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Litigation Funding for Personal Injury Plaintiffs

Providing funding for personal injury litigation is a relatively new financial service, and a unique service within the financial services industry. Just over 10 years ago, a small group of companies began offering funding to plaintiffs in personal injury litigation. Litigation funding addresses the unique needs of those involved in personal injury litigation who have an immediate need for cash while they wait for their legal claims to settle.

While a person who has been injured or suffered a loss can secure legal representation on a “contingency” basis (the attorney receives payment for his services “contingent” on the outcome of the litigation), it can take several months, even a year or longer, for personal injury litigation to come to trial or be settled. Litigation funding bridges the gap between the client’s immediate need for cash to cover your living expenses and the time it will take for the personal injury litigation to be settled and for the injured party to receive compensation.

The most unique aspect of litigation funding is that the funds are advanced on a contingency basis. Like the attorney who works on a contingency basis and is paid out of the proceeds of the settlement, the litigation funding company is repaid for the funds it advanced from the proceeds of the settlement. That is why – unlike an auto loan or credit card – litigation funding is not repaid in monthly payments over time but in a single payment made by the claimant’s attorney. Should the case go to trial, and the plaintiff loses – and should the plaintiff fail to reach a settlement with the defendant – the litigation funding company loses the money it advanced to the client, and the client owes nothing.

Applying for litigation funding is also unique because there is no credit check and no verification of employment. This is because repayment of the litigation funding advance is not based on the recipient’s income, but on the strength of the case that is being funded.

To find out how much funding you can receive against your pending litigation, call us toll free at 888-359-3002 or apply online. 

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