Do I Have to Pay a Deposit on a Pre-Settlement Advance?

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For many Americans, money is tight. Suffering from a personal injury can magnify their financial struggles. While injured victims often end up receiving a reasonable settlement for their injuries, it can take a significant amount of time. Even in cases where it is abundantly clear that the defendant was negligent in causing the plaintiffs injuries, it can take months or even years to recoup monetary damages. There is no quick fix for money woes after a personal injury unless you consider pre-settlement funding. This option can help you pay your bills and stay financially afloat until you receive fair compensation in the form of a settlement or court award.

If you are considering pre-settlement funding, you likely have many questions about what is required of you and how the process works, such as if you are required to place a deposit down for funding.

Do I Have to Pay a Deposit for Lawsuit Funding?

Lawsuit funding, also known as litigation funding or pre-settlement funding, is a unique type of cash advance. At USClaims, we purchase a specified amount of your anticipated lawsuit settlement. In exchange, we give you cash to help with your bills now. This is a cash advance on the settlement or court award you will receive. As such, no deposit or collateral is needed.

How Do I Apply for Lawsuit Funding?

Applying for lawsuit funding with USClaims is a simple process and only takes a few minutes of your time. We know that our applicants are trying to recover from their injuries and need to focus on healing, so we don’t want to take much of your time. Whether you call us or complete an online application, we need your contact information, a few personal details, your lawyer’s contact information, and some information about your case.

Your credit score, credit history, assets, and employment make no difference when it comes to this type of funding. You are approved or denied for lawsuit funding based entirely on the merits of your case, not your job or previous financial decisions.

What Do I Need to Pay to Receive Lawsuit Funding?

We know that injured individuals who need a cash advance on their expected compensation probably don’t have a lot of extra money in their budget right now. Not only do we not require a deposit, but we also do not require any kind of application fee. We want you to keep your money to spend on the things that you need right now.

When your lawyer receives your compensation on your behalf, they will pay the principal amount of your cash advance plus any interest and fees that are due at that time. That is all you need to pay for lawsuit funding. Most of the time, your law firm will take care of sending us the payment so that you do not have to expend the time or effort to do it yourself.

What Happens if I Lose My Case?

In cases where the plaintiff, unfortunately, does not receive compensation for their damages, the cash advance and interest are forgiven. Our company accepts the loss, and the plaintiff keeps the cash advance they received and owes us nothing at all.

To help prevent this from happening, we ensure that the cash advances we provide go to plaintiffs:

  • Who are represented by an attorney who will be paid on a contingency fee
  • Who sustained a serious personal injury
  • With strong merits against the defendant
  • Whose cases are at a certain point in the settlement process

Even still, we never require a deposit or any kind of upfront payment. In fact, you make no payments on this cash advance until you receive your compensation. Our cash advance specialists work closely with your personal injury attorney and their staff to ensure you receive the right amount of funding for your specific case.

Find Out if You Qualify Today

Don’t let another day go by wondering how you will pay your living expenses while not being able to work or worrying about how you will pay your medical bills when they come due. Instead, find out more about how USClaims can help you bridge the gap between the time of your injury and when you finally receive the compensation you deserve for your damages.

To find out if you qualify, apply online, or call us at 1-877-USCLAIMS today! Once you are approved, you could receive your funds within 24 hours. We keep our process quick and straightforward for injured people who need money now.

[1] USClaims transactions aren’t loans. Like other pre-settlement funding providers, USClaims works by purchasing a portion of the anticipated settlement of a case. In doing so, USClaims assumes all the risk; if the plaintiff loses the case, USClaims does not get its money back. If the plaintiff wins the case, the plaintiff’s attorney pays USClaims directly from the proceeds of the settlement.

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