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Pre-Settlement funding is a continually popular financial option for anyone fighting a personal injury claim. It offers plaintiffs who are awaiting the outcome of their legal claims monetary assistance. Pre-settlement funding will be discussed in detail as you read on, along with its advantages and other important details that you should be aware of.
We at Mayfair are aware of your urgent financial needs. After approval, you can get your money in as soon as 48 hours!
Speak to our funding consultants now by calling (888) 357-1338 or apply now!
What is Pre-Settlement Funding?
Pre-settlement funding for cases is non-recourse claimant financing. In other words, you repay Mayfair nothing if you lose or do not reach a settlement in your lawsuit.
Expenses for everyday living as well as lost earnings, and medical care can place an enormous financial strain on someone. While awaiting the outcome of their cases, plaintiffs in lawsuits frequently find themselves incapable to earn a living and occasionally have to pay enormous medical costs. Instead of agreeing on minimal compensation due to financial constraints, pre-settlement funding enables those we serve to obtain a more suitable settlement.
How Does Pre-Settlement Funding Work?
When a plaintiff seeks pre-settlement funds, Mayfair assesses the:
- Case’s merits; and
- The prospect of a successful resolution
The plaintiff often obtains a cash advance after simply a few hours or days of being granted. The total amount of the advance is determined by the projected value of the settlement or judgment. We are paid back straight from the settlement sum once the case has been resolved.
Possible Settlement Sum
Mayfair will also evaluate the potential settlement value of the case. They need to make sure that the overall amount of recoverable damages will cover costs like:
- The amount borrowed and the interest fees
- Lawyer’s fees
- Filing and court costs
If you are considered more responsible than the opposing party in the dispute, you are also ineligible for any compensation. You could end up not being able to pay off the financing if a large enough sum is subtracted from the total value of your damages. To prevent losing money, Mayfair might turn down the application.
Benefits of Pre-Settlement Funding
- Financial Stability: Pre-settlement funding offers plaintiffs who may be having trouble paying their bills during the litigation process urgent financial relief.
- Non-Recourse: Pre-settlement funding is non-recourse, so if you lose your case, you are not obligated to repay it to Mayfair
- No Credit Check or Employment Verification: Pre-settlement funding does not necessitate a credit investigation or proof of employment in contrast to conventional loans.
- No Monthly Payments: Since the advance is only paid back once the case is resolved or a judgment is awarded, plaintiffs have no reason to be concerned about repaying payments on a monthly basis while the case is pending.
- Flexibility: Plaintiffs are free to spend the money any way they see suitable, including to pay for living expenses, healthcare costs, or more legal assistance.
Who Qualifies for Pre-Settlement Funding?
Mayfair takes into account personal injury cases including workplace accidents, medical malpractice, auto accidents, and product liability. The plaintiff must have a legitimate and perhaps compensable claim to be eligible for pre-settlement funding.
Furthermore, as we only approve loan requests from applicants who have already retained counsel for their litigation, a lawyer can assist you with obtaining pre-settlement funding for your legal matter.
To evaluate if the case is eligible for funding, we will examine the specifics of the case alongside your lawyer.
The Attorney’s Experience and Cooperation
Mayfair also takes your attorney into account when deciding whether to approve the financing request. They might like a legal firm that has dealt with prior loan providers and is prepared to collaborate with them, in addition to having years of experience in litigating cases.
The attorney can give us information about your personal injury case when you seek pre-settlement funding. These may consist of evidence like medical records and other documents. It enables Mayfair to assess your odds of winning the case alongside how long it could take for a judgment to be reached.
If you prevail in court, your lawyer may also work with us to determine how to allocate the settlement funds.
How to Apply for Pre-Settlement Funding
Pre-settlement funding applications are simple to fill out. The plaintiff or their lawyer files an application to Mayfair with information regarding the case and the anticipated settlement or judgment. After reviewing the application, we could ask for more supporting documents or material. In most cases, the plaintiff obtains the cash advance within a few hours or days of it being granted.
