Litigation funding and a lawsuit advance are very different things. Litigation funding is available to attorneys and law firms that are in the litigation process of a trial and need quick cash to continue to fund the lawsuit. Insurance companies know that attorneys often handle multiple cases at the same time; they also understand that these case are very expensive to litigate and the longer they can drag them out the longer they can “bleed” the attorney’s funds. Once the attorney gets into a desperation mode where they no longer have the money to fight the case, the insurance company knows they are likely to accept a much smaller settlement. This is common practice for insurance companies and while most lawyers and law firms are prepared to handle this tactic, there comes a time for many firms when they just have too much overhead and need help to fund their case. Luckily there are private companies that offer litigation funding for attorneys and law firms with reasonable rates and quick turnaround.
A lawsuit settlement advance is an option for victims that are currently waiting for a settlement or verdict. It can take months and in some cases even years from the time that a lawsuit or claim is filed until the time the plaintiff receives their settlement or award. In the meantime the victim has expenses in the form of medical bills, personal property damages, rehabilitation costs and more. All of these expenses add up quickly especially when the plaintiff is unable to work because of a personal injury. Lawsuit advance companies are unique in that they are not a loan company, they simply advance victims part or all of their expected settlement or award until the case is finalized. This is a great option for many victims and their families that are strapped for cash while their settlement is in the works.
It is very important for victims that are considering a lawsuit advance to do some research before deciding on a company. Many companies have been known to “over lend” to victims and charging an extremely high interest rate. It is tempting to accept a large lawsuit advance but it is recommended that victims only take the amount they truly need until their lawsuit is settled. It is best to choose a reputable company when considering a lawsuit settlement advance, one that has a positive track record and competitive rates.
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