Lawsuits take time to properly pursue. Many cases take years to settle. Fair Rate Funding can be an ally in the pursuit of justice on your behalf. We often provide better value to our customers when we have a good relationship with your legal counsel. In this post, we discuss whether your attorney needs to approve your lawsuit loan.
Fair Rate Funding has been in business since 2007 and has good relationships with hundreds of law firms throughout the country. We will work with your attorneys from the very beginning to get you the cash you need so you can get the best possible resolution to your case. The proper use of lawsuit funding will be an asset to your case and allow you to refuse low ball settlement offers.
Does your attorney have to participate and approve your taking lawsuit funding on your case? In almost all instances, the answer is yes. Read below to learn more about why lawyers need to approve lawsuit loans.
Initiating the Process: Beginning Your Application
Taking an application is the first step in this process. Fair Rate Funding then sends a request for information to lawyers’ office to gather the necessary documents.
Many clients call in and ask if their attorney needs to be involved. The answer is yes. This is important to a funding company the attorneys are charged with repaying the lawsuit advance once the case is resolved.
After the application is made, it is usually a good idea to contact your attorney and inform him/her of your plans, if you haven’t done so already. Most lawyers do not object to lawsuit loans, yet we still need attorney cooperation to proceed.
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Attorney Communication and Lawsuit Loan Approvals
To gain an approval for funding, Fair Rate Funding will need to know the facts of your case and supporting documentation. We use this information to determine the likelihood you will be successful in your claim/lawsuit.
Your attorney(s) will likely ask for your consent in providing this information to us. Because there is an attorney-client relationship and lawyers in most jurisdictions have a duty to keep your personal information private, we ask that you give your attorney permission to discuss your case with us and our underwriters.
Be assured we will only use the information to pursue funding on your behalf. We will not divulge any information about you or your case without a court order directing us to do so. Your information will remain confidential under all but the narrowest of circumstances.
Case Evaluation and Underwriting
Your attorney-client relationship is actually a pre-requisite to most forms of lending on lawsuits. Because attorneys are generally paid on a contingency fee basis, they are the first screeners of the viability of your case. This is true because attorneys “invest” time and money into the pursuit of your claim. They want to make sure they will be paid at the end of the efforts. It is simply business and business drives the profession.
Likewise, Fair Rate Funding is a business seeking to make a profit. Our role is also to “invest” in the outcome of the case using money to bridge the gap between your accident/incident and the successful resolution of the claim.
Accordingly, we make our own determination regarding the likely outcome. We do this through underwriting processes and consultation with your counsel. This consultation is essentially communication between your lawyer(s) and our underwriting team either by phone or through email/text. We rely on this communication to assess the value of the case, time it may take to resolve and how confident your lawyer(s) are about the circumstances surrounding your claim.
Factors such as insurance coverage, medical treatment, medical and other experts, and other damages are major determinants not only in whether your case is approved but also the amount we are willing to advance. All or most of this information comes from the underwriting process.
There are no guarantees, but the fact you have an attorney spending time and money on YOUR case – at the very least – interests us as investors. When you are approved, you will know that in addition to your attorney, Fair Rate Funding has confidence in your case.
Having Your Back
Our return is based upon a successful recovery. However, we are not involved in the pursuit of your claim. Decisions that may affect the outcome of your case are made by you and your attorney. We will not make any decisions about how your case is handled nor will we try to influence you or your attorney on any matter regarding your clam.
Lawsuit loans can help your case in certain areas – namely providing financial backing necessary to pursue the matter as you see fit. It cannot get involved in the matter itself nor any of the decisions which need to be made. Those are left to you and your legal team.
Lawsuit Loan Lenders Work Directly with Your Lawyer Post Settlement
Once your case is successfully resolved, most likely a check will be deposited into your attorney’s trust account. Your attorney then is tasked with making sure all parties which are entitled to a part of the proceeds are paid. These amounts include lawsuit funding but also might include any of the following:
- Expert fees
- Medical records
- Filing costs
- Attorney’s fees
- Court reporters
- Medical liens
- And a host of others.
When your lawyer signs our funding agreement, they promise they will repay our advance according to the terms of our agreement with you. You will not have to worry about repayment in almost all instances. When you receive your check, that money is usually unburdened by other claims, including ours.
And If My Attorney Won’t Cooperate?
Lawsuit loans have become a part of legal landscape and as such, most attorneys understand the need and benefit of these agreements. However, some attorneys still prefer not to work with lawsuit funding companies.
If a lawyer refuses to participate, we simply cannot offer you legal funding. As stated before, lawsuit funding is contingent upon your attorney’s cooperation and promise to repay. Fortunately, these situations are becoming more and more rare.
Remaining financing options can include finding an attorney who will participate, or you could also explore other, more traditional options such as personal loans or credit card advances. You should be aware some of these may be secured by collateral and likely must be repaid even if you lose your case.
Apply with Us for Lawsuit Funding Today
If you need cash now to pay for medical bills, living expenses or anything else, we can help you. Apply today by filling out the form on this website or by calling 888-964-2224. We are ready and willing to get you started immediately and are here to help.
We’ve been in business since 2007 and have provided tens of millions of dollars to our clients. You can be one of them. Use our resources so you can refuse low-ball settlement offers made by insurance companies and their clients. Call today. We can help.