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 1: Your Accident Just Happened
If you have very recently been in an accident, it may be too soon to become eligible for pre-settlement funding. Although doctors’ bills and missed paychecks can start to pile up as soon as a week after your accident, it takes longer to be able to get approved for pre-settlement funding with a reputable funder like Fast Cash Legal. The key to getting approved for pre-settlement funding is having plenty of documentation for your case. And if your case is too new, you will be missing the required paperwork. For example, you will likely need supporting paperwork like medical documentation and/or police reports in your case file. Without these things, the funder cannot have a full idea of the scope of your case and if you are eligible for funding. The good news here? If you can, wait a little longer to collect these documents that will build your case. If you can manage this, your chances of receiving funding will become much greater.
While you can see that there are definitely similarities between these two types of funding, the differences are important and should be noted.
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.
Reason 3: Your Case is Ambiguous
Finally, the third most common reason for why people are denied pre-settlement funding comes down to who is liable for your injuries. Unless your case is clear cut, it will be difficult to receive funding. In other words, you must have a very strong case against the person or business who caused your injuries in order to be eligible for funding. If the funder sees any holes in your case or thinks that you may not win a settlement, chances are your application will be denied.
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.
Next Steps
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.
And remember that you need not worry about how you’re going to pay us back if you end up losing your case… if that happens you will not have to pay us back. Not a single cent.
Call us today to apply at (844) 213-1116, or simply start by completing the short application!
How Do I Qualify?
While there are many things that we look at regarding your personal injury lawsuit to see if you qualify for a legal funding, there are 3 main questions we ask about your case:
- How serious were the injuries you suffered?
- Does the person who caused the accident have a way to pay for any legal settlement award?
(the real key is do they have insurance to pay for it) - Is the person who you’re claiming caused the accident actually responsible for the accident?
(kind of an odd question, we understand, but you’d be surprised)
If your case can meet these qualifications, then there is a great chance we can fund you.
Fast Cash Legal does not provide pre-settlement legal funding in the following States: Alabama, Arkansas, Colorado, District of Columbia, Illinois, Indiana, Kansas, Maine, Maryland, Missouri, Nebraska, Nevada, North Carolina, Oklahoma, South Carolina, Tennessee, Vermont, Virginia, West Virginia.
Fast Cash Legal does NOT fund Workers Compensation cases.
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- No credit checks
- If approved, you can get your cash in 24 hours
- If you lose your case, you owe nothing
- There is no obligation if you apply then decide not to take the funding
