If you’ve suffered a personal injury, you’re likely dealing with mounting medical bills and expenses while trying to get better. You may have filed a lawsuit, but sometimes it can take time to receive the money you’re entitled to from an insurance company or a court verdict.
Fortunately, a cash advance on your pending lawsuit is possible.
At Stonewood Funding, we offer risk-free lawsuit cash advances that can help you obtain the money you need to pay your bills while waiting on the outcome of your court case. If you lose your case, you owe us nothing! That’s the Stonewood Funding guarantee.
Why Does It Take So Long for a Court Case to Finalize?
Court cases are known for taking a long time to finish. Lots of personal injury litigation, including medical malpractice, wrongful death, and other types of lawsuits, can be held up in court for months and even years.
Personal injury victims waiting for the money they need for living expenses often face financial hardships as a court case drags on. A case can be held up if it is appealed or if the court date is scheduled for a long time in the future.
While you can’t control when your case is finalized, you can obtain financial assistance. Lawsuit funding helps you receive the money you need while waiting for the outcome of your settlement.
What Is a Cash Advance on a Pending Lawsuit?
A cash advance on a pending lawsuit provides you with money that you can use to pay your medical bills and other living expenses while you’re waiting on the outcome of your personal injury case.
Cash advances are made based on the expected pending settlement for your case. The amount provided is decided based on factors including the validity of your claim, the estimated value of your lawsuit, and information provided to us by your law firm. You can receive a portion of your expected settlement through a pending settlement loan.
What Types of Claims Are Eligible for Lawsuit Cash Advances?
You can obtain a lawsuit cash advance for a variety of personal injury lawsuits, including:
- Auto accidents
- Premises liability/slip and fall
- Assault and battery
- Defective drugs
- Defective medical devices
- Medical malpractice
- Product liability
- Police battery
- Whistleblower protection
Other personal injury cases may be eligible. If you don’t see your type of case listed, contact us to find out whether Stonewood Funding can help.
How Much Cash Can I Get on My Pending Lawsuit with Pre-Settlement Funding?
The cash advance you are offered will vary depending on the estimated value of your case. You will not be able to obtain the total expected settlement amount. Most funding companies will provide you with a cash advance based on 10% to 20% of the expected outcome of your case.
While this may not sound like a lot, it can be helpful to have immediate cash available, especially if your case may take a while to obtain a favorable settlement. You can use the money to pay living expenses in the meantime.
Remember that the money you receive does not have to be repaid until your case results in a successful settlement. If your case is unsuccessful, keep the cash advance and you owe us nothing!
How Quickly Can I Get a Cash Advance on My Pending Lawsuit?
The time it takes to obtain a cash advance primarily depends on how quickly you and your attorney can provide us with the information we need to offer you a pending lawsuit loan.
To obtain your lawsuit loan as promptly as possible, follow these steps:
Step #1: Begin the Application Process ASAP
The earlier you begin your application process, the better.
When you start the process early in the day, we may be able to provide you with a same-day advance on a pending lawsuit. The time it takes us to process your loan depends on how quickly you and your attorney can provide us with the necessary information.
Optional Step: Contact Us via Phone
If you contact our friendly funding specialists today by calling 844-544-3863 and let us know that you need litigation funding as soon as possible, we can prioritize your lawsuit cash advance. Contacting us allows us to take the steps required to get you legal funding as quickly as possible.
Step #2: Provide the Case Information
We can’t provide you with a cash advance on a pending lawsuit loan unless we have all of the required information. Try to assemble all of the details you have before making the call or applying for the loan. Having as much information available as possible can speed up the legal funding process.
Step #3: Coordinate with Your Attorney
Your attorney will play a key role in obtaining a lawsuit cash advance. Ensure you contact your attorney and let them know you are applying for a pending lawsuit loan.
Ask them to contact us in their available time so that they can provide us with the information we need to process your pending settlement loan. Your attorney will also need to be available to sign the funding agreement.
The sooner we receive all of the information we need and the signed funding agreement, the quicker we can provide you with a lawsuit cash advance.
If you follow all of the requisite steps and submit the required information by noon PST, we can provide you with a same-day lawsuit cash advance. If you cannot provide all of the information in time, you can usually receive your lawsuit loan in the following business days.
What Interest Rates Do Lenders Charge on Pending Settlement Loans?
