What is pre-settlement funding?
Pre-Settlement funding is a cash advance against your pending car accident claim or lawsuit. If you have been injured in an accident and forced to miss work but need cash now to cover living or housing expenses, a pre-settlement advance (a.k.a. a “lawsuit loan”) might be right for you. While pre-settlement funding is sometimes referred to as a lawsuit loan, it is not actually a loan but a non-recourse advance. If you take an advance and your case is unsuccessful for any reason you would not owe anything back.
What if I have already taken an advance, can I take another?
It’s a mathematical question. Assuming that the amount you owe on your initial advance does not exceed 10-20% of the value of your case, then yes, typically you would be eligible for an additional advance. In fact, being that the typical personal injury case takes between 1-3 years, it’s quite common for clients to need additional advances. Should you need an additional advance, give us a call or send us an email. We will review your case with you and do our best to help.
What if the funding company I used rejects me from taking an additional advance? What is a buyout?
If you have taken a pre-settlement advance from a funding company and they reject you for more funding, you can still apply with another funding company for more money. If Bridgeway or another funding company feels your case has room for another advance, they just have to buy-out or payoff the initial funding company of what is owed and then they can provide the additional funding. Virtually all pre-settlement funding contracts have a clause that prevents plaintiffs from taking multiple advances from multiple funding companies at the same time. This significantly reduces the risk of the case being over funded at the conclusion of the case.
What is the process for a buyout and an additional advance with Bridgeway?
We would review your case with you just like any other advance. Next, we would reach out to your funding company to request the payoff amount; find out what you owe them right now. Then based on liability, damages and available insurance we would quickly determine if we can provide the additional money you are requesting. To learn more about the funding process with Bridgeway, be sure to read: What is Pre-Settlement Funding.
How long will the process take?
Speed is Bridgeway’s competitive advantage. If we have the information we need to review your request, we will do our best to complete an advance within 24-48 hours. To learn more about how to apply, be sure to read: How Does The Legal Funding Process Work.