3 Basic Facts to Know about Legal Funding
In this day and age, we live in a society far different from the ones that parents and grandparents might have. In generations pasts, while individuals might have handled issues through conversations, a shouting match, a fist fight, or possibly even a good old fashioned duel – in today’s world, while people might not have time for the violence and things, the first words out of most people’s mouth are usually something about a lawsuit. While its definitely a lot better than a fight, or shooting each other, litigation isn’t easy on anybody – no matter how right or wrong you or the other party might be. First of all, its essentially just a big argument, you are paying an expert to have for you, and secondly, that payment is never that cheap – especially if the lawsuit goes to deep into a trial and requires a lot of work on the part of your attorney. This is where a valuable service known as litigation funding or plaintiff funding can come in quite handy. According to the team at Express Funding America, known to offer the best legal funding service in Florida, one of the biggest issues with our legal system is that usually, the side with the most money will generally come out on top, no matter how wrong or unjust their actions might be. The fact is that a largescale corporation, with millions of dollars to burn, can simply just bury an individual in motions, constantly reschedule court dates and more – essentially causing them to constantly pay their lawyer until they simply can no longer afford it. This is why plaintiff funding can be the best solution for an individual in such a situation. Despite how valuable a service plaintiff funding is however, many are still fairly unaware as to what it is. To better help educate clients on the benefits of litigation funding, the best legal funding service in Florida, Express Funding is here to help. Here are some of the basics you should know before beginning the process.
· Get on it Early
As we mentioned, one of the biggest issues with our legal system is the fact that the victor, is generally the party with the fattest pockets – as the average lawsuit can last upwards of two years, and that can amount to an exponential number of billable hours. The best chance for many individuals with a winning case, that simply need the money to fight it has got to be litigation funding. However, one of the most important things to know about such a service is that you must get on it as early as you can. The best cases in which to apply for legal funding are those in the field of personal injury, as the payouts can be high and the right case, with the right financial backing can end up being a slam dunk, often putting the dependent in a position where they are likely to want to settle quickly. In the event you’ve been injured, your recuperating time will likely put you out of the work for a while and turn your life upside down. However, while your litigation is still ongoing, you, as the plaintiff can make up for your lost wages, cover your medical bills or pay for complex surgery or cover other costs. Therefore, it is a good idea to start planning your financing (legal funding) as early in the process as possible.
· Do Your Research
When it comes to legal matters, unless you’re a lawyer, or a paralegal, chances are you have little to no knowledge on different complicated aspects of both your case, as well as the litigation funding process. This is why its important to not only do your best to understand your case and hire the right attorney, but to research the process that will go into your legal funding as well. Plus, discuss your options with your attorney, and those “in the know”. While a valuable service, it can be difficult to understand what goes into legal funding. According to the best legal funding service in Florida, Express Funding, plaintiff funding or legal funding can be defined as, finances (advance) available to plaintiffs involved in the litigation process where they are paying their attorney on a contingency fee basis (a sum of money that an attorney receives as a fee only if one wins the case). Similarly, a lawsuit cash advance is non-recourse, which means that you pay back to the financing company only if you win or settle the case. This might be the most important part for future plaintiffs to understand; the difference between an Advance and Standard Loan. Lawsuit Legal funding is an Advance not a Loan! It’s also important to understand the difference between a bank loan versus a plaintiff advance, an advance versus legal funding loans. When you are involved in the personal injury litigation process and you need money quickly, the first resource you often think of is a credit card, a bank loan and line of credit. However, getting a bank loan can often be a difficult process for plaintiffs.
· Find the RIGHT Legal Funding Company
According to the team at Express Funding, one of the biggest issues with this type of a financial lending business or firm is that there can be a lot of unscrupulous people who like to get involved, hoping to make money, off money they have made – possibly (often) through illegal means. This is why its vital to not just do your homework on the subject of legal funding itself, but on the specific company you choose to do business with. If something sounds to good to be true, it usually is – and many companies will offer you terms that seem to be way to good, that they simply can’t be real. One reason that Express Funding is considered to be the best legal funding service in Florida is because while they do their absolute best for their clients, they don’t lie or make up terms on the spot. They run a service that at the end of the day, is a business as well, so it must be mutually beneficial for either side. Look into the company, read reviews, make sure their fees are in line with industry standard, and be sure to keep track of everything, get everything in writing and read through it ALL before you sign a thing.
For more information on legal funding or to schedule a legal funding consultation for you, be sure to contact Express Funding today.