Pending lawsuit loans often have higher interest rates because they are non-recourse loans. This designation means that if you fail to obtain a favorable outcome on your pending lawsuit settlement, the legal funding company absorbs the loss of your loan. Legal funding companies cannot pursue you financially if you lose your case.
In addition to the interest rate, funding companies may charge for other expenses, such as loan origination, transaction fees, application processing, and underwriting. While a lawsuit loan can be expensive, obtaining money upfront can be a relief for many, especially if they are experiencing financial hardships.
You won’t be required to make monthly payments on your lawsuit loan during your pending lawsuit. Once you obtain a successful settlement, the money to pay for your lawsuit loan is deducted from the settlement amount by your lawyer.
Can My Attorney Give Me a Cash Advance?
In most states, lawyers are prohibited from providing their clients with a cash advance to cover medical bills and other living expenses. While the chances of pending lawsuit settlements may be high, it violates their code of ethics to provide their clients with a lawsuit loan.
However, attorneys may advance the costs directly related to a lawsuit, such as fees for their services and expenses of filing documents with the court.
Does My Attorney Need to Approve My Lawsuit Cash Advance?
Yes, your attorney is required to approve your lawsuit cash advance.
Stonewood Funding will need the assistance of your attorney to obtain the information related to your case when deciding on an appropriate amount of pending settlement funding for you.
To obtain legal funding, your lawyer will need to provide us with the facts of your case and supporting evidence. Common evidence that we ask for includes the circumstances in which your injury arose, medical documentation of your injury, a police report, and filings that have been made in court.
Your attorney may also be asked to provide us with the expected value of your case or how much they expect to obtain through settlement or a court verdict.
Following approval for lawsuit funding, you and your attorney must sign the funding agreement with Stonewood Funding.
Will I Be Required to Repay the Cash Advance If I Lose My Case?
One of the best benefits of working with a settlement funding company like Stonewood Funding is that we take on the risk of a financial loss if you lose your case. Our lawsuit loans are thoroughly vetted before we provide you with pending lawsuit funding.
If you lose your case, the money we provide you is yours to keep. You are not obligated to repay us for the loan that you have obtained. There are no monthly payments to make while your case is pending final settlement.
When Stonewood Funding provides cash advances, the risk of loss of the loan is built into the interest rates and fees that we include in your funding agreement. We know that not all cases will end with a favorable settlement offer. However, we realize that the loss is not your fault.
Like most personal injury lawyers, we only collect our money if you collect yours.
What If I Need More Money? Can I Get a Second Cash Advance on Pending Lawsuit?
If you obtain litigation funding through our lawsuit loans, you may find that you need additional monetary help to cover your living expenses. You are always welcome to apply for a second lawsuit cash advance.
You’ll need to go through the application process again to obtain additional litigation funding. We will speak with your lawyer to gather any further information on the case and determine whether any facts or revelations have changed your expected settlement.
Once we have determined if additional funding is warranted, we will provide you with a new funding agreement that you and your lawyer need to sign.
Not all cases will qualify for a second loan. Each application is considered case-by-case with our underwriting team and loan specialists.
Is a Pre-Settlement Funding Loan Worth It?
You must decide whether a pre-settlement funding loan is appropriate for your circumstances. While lawsuit loans can be expensive due to relatively high-interest rates, origination fees, transaction costs, and underwriting expenses, they can help you obtain the money you need to survive while your case is pending.
In many cases, personal injury victims are unable to work and have no source of income. If a case drags on for months or years, you may not see the financial relief you need for a long time.
While you can borrow money from other sources, like personal loans and credit cards, if you lose your case, you will still owe the money you borrowed. This possibility isn’t the case with a lawsuit loan.
Legal funding companies like Stonewood Funding that offer lawsuit loans absorb the risk of losing your case. If you can’t obtain a settlement or a court verdict in your favor, you don’t owe us anything for your borrowed amount.
In addition, lawsuit loans don’t require a credit check. People with bad credit or who don’t have a steady source of income often can’t obtain a loan. Lawsuit funding can be an excellent alternative source of funding that can bridge the financial gap.
How Do I Obtain a Cash Advance on a Pending Lawsuit with Stonewood Funding?
At Stonewood Funding, we can help you obtain the money you need while waiting for your case to settle.