Getting Denied for Pre-Settlement Funding
If your application got denied for pre-settlement funding, here are 3 main reasons why this could have occurred.
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What You Should Know About Getting Denied for Pre-Settlement Funding
Applying for pre-settlement funding usually means that you are in a cash crunch. You need an immediate solution in order to make ends meet. If you are approved, the great thing is that cash is usually available quickly. On the other hand, if your application for pre-settlement funding is denied, it can be a very stressful situation. The good news is that in instances where a funder cannot approve your application, there are probably pretty specific reasons for the denial. Do any of the following three main reasons why people get denied for pre-settlement funding applies to you? If so, consider making some changes, or waiting and reapplying.
Reason 2: Your Attorney
Another common reason for getting denied for pre-settlement funding typically has to do with the attorney representing you in your case. Your pre-settlement funder will always want to speak with your attorney to get a better idea about the details of your case. If you do not have an attorney, that will always be a reason for getting denied for funding. Or, if your attorney is unwilling or unable to speak with the funding company, it is also highly likely that the application will not be approved. So, before you decide to apply for pre-settlement funding, it is always a smart idea to inform your attorney so you two can be on the same page when it comes to speaking with the pre-settlement funding company.
Other Reasons for getting Denied
In some cases, there are other reasons why an application for pre-settlement funding may be denied. These things are more due to personal circumstances rather than the nature of the case itself. For example, a funder is not allowed to provide funds to people living in certain states. If you live in one of these states, then you will not be able to receive funding. Other examples include having too many personal financial liabilities (like a recent bankruptcy or child support issues). If the funder feels you are unable to pay back the funds when they are due, they can deny you. Finally, if you’ve already received pre-settlement funding from another company, you may have reached your limit and a funder can deny you for this reason.
As you can see, getting denied for pre-settlement funding can happen, but it doesn’t mean you are out of options. If you have any questions on reapplying for pre-settlement funding after a denial, don’t hesitate to reach out to us. At Fast Cash Legal, we are available around the clock to help clients learn more about what working with us looks like. Contact us today to learn more.