Your attorney must provide the legal funding firm with information before an offer can be made. Your lawyer must therefore be willing to help you in order to get funding from your claim because in the incident of an injury and being unable to work, you will sink deeper into debt without financial assistance. The longer your case is pending, the less you’ll be able to cover medical bills, utilities, rent, and other financial obligations.
So, can your lawyer refuse to help you from getting a loan from your case? No, your lawyer cannot prevent you from getting your case funded, unless the company charges too much in interest and they seek for someone else to provide the advance at a lower cost.
Every funding company has an underwriting staff that require the cooperation of your legal representative to obtain the loan. In addition, they must sign a contract to get legal funding.
It’s a known fact that plaintiffs tend to have a lot of money issues and if they need they should get the help they need. Attorneys usually understand what their clients are going through.
A concerned individual may ask can my attorney deny me from a pre settlement loan? and the answer is no, your lawyer can’t deny you from getting a lawsuit advance at all. You are the only one who can make this decision.
Several steps are required before a funding firm can proceed, including your current negotiations with insurers, discovery, and pre-trial motions.
Also, attorneys can’t advance clients’ money at all. According to the ABA, it is a conflict of interest and a violation of professional ethics.
CONFORMING TO FUNDING REQUIREMENTS
As well as being known as certified funding, legal financing, and settlement financing, legal funding is also known as litigation funding. There is a distinction between legal funding and bank loans. Your legal funding application doesn’t need to have an impeccable credit in order to be approved. If you lose your case, you are not responsible for repaying the loan.
Personal injury claims and lawyer services are the two most important requirements for getting the funds you need. Nearly all financial companies provide funding for qualifying plaintiffs. But only a few provide the appropriate rates.
Baker Street Funding, is a company that provides settlement funding and after reviewing them, this is what we came up with.The application process only requires your contact details and the information of your attorney. While you focus on recovering from your injury, their staff will handle everything else with your attorney.
Is legal funding only available to those who have an attorney? Does this mean you have to get their approval to apply? It is your choice to apply for funding, but you need the cooperation of your attorney.
If you are seeking financial assistance, your attorney may discourage you from applying. However, they’re obligated to act in your best interest after all.
When should you not seek funding if your attorney advises you not to? The attorney you hire might not have gathered all the evidence and documentation necessary to approve your application if you apply too soon or your case has liability issues. It would be advisable to give your attorney more time to prepare everything so you can apply for the cash advance with confidence.
It is also important to build a strong case from the legal funding perspective as well as from the perspective of the amount of compensation you will receive when you win your case.
If you already have too much funding from another lender, your attorney might recommend that you do not apply for funding.