Why You Ought to Consider Pre-Settlement Funding
Pre-settlement funding can be a better option if you need a cash advance on your personal injury compensation. Here are some reasons why you should consider this source of funding:
Quick approval procedure
Our standard processing time for approving a pre-settlement funding application takes a few hours.
Our contract and pricing are really transparent. Neither compound interest nor unstated borrowing fees are involved.
Dedicated and Passionate Staff
Your comfort is the number one concern of your assigned case manager. If you have any inquiries about legal or the pre-settlement funding procedure, contact us quickly by email or by calling.
Only Repay Us If You Win
Unlike a conventional loan, you owe us absolutely zero if your lawsuit is unsuccessful. This is a commitment made to you by Mayfair.
Common Misconceptions About Pre-Settlement Funding
Pre-settlement funding is surrounded by several myths. Let’s talk about a few of the more prevalent ones:
- It’s a Loan: pre-settlement funding is a non-recourse monetary advance secured by the potential settlement or judgment of the litigation, therefore, it is not by a loan but a cash advance.
- It’s Expensive: although pre-settlement funding entails fees, the prices can differ amongst funding firms. Comparing terms and costs is essential before choosing a funding company.
- It Will Affect the Case’s Results: pre-settlement funding has no bearing on the litigation or the settlement sum. It is a means of providing assistance to litigants financially while they wait.
Alternatives to Pre-Settlement Funding
Pre-settlement funding might not prove to be the most suitable choice for you, nevertheless, there are other options available. Read on what follows:
- Personal Loans: You can be eligible for an individual loan from a bank or credit union contingent upon your credit score and financial state.
- Friends and family: Ask your loved ones for short-term financial support.
- Negotiating with Creditors: Talk to your creditors and look for ways to minimize or postpone payments.
- Legal Aid or Pro Bono Services: If you require legal assistance but you’re financially burdened, consider opting for legal aid or pro bono programs.
Which Crucial Questions Must I Address to a Pre-Settlement Funding Firm?
Although every circumstance is unique, there are a few basic inquiries that you might want to think about addressing with the pre-settlement financing companies you are thinking about working with. Keep in mind that requesting details does not oblige you to submit an application, sign any documents, or decide to work for them immediately.
Are there any upfront costs or application fees?
If there is a charge associated with submitting an application, ask the pre-settlement funding company. Certain companies do charge for applications. Others, like Mayfair, will review your application without charging you.
How soon can I expect to get my pre-settlement funding cash advance?
The majority of trustworthy pre-settlement funding providers will be able to deliver the money to you around one to three business days after you have finished your application and been given approval for pre-settlement funding.
Which state do you serve, and where are you based?
Verify that the pre-settlement funding company can work with the residents of the state you reside in by contacting them. Although the business need not be situated in the same state as you so as to offer funds to residents of that state, it might, however, be required to be licensed or authorized there. A few states further regulate lawsuit funding and place limitations on it.
What if I presently have a pre-settlement funding firm cash advance?
The newly acquired funding company will probably demand that the prior financing be repaid with the new funding if the plaintiff has already transferred a portion of their revenues to a different funding company. When the worth of the case does not support more funding, the sum of the previous funds may occasionally hinder further funding.
Furthermore, some jurisdictions have regulations in place that put restrictions on the total sum of advances that plaintiffs are permitted to obtain. An additional pre-settlement finance provider will probably not want to engage with you if you are on the verge of or already passed this ceiling.
Seek Pre-Settlement Funding From Mayfair Today
Pre-settlement funding is a useful resource for plaintiffs in personal injury cases. It offers crucial financial assistance while a settlement or judgment is underway. Plaintiffs can decide if pre-settlement funding is the ideal choice for their particular situation by being aware of the procedure, advantages, and possible drawbacks.
We take care of the rest by delivering the required documentation to your lawyer once you give us the name and contact details of your legal counsel. Your attorney will reimburse us from the settlement or jury award sum in the event that you prevail in your lawsuit.
There is no reason for you to stress about financial matters if you have been in an accident. The team of professionals at Mayfair is on standby 24 hours a day to go over your pre-settlement financing possibilities.