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News For This Month: Loans

Get Presettlement Legal Funding At Lower Cost

Several financial institutions provide funding for individuals awaiting settlements in a wide range of lawsuits. Referred to as Presettlement Loans, they are commonly used by claimants to access their settlements ahead of distribution. This kind of credit facility is also referred to as Settlement Funding. Because a defendant’s negligence in most lawsuits is abundantly clear, with the court only having to determine the settlement amount, financial institutions can offer this facility. Personal injury and workers’ compensation claimants are the most common beneficiaries of Presettlement Funding. Below are four tips that will help lower the cost of your Presettlement Funding.

1. Offer all the details that relate to your case.
One of the major requirements when applying for Presettlement Funding is provision of all the material facts of the case that enabled you to prove liability and be awarded damages. When filling out an application for Presettlement Funding, ensure you are completely truthful and accurate. Besides the ultimate value of the settlement offered to you, you should also outline the economic and non-economic damages that are related to your case.

2. State whether you have received medical treatment
Provision of highly accurate records of all medical treatments you received due to the other party’s negligent actions is a necessary part of the application process for Presettlement Loans. Any injuries you suffer should be continuously documented without any “gaps” in medical procedures. Regardless of the fact that you may feel better, you should keep all your appointments for medical procedures to ensure they are fully documented.

3. Have a lawyer that has a full understanding of your case
If it is possible, try to stick with the same lawyer who represented you in your lawsuit and helped you win the settlement in the first place. Staying with the same attorney who represented you in the lawsuit will give you stability while helping you to hold the valuation of the settlement amount. Having the same lawyer allows you to be represented by an individual or firm that has the best understanding of your particular case, potentially increasing the settlement and easing the application process for the Presettlement Loan.
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4. Carefully consider how much money you apply for
When you only apply for the amount of money you need, the cost of your Presettlement funding is lowered significantly. If your Presettlement loan amount is small, the fees payable upon distribution of the settlement are also lower.
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Final words
A settlement loan is not an actual loan in the traditional sense of the word, but refers to a portion of a settlement from a lawsuit being transferred to a financier in exchange for cash payment. Although this type of funding is an excellent way for a cash-strapped plaintiff to borrow cash against their settlements, it is important for borrowers to determine how much money they want to apply for.