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FAQ: Answers to Questions about Legal Finance, Lawsuit Funding, Lawsuit Loans and Litigation Funding

Is there a difference between lawsuit loan, lawsuit funding and litigation funding?
The legal finance industry uses several terms – lawsuit funding or litigation funding, legal finance, lawsuit advance or lawsuit cash advance, lawsuit loan and pre-settlement funding – to describe essentially the same service: Non-recourse contingency funding of personal injury lawsuits and personal injury claims.
What does “non-recourse” and “contingency” mean?
The term “non-recourse” means that the company making the lawsuit loan has “no recourse” to collect repayment of the loan from the client should the client’s lawsuit not be successful. The litigation funding company has to write off the advance as a loss. The term “contingency” means that the litigation funding is “contingent” on the outcome of the legal claim. The litigation funding company is only repaid if the claim produces a successful outcome.
So a “lawsuit loan” is not really a “loan?”
That is correct. While litigation funding is commonly called a “lawsuit loan,” it is not really a loan at all because a loan must be repaid regardless of the recipient’s ability to pay it. Litigation funding is non-recourse contingency legal finance product. You only repay your lawsuit funding advance if you secure a settlement from your pending legal action.
How long will it take for me to actually receive cash?
We can process a litigation funding application is as little as 24 hours, but can take three or four days. The key factor is how long it takes for your attorney to get us the supporting documentation we need to make a funding decision.
What will qualify me for a lawsuit loan?
We do not run a credit check, and we do not require proof of employment as a bank or other lender would. The basic requirements are that you be represented by an attorney on a contingency basis, that you suffered an injury or loss, and that you have a strong, valid, legal claim.
I have other questions.
Send your questions to info@litigationfunding-lawsuitloans.com or call 888-359-3002.
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