How do I apply for pre-settlement funding?
Pre-settlement funding is a type of financial assistance that is available to individuals who have been injured due to the negligence or fault of another entity. Pre-settlement funding can help individuals cover day-to-day expenses such as rent and groceries, while they wait for their case to be resolved.
If you’ve been injured due to the fault of another, you may be eligible for pre-settlement funding. Before we discuss how to apply for pre-settlement funding, let’s start by providing a high-level overview of the process.
What is Pre-Settlement Funding?
Pre-settlement funding is a type of funding that is available to individuals who have been injured due to the negligence or fault of another entity. Pre-settlement funding can provide you with financial assistance while you wait for a lawsuit to be resolved.
Pre-settlement funding typically involves obtaining a loan from a third party lender, who will provide you with the funds you need while you await the resolution of your lawsuit. Keep in mind that pre-settlement funding is typically not available to individuals who are not involved in a lawsuit and is instead only available to individuals who have pending legal cases against entities which are liable for the injuries you have suffered.
When you apply for pre-settlement funding, you are entering into a legal contract with the lender. This contract typically involves a repayment plan, in which you will agree to pay back the funds you received plus any interest that has accrued over the duration of the loan. Additionally, you will typically be required to repay the loan in full when you win your case or receive a settlement.
How to Apply for Pre-Settlement Funding
Applying for pre-settlement funding is generally a simple and straightforward process. Here is the basic process for applying:
1. Contact a Pre-Settlement Funding Company
The first step in applying for pre-settlement funding is to contact a pre-settlement funding company. A pre-settlement funding company is a company that specializes in providing individuals with the financial assistance they need to cover expenses while they wait for their lawsuit to be resolved.
When you contact a pre-settlement funding company, they will provide you with information about the loan process and will provide an application for you to complete. In most cases, you can complete the application online or over the phone.
2. Complete the Pre-Settlement Funding Application
Once you’ve received the pre-settlement loan application from the pre-settlement funding company, the next step is to complete the application. The application is typically short and should only take a few minutes to complete.
When you complete the application, you will be required to provide information about your lawsuit, including the particulars of the lawsuit, the damages you have suffered, any prior legal cases, and other information. Additionally, you will typically be asked to provide information about your financial history, including income, assets, liabilities, and credit score.
3. Submit the Application
Once you’ve completed the application, the next step is to submit the application. In most cases, you can simply submit the application online or over the phone, depending on the pre-settlement funding company you’ve chosen.
4. Await Approval
Once you’ve submitted the application, the pre-settlement funding company will begin the process of evaluating your application. This process usually takes a few days, though it can take longer depending on the number of applications the company is processing.
Once the pre-settlement funding company has finished evaluating your application, they will notify you of their decision. If your application is approved, you can then receive the funds.
Conclusion
Pre-settlement funding can be a great source of financial assistance for individuals who have been injured due to the negligence or fault of another entity. To apply for pre-settlement funding, you will need to contact a pre-settlement funding company, fill out an application, and then submit it. Once the pre-settlement funding company has approved your application, you can then receive the funds.
