Eligibility and Application Process for Settlement Funding

What is Settlement Funding and Who Can Apply for It?

When an individual experiences losses due to the negligence of another person or entity, they may choose to exercise their legal right to seek civil damages from the other party by filing a lawsuit. However, lawsuits can be complex, and the case may take months or even years to conclude. Unfortunately, the plaintiff may incur many bills and expenses while they wait for their settlement. This situation can be very stressful for plaintiffs and their families as they try to make ends meet while pursuing legal action.

Settlement funding is a type of financing that allows plaintiffs to get the money they need right now through a cash advance on their settlement. Each case is unique, and the plaintiff’s eligibility and the exact amount of funding they can receive are determined by an examination of the details of their claim and situation. If you are an Missouri resident with a pending lawsuit, contact Blue Fox Funding, LLC, to schedule a free settlement funding evaluation to learn more about the application process and whether your case may qualify.

When Can Settlement Funding Be an Option?

Settlement funding, also known as a lawsuit loan, provides money to individuals who are anticipating a settlement from a civil case.

The basic requirements for seeking settlement funding are as follows:

• You have brought a personal injury lawsuit or another type of civil lawsuit against a party to seek damages for harm caused to you or a loved one.
• You are represented by a lawyer.
• You are facing financial hardship and require money to cover living costs, attorney fees, medical bills, or other expenses while you pursue your settlement.

What Types of Lawsuits May Be Eligible for Settlement Funding?

Generally, if you are a plaintiff in any type of lawsuit where you could receive a settlement from the defendant(s) for losses you’ve experienced, you could potentially qualify for settlement funding. Often, plaintiffs face financial trouble because they have been seriously injured in an accident and cannot work following the incident. Bills and daily living costs continue accumulating as they await their lawsuit’s outcome. Settlement funding offers a solution for paying these expenses until the case concludes.

Common examples of eligible cases include:

• Car accidents
• Medical malpractice
• Product liability cases
• Premises liability cases
• Workplace accidents
• Wrongful death claims
• Worker’s compensation cases
• Employment discrimination or wage theft cases
• Personal injury claims

How Does the Settlement Funding Application Process Work?

Eligibility for settlement funding is determined much differently than for traditional loans and credit scores generally don’t play a factor. Settlement funding is typically provided in the form of a nonrecourse cash advance, which means that you are not obligated to repay the loan if you lose your case and do not receive a settlement. Because the funding company usually takes on all the risk in these loans, they will require information about your case and the strength of your claim. Only some cases will qualify for settlement funding. Claims that demonstrate a high likelihood of success in court are the most likely to get approved.

An application for settlement funding often involves the following steps:

• Contacting the funding company for a free evaluation: You or your lawyer can reach out to a trusted settlement funding company to begin the application process. Don’t be afraid to ask questions about fees, payment structures, and what to expect from the process. This information is vital when deciding whether settlement funding is right for your situation and if the company you are speaking to meets your needs.
• Filling out any necessary forms: The settlement funding company will ask questions about your claim and situation. You will need to provide the contact information for your lawyer so they can discuss the details of your case with the company. It is a good idea to inform your lawyer that you are applying for settlement funding to ensure that the company can contact them in a timely manner.
• Waiting for a determination from the settlement funding company: The company will review the strengths of your case, estimate the value of your settlement, and, if you qualify, they will decide how much money you are eligible to receive. Decisions can often happen rapidly because there are fewer considerations for this type of loan. Decisions may take longer if you do not fully fill out the application or if your case is complex and requires more investigation.
• Receiving a funding offer: If your application is approved, you will get an offer from the company detailing the funding amount and the fees and charges involved. You should review this document with your lawyer before signing. Once you approve the offer, you may have the money in your account in as little as 48 hours to a few days.

What Can You Use Your Settlement Funding for, and How is It Repaid?

Settlement funding can be used for a wide variety of expenses, including:

• Legal costs
• Medical bills
• Therapy and rehab expenses
• Daily living costs
• Mortgage or rent

One of the main advantages of settlement funding is that you do not need to pay anything until you receive your settlement. Once you’ve been awarded your settlement funds, you must pay your lawyer and court fees.

Then the amount of your settlement funding, plus any fees and charges, will be repaid. You will receive any amount left over from the settlement after this.

How Can We Assist You?

At Blue Fox Funding, LLC, we understand the financial challenges individuals can face while waiting for their lawsuits to conclude. Applying for settlement funding may feel overwhelming and confusing, but we are here to answer all your questions and simplify the process so you can quickly get the money you need to cover your expenses. To learn more about settlement funding and whether it is right for you, reach out to our firm today for a free evaluation: (618) 350-4581.