if and when you win or settle the case.
•Does not require you to put up any personal collateral, such as your home or any other of your valuable assets.
• Does not require you to pay interest or make payments while the case is pending.
• Does not require you to demonstrate an ability to repay before the case is settled.
•Does not require you to pass a stringent credit check.
In short, pre-settlement funding provides a no-risk way to get access to much-needed capital during the pending lawsuit, without the usual risk and regular payments associated with a conventional loan.
When You Should Request Pre-Settlement Funding for Dog Bite Cases
You should apply for pre-settlement funding if you find yourself in a situation where you need money and other loan options are not available. For instance, if you are facing pricey medical bills from the dog bite and would have to pay them out of pocket if you don’t get a settlement, you may want to pursue a pre-settlement loan.
In addition, those who have insufficient cash flow or limited access to other types of financing can benefit from the extra money pre-settlement financing might provide. The loan can help cover lost wages, medical expenses, and other costs associated with the dog bite case.
How to Request Pre-Settlement Funding
If you think pre-settlement funding is right for you, the first step is to speak to a dog bite case attorney who regularly provides funding services. An attorney can provide more guidance on the best loan option for you and refer you to a reputable source. It is also best to shop around and compare rates.
To apply, the attorney would typically provide you with the necessary paperwork and discuss the details regarding the loan. The paperwork includes your agreement to repay the loan if you win or settle your case, plus the amount that needs to be repaid and when. Once the paperwork is complete, the lender will usually ask you to supply information about yourself and your case before making a decision. This would include details about the incident that led to your lawsuit as well as the accident report and any medical records pertaining to your injury.
In most cases, pre-settlement funding companies decide within two days whether to give money to the claimant and, if so, how much they will offer to lend.
The Costs of Pre-Settlement Funding
The costs associated with pre-settlement funding for dog bite cases will depend on the lender and the specifics of your case. Some lenders may charge interest and an upfront fee, while others may only charge an agreed-upon portion of the final settlement or award.
You should also be aware that if you fail to win your case or reach a settlement, you will have to repay the loan. That being said, pre-settlement funding for dog bite cases can help you cover the costs of legal proceedings, allowing you to proceed with confidence that you can handle the case.
Conclusion
If you or a loved one is considering filing a lawsuit for a dog bite, pre-settlement funding may provide a way to cover litigation fees, medical bills, and other costs associated with the case while the case is pending. This type of loan provides a no-risk way to gain access to the resources you need now and only requires repayment when and if you win the case or reach a settlement. Be sure to discuss your options with a lawyer before applying for pre-settlement funding and shop around to get the best loan terms and rate.
