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Getting a Pre Settlement Cash Advances - Is it Right for You and What is the Best Way to Get it?
One of the fastest ways to get cash, and fast – is to take a pre-litigation cash advance against your future settlement if you have a personal injury case. The average personal injury case can take up to 18 months to settle. With Covid-19 slowdowns, some plaintiffs are seeing settlements delayed even further – up to 3 years or more. But what if you have a case that’s worth at least $300,000 in future settlement and you only need $1,500 right now to cover bills?
Taking a “lawsuit loan” can help you with bills now so you can wait for your big settlement later. If you were injured in a car accident, slip and fall, injured at work, or have any other type of personal injury case – you can get cash fast. Unlike a real estate loan, you can get approved fast.
What is the Process of Getting a Lawsuit Loans?
Getting an advance against your settlement is a straight forward process. It has only 3 steps:
- Apply online or call us to qualify
- We verify your application with your lawyer
- You get approved and we send you cash
You can choose to get a check in the mail, next-day shipping, have the money sent to your account or pre-paid card, or even a Western Union. Most applicants get approved within 24 hours of attorney verification. And you don’t have to worry about a payback – your lawyer will pay us back from the settlement.
All the Types of Cases you Can Get a Pre-Settlement Cash Advance On?
We will fund almost all types of personal injury cases:
What is the best way to qualify for a lawsuit loan in my state?
If you have a good lawsuit – you can get a cash advance. It’s that simple. Here are a few things that will help you get a cheap lawsuit loan:
- The other party is clearly at fault and there is an insurance policy
- You have a good attorney – choosing the right attorney can make a big difference in the amount of settlement that you will get
- Your medical treatment is consistent, clear, and has a track record
Here are a few factors that does not affect your ability to get a cash advance against your personal injury lawsuit:
- Your credit score or financial history – we never run a credit check and it will not affect your chances to secure cash against your lawsuit
- If you already got funding – people with 1 lawsuit loan can get another one (if your case is good enough!)
What are the interest rates for lawsuit loans? Will I have to give my entire settlement?
You won’t have to pay back the entire settlement if you take out a pre-settlement advance. The amount you pay back depends on how fast your law firm can pay us back and the risk factors associated with you case. The better your case – the less you pay. Generally speaking the rates will vary from case to case, from 1-4% a month in general. Yes, it is a lot more than a mortgage rate on a house or an investment property – but if you need money fast, it may be better than losing your home or getting evicted!
If you don't win your case - you don't have to pay us back (yes, really!)
The funds we give you is not a loan. It is an investment in your case, and therefore if you lose your case you pay us back nothing. We work just like personal injury attorneys – we only get paid back if you win your case. There is no risk involved in getting a lawsuit loan. There is no cost to apply and you can cancel the process any time.
Can I Get a lawsuit loan if I already got one from another company? How much can I get against my case?
You can get additional funding even if you already got a cash advance in the past. HM Capital will be able to give you additional funds on top of the amount you already owe, and lower your rate as well so your lien will grow much slower.
How much could you get for your personal injury lawsuit? Call us to find out. Generally speaking, our experts can help you get 8-10% of the total case value of your lawsuit. So if you have a $100,000 case, you can get up to $10k in cash in less than 24 hours, risk free.
Should I get a lawsuit loan from HM Capital? How is it different than Oasis Financial cash advance?
Every pre-settlement cash advance can be expensive. However, some companies are much more expensive than others. At HM Capital – we know that plaintiffs who suffered injuries and need a cash advance are doing so to pay bills – not to take a vacation. Just because you are in a bind does not mean you should pay an arm and a leg when you settle the case. Our rates are reasonable, and our unique funding structure gives us an advantage over our competition.
- Low Rates – we guarantee in writing a lower fee than other companies. Our rates are about 70-50% cheaper than Oasis Financial in some cases.
- Simple, non-compounding interest rates – HM Capital will never charge you compounding interest rates. Our rates are simple, so what you owe us is less over time, compared to Oasis – where you almost always pay compounding interest rates. Here is a good explanation about simple and compounding interest rates.
- Fees – the dirty little secret of the lawsuit funding world are high fees. Some companies will charge you $100 fee to send you a check for an advance totaling $500 – that’s insane!! HM Capital does not do that. With us, there are no BS fees that will cost you a fortune.
- Cap on payback – the biggest difference between us and companies like Oasis Financial – we have a cap on all of our funding – so if it takes you 3 years or more to pay back, our lien stops growing.
If I get a pre-settlement advance, how much will I have to pay back?
Lawsuit loans will cost you money against your future settlements – they are not free, and vary between cases. Once your law firm secures a settlement with the insurance company – a portion of your settlement will be paid back to satisfy the funding company’s lien. The payback amount depends on two factors – the rate and the time it took your lawyer to pay us back. The longer it takes for your case to settle, the higher the payback will be.
The rate is calculated based on the risk factors of your case, and is different from one case to the next. A few factors to consider when we determine the risk of your case:
- Has the insurance carrier accepted liability? This means that the insurance company admits it was the other party that caused you injuries – which means you have already won your case. The only question left to answer is how big will be your settlement. If the insurance carrier accepted liability your rate will be lower.
- How bad were your injuries? Bigger injuries will command bigger settlements, which means a bigger advance to you.
- Insurance – the bigger the insurance policy the other side has – the bigger the potential settlement.
- How good is your attorney? Not all attorneys are the same – some just try to settle and some are trial attorneys. Good attorneys who know how to litigate will increase your case value – and you can get a lower rate as a result.