Pre-Settlement Funding Glossary – Terms to Know
Find out more about common phrases and words used in this pre-settlement funding glossary.
Less than a minute to apply – get the cash you need in hours if approved.
The Important Buzzwords
When you are going through the pre-settlement funding process, you will certainly hear words and phrases that are new to you. While the application process can be simple when you work with funders like Fast Cash Legal, there will still be times that you may be confused about words or sayings you may hear. This pre-settlement funding glossary breaks down common terminology used during this process, so you can be sure that you understand what your pre-settlement funding company, as well as your attorney, are talking about.
Financing Terms
Pre-Settlement Financing
This is another way to say pre-settlement funding. Some companies will use the word financing instead of funding. Words like financing, funding, and advances all have the same meaning since these are only paid back if you win your case. If you see the word “loan”, you may have to pay the money back regardless of if you win or lose.
Advances on Pending Lawsuits
Again, this is another way that some lenders like to talk about pre-settlement funding. Since this way uses the term “advances”, it suggests that it assumes the money will be paid back with the funds received from a personal injury settlement.
Settlement Funding
This is another popular synonym to pre-settlement funding. Some funders choose to simply call it settlement funding as it refers to funds awarded for a personal injury settlement.
Post-Settlement Funding
An advancement on settlement funds that you’ve been awarded. Then, over time, you slowly pay back the funding company. This allows people to pay for things related to their court case that are immediately due since it can take awhile for a settlement to fully be paid.
Application Process
Credit Checks
A credit check involves providing your social security number to a funding company. They are then able to look at your credit history to see if you are in debt, what you owe to other people, and if you pay your bills in a timely manner. Fast Cash Legal does NOT require credit checks to be done in order to receive funding.
Background Checks
Furthermore, some companies perform background checks on applicants to review their criminal history, and more. Fast Cash Legal does not require a background check either.
Expected Case Value
You will hear this term come up during the application process. We determine how much your settlement will be, and are able to lend you up to 20% of that total amount. So, for example, if your settlement is for $20,000, we can loan you up to $4,000.
Payback Terms
When your funding is approved, you will receive payback terms letting you know about how the money should be paid back to the funder and what your interest rate is. Remember, there are NO hidden fees when you work with Fast Cash Legal!
Interest Terms
Compound Interest
As your funding award becomes due, you will pay interest, on top of the original amount, back to the funding company. Compound interest is when you are responsible for paying interest on top of the interest that you owe.
Simple Interest
Simple interest is another type of interest that is paid back to the funding company. This type does not compound, so your funding accrues the same, flat interest rate while you pay it back. This is the type of interest that Fast Cash Legal uses.
Next Steps
As you can see, this pre-settlement funding glossary has many terms that will come up during the time you work with a funder to secure funding. If you have any questions or concerns about how pre-settlement funding works, 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.
Start Your Free Application Now
- 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
