3 More Basics about Legal Funding
With more lawsuits occurring than ever before, the legal world has experienced some of its most interesting times of late. The fact is that in past years while individuals were far more likely to handle their issues with simple conversations or even formalized mediation, the personal injury claim has become the preferred means of handling issues in which damages are at play. However, when it comes to filing a personal injury claim, things can become quite difficult financially, as many simply don’t have the financial means to handle all that comes with a personal injury claim – from hiring an experienced attorney (not working on contingency), to court fees, investigatory fees, and even the cost of living your everyday life, as you might be recovery from injuries or need medical attention, or even just to pay your daily bills. Luckily, there is a valuable service known as legal funding, as we have previously mentioned in prior articles. According to the team at Express Funding, the best legal funding service Hollywood Florida has to offer, however, while legal is valuable, and can make the difference between being able to live your normal life before your personal injury settlement or not. Plus, with these things taking possibly months or years to complete. One issue however, when it comes to litigation funding is that many individuals are relatively unaware of what it entails, and how it works. As we have in previous articles however, the team at Express Funding, the best legal funding service Hollywood Florida has to offer, is here to help – providing us with three more important basics to know about the process.
· The Litigation Funding Process
Generally, in most instances, depending upon the company you choose to work with, the litigation funding application process is free, and without many obligations, aside from discussing (in detail) all the specifics of your personal injury claim and what type of personal injury settlement you might be able to attain as a result. A good Lawsuit Company does not charge any upfront fee or any monthly fee. Lawsuit advance is a totally safe, risk free and secure solution. It protects you, your family, and your hard-earned assets. Once the Lawsuit Advance has been approved, the plaintiff receives its legal funding the next business day or the same day depending on how quickly the documentation requested by the underwriting team is received. If you prefer, your legal funding advance can be delivered in the form of a check sent by overnight FedEx or UPS. There are no limits set on how the Lawsuit money can be spent.
· Learning the Specifics of Legal Funding Rates
The most important thing when it comes to legal funding is for you to get the best deal for yourself, financially. This means that whether you get a medical malpractice settlement or wrongful death settlement, that you gain the most while spending the least on fees. According to the team at Express Funding, the best legal funding service Hollywood Florida has around, when you ask for the legal funding rates almost every Funding Company will give you a “multiple” range, or an interest rate. It is very important to be extremely careful of high rates and adverse terms. Also, you must watch out for legal funding companies that do not give you any information about the amount of money you should be paying back. Also, be very careful and insist on a detailed description when it comes to hidden fees. If you are dealing with a respectable legal funding company, these fees should not be hidden, and they should share them with you on your first, initial inquiry. This is where an individual can end up losing quite a bit of money in the process, making the deal fairly terrible overall, and not worth the advance, unless you just need it that bad that you’re willing to sacrifice a few extra percentage points.
· Brokers Versus the Direct Funder
This is an important aspect of the process to understand, in the event you need legal funding while waiting for a wrongful death settlement or medical malpractice settlement for instance, this aspect can make a huge difference in the deal you are able to strike and the financial implications at the end of the day. When you calculate and estimate your future finances, you take all possible costs into account. Therefore, make sure to verify if you are dealing with a Broker or you are connecting with a Direct Legal Funding Company. A Broker is a person that connects plaintiffs to other funding companies. Beware that a broker is a middleman and that his/her main concern is to get you to sign a deal. Nevertheless, a broker is usually very well informed about the rates, opportunities, and the various possibilities that you might take into consideration when planning to apply for a lawsuit advance, if you are awaiting a medical malpractice settlement or wrongful death settlement, this can help you with getting a good deal – but it’s important to remember that nobody works for free, and as this broker is middle manning the deal, he or she will certainly want to add their own points on top.
For more information on legal funding, or to schedule an appointment to discuss your own needs, be sure to contact Express Funding today.