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How To Choose a Lawsuit Funding Firm

Wednesday, November 30th, 2016

Businesspeople crunching the numbers of a business plan

Surviving accidents or a medical malpractice could be termed as a new lease of life. There are immediate implications to be considered. Treatment, bills, maintenance and many such things would cost an arm and a leg. Filing a case and claiming compensation is the next logical step. The legal proceedings take their time, but there may have been close calls, loss of life or someone recovering after being at death’s door. Immediate funding therefore becomes a necessity.

Legal funding is a good option to consider. But you want a hassle-free experience from the start till the time of settlement loans. However legal loans are not as complicated as the traditional loans. It is a fast-track process and provides funding for such emergency conditions. There are numerous legal funding firms. The usual course would be to surf the internet, check advertisements and seek recommendations. But there are companies out there interested only in making a fast buck. If, on the internet, a good place to begin would be Legalzoom.com. Seek their advice on your case. It helps to take a well-informed decision. Also, here are some recommendations put forth by experts that can help you make the right choice.

1. Choose a company of repute and that has been around for awhile, at least a few years. Stability and reputation are important criteria.

2. A company that charges the lowest fee does not in any way signify as being the best in business. Check for hidden fees and scrutinize the terms and conditions till you reach a point of satisfaction. If the company is not clearly explaining the loan and fee structure, do not go further until you have complete clarity.

3. Look at multiple companies and compare their approach, process and rates. This way you can compare the legal terms, fees and approach. If the fee is too high or too low, find out why. Note the average fee being quoted for your case. Remember that every case is unique, so find out what companies are quoting for your case.

4. What if the court case does not settle in favor of the client, in this case, the plaintiff? Would the fee still have to be paid to the legal funding company? If the company is of good repute, the repayment is waived in such situations.

5. Always consult your attorney before you finalize on the funding firm. Let your attorney read through all the documents and fine print.

6. Do not borrow an exorbitant amount as it is an expensive affair. Ensure the loan amount is enough to cover important expenses such as bills, medical treatment etc.

The process itself is quite straightforward and requires a few days or weeks to clear the documentation and sanction a loan. After you choose the funding firm (in consultation with your attorney), a representative from the company will get in touch with your attorney for the necessary paperwork, understand your case, its merits and clear your papers within a day or two. The fund is then transferred to your account.

These tips should keep you in good stead and prevent you from getting a raw deal. Remember not to get too independent and paddle your own canoe. Always stay in consultation with your attorney.