If you’re waiting for a personal injury claim to settle and feel worried about your finances, you may want to consider a pre-settlement advance. Injuries can have a long-lasting impact on your financial security, and for some plaintiffs, even a delay of a few months can place severe strain on their household finances. Obtaining pre-settlement funding with USClaims is a way to access a portion of the settlement proceeds before your case is complete. How pre-settlement funding works is fairly simple, and we’ll go into further detail below.
Pre-settlement funding is repaid only if the claim is successful. There are no installments to worry about, and you pay interest on the funded amount once your case is won. This helps you focus on your recovery, rather than worrying about paying bills.
What Fees Do Pre-Settlement Advances or Loans Require?
If we approve you for pre-settlement funding, you will have no up-front fees to pay. We do not require collateral or even regular monthly installments. We understand our clients are going through a difficult life event and need access to funds as quickly as possible.
Pre-settlement funding involves an origination fee and interest, which will be added to the principle of your lawsuit funding. You won’t have to pay back the funding or any of the fees or interest until the case is finalized. When you receive your settlement or compensation, we’ll work with your lawyer to arrange repayment. If you’re still looking to learn more about pre-settlement funding and how it works, take a look at our pre-settlement funding FAQs.
How Does Interest Work on Pre-Settlement Loans?
If you decide to go ahead with the pre-settlement funding, interest rates will depend on the predetermined amount of your expected compensation that we purchase. We’ll inform you of the interest rate and explain the calculation method we use.
We take pride in being clear and transparent with our customers. There are no hidden fees or charges, and your interest rate will not change over time. However, the longer the funding is outstanding, the more interest will accrue.
When you receive a court award or agree to settle the case, you will need to repay the funding. This figure will include the principle plus any interest and fees. When your attorney receives your compensation, they will handle the repayment and paperwork for you.
How Much for Lawsuit Funding Can I Receive?
USClaims determines pre-settlement funding amounts on a case-by-case basis. There are certain cases that qualify for funding, and not all of the cases will be considered.
As part of the review process, we will speak to your attorney to evaluate your case. We do not require our clients to have an income or a good credit history. Rather, the criteria we consider include:
- When your case is expected to settle or go to court
- The likelihood of receiving a settlement or court award
- How much your attorney anticipates your case to be worth
Not only do these factors determine if you are approved, but they can also assess your interest and fees. Our team will explain this to you before finalizing your funding agreement. In many cases, attorney testimonials offer insight that taking out pre-settlement funding can help a plaintiff secure a larger settlement, as they’re in a stronger position to continue negotiations.
Do I still Pay Interest If My Case Doesn’t Settle?
If your case does not end in a settlement or compensatory court award for your injuries, you owe us nothing. You only pay us for any of the principal or interest on the purchased amount or any fees associated with your pre-settlement funding in the event of a successful claim.
Why Choose USClaims?
When you need funding before your claim settles or receives a court award, you need a reputable company you can trust. At USCLAIMS, we have over 25 years’ experience helping people just like you. In the last ten years alone, we have provided $500 million to our clients and funded 52,000 cases. Our interest rates are some of the lowest in the industry, and we never ask you to pay the interest until your case settles. We are proud to be members of the American Legal Finance Association (ALFA), which holds its members to high ethical standards and fair business practices for pre-settlement funding.[1]
Our goal is to provide a transparent, simple experience for the clients we work with. To that end, we always explain the fees and interest charges associated with our pre-settlement funding. If you don’t understand how any part of the funding works, our experienced agents will be happy to explain it to you. We also evaluate each claim and speak to the attorneys representing the applicant, before agreeing to provide funding.
The terms of the agreement will be made clear to both you and your attorney in your purchase agreement. You will have the opportunity to review this agreement with your attorney and ask us any necessary questions.
If you need financial support while waiting for a case to be settled, turn to the experts in the pre-settlement funding industry. We offer quick funding and a no-nonsense approach to your financial needs. To get started, you can apply online or call us at 1-877-USCLAIMS today.
The availability of pre-settlement funding varies by state. Contact USClaims for more information.
Sources
- American Legal Finance Association. “Home – American Legal Finance Association.” American Legal Finance Association – ALFA Is the Trade Association That Represents the Leading Consumer Legal Funding Companies Across the Country., 24 Aug. 2023, www.americanlegalfin.com.
