Litigation Funding

One aspect that small firms have to deal with is litigation funding, especially when up against larger well funded law firms. Well funded law firms are known to drag out legal cases because they have enough funds to do so. Law firms, attorneys and even plaintiffs have plaintiffs have plenty of options when it comes to litigation funding. Litigation funding for plaintiffs will go through different processes than funding for attorneys and law firms. When a plaintiff is going through a legal case, they may be injured or unable to work. The loss of income will be a financial hardship on the plaintiff, especially if they need to pay for legal fees.

Litigation funding will provide the necessary resources to the plaintiff, depending on the plaintiff’s case. In order to qualify for this type of funding, the plaintiff must accurately fill out the necessary information online or in person. The lender will go over the plaintiff’s case in order to determine whether or not the plaintiff has a chance to win the case. The reason why the lender weighs the chances of winning the case is because the lender doesn’t require the plaintiff to pay back the loan until the plaintiff wins the case.

The type of case, the state in which the case is being held, and other factors will dictate how much the plaintiff will receive through litigation funding. These types of loans are viewed as financial assistance or cash advance loans to meet the expenses that the plaintiff will face. Applying for a litigation funding is extremely easy. Plaintiffs can go online to fill out the application that most legal funding sources provide. A quote or assessment will be free of charge, which is a bonus for the plaintiff, since they are already in a financial bind.

After the plaintiff completes the application, the applicant will simply wait for a response. Response for litigation funding applications online can be checked on daily. In other words, applicants can check on the status of their application online. Once the applicant is approved, they will receive funding for their case. Plaintiffs have access to more than one litigation funding source. In fact, plaintiffs can use multiple funding sources to help with the financial needs of their case. Once the plaintiff receives their funds, they will use the funds for their case. Moreover, the borrower will only be required to pay back the funds once they win their case.

If the plaintiff loses their case, they will not have to repay back the funding. Most lenders provide this as a means of security to the borrower. In fact, when a plaintiff is disqualified for litigation funding, chances are they will not win their case. Sometimes a case may be too risky for a lender to provide litigation funding, but the plaintiff can shop online for other lenders. One important factor that plaintiffs should consider is the interest rate on the loan. Litigation funding lenders will charge the borrower a certain amount of interest.

In order to get the best rates possible on litigation funding, plaintiffs should shop online and compare rates. Plaintiffs should also read over reviews and ratings between companies in order to determine the company’s track record. Reviews and ratings will be an insight to how satisfied current and previous customers are. Paying back litigation funding can be done in payments, or they can be paid in full once the plaintiff receives their settlement. The biggest advantage of litigation funding is the fact that most lenders do not require the funds to be repaid, unless the plaintiff wins their case. Plaintiffs have enough to worry about when it comes to financing, especially while going through legal procedures.