How Do I Qualify For A Legal Funding? By meeting 3 basic criteria.
Many times when we first speak to people who need financial help due to their personal injury lawsuit, the number one question is, "how do I qualify for legal funding?" Here at Fast Cash Legal, we will do everything we can to get you qualified so you can get the cash you need, but to be honest, not everyone does.
Qualifying for legal funding is fairly simple but not always easy based on the details of your legal case. Let us explain. When we review a personal injury case we look at 3 main areas to see if your lawsuit qualifies:
- Extent of Actual Damages
- Defendant's Actual Liability
- Defendant's Ability to Pay
This means that the injuries you suffered are serious enough to support your lawsuit. What does that mean? For example, let's say you were in a car accident – a fender bender – and you are claiming a neck or back injury and suing the person that hit you for $12,000 to compensate you for your injury. However, when you went to see the doctor(s) their exam of your injuries state that your treatment will only cost $2,000. In this example, while those are actual damages, they're not enough to win your claim of $12,000. In short, in order to qualify for a legal funding the personal injuries you suffered must be enough to support a claim large enough to pay back any money you got from the legal funding company.
Now, we would also take into consideration any time you had to miss from work and any additional pain and suffering, and this would all be documented by your attorney, so this is why we ask your attorney for those additional documents to review.
Defendant's Actual Liability
This means that the person/business you are suing was actually responsible for the accident. That doesn't seem to make sense does it… of course they're the ones responsible! Well, it's not always that clear, especially when dealing with insurance companies and everyone pointing the finger at somebody else. A good example of when a person is not directly liable for an accident would be if something/someone else cause them to cause the accident. And in order to qualify for a legal funding at least one of the parties you're suing must have actual liability.
Again, using a car accident as an example, if you were stopped at a red stop light and a car behind you was stopped as well – a fair distance was between the two cars – but a third car crashed into the car behind you hard, sending them into your vehicle. You were rear ended hard enough to cause significant damage to your vehicle as well as physical injuries. Now, assuming the car directly behind you was a safe distance away, they're not the ones actually liable for the accident, so suing them alone wouldn't get you much. It is the third car that had actual liability. Granted this is a very simple example and your attorney is smart enough to know who all to sue, but it provides an understanding of what "actual liability" is.
Defendant's Ability to Pay
This simply means that the person who is actually liable for the accident has the resources to pay any claim/award you may win from the lawsuit. Most of the time it is their insurance company who will actually pay the claim, however if they don't have insurance and nor do they themselves have the money to pay a claim then even if you win your lawsuit, there won't be an award, and you wouldn't be able to pay back any money you received from a legal funding.
While there can be additional circumstances surrounding your personal injury lawsuit that would qualify you to be approved for a legal funding, the 3 areas outlined above are the primary issues we look at when determining whether to approve or decline you case.
As always, if you have any question, please don't hesitate to reach out to us. We have helped hundreds of people get the money they need.
Call us at (844) 213-1116, of simply start by completing the short application beginning on this site.
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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