Legal funding companies are a relatively new concept, with the first lawsuit funding groups developed in the 1980’s. However, in the last 5 years, the industry has seen a boom, with major legal funding groups reviewing upwards of 40,000 applications a month. So, what exactly is legal funding?
What is Legal Funding?
Legal funding refers to an advance on the anticipated future settlement reward that results from a pending lawsuit. This advance is based on the expected award from a settlement, judgement or verdict.
After you apply for legal funding with Signal Funds, we will review the details of your case. Once your application is approved, Signal Funds will send over the legal funding agreement to you for review. After you have reviewed, signed and returned the agreement, your advance check will be overnighted to you right away and your funds will be available to you immediately.
Legal funding is not a loan. You do not have to make any monthly payments or pay any upfront fees. This advance is considered a purchase of a part of your expected settlement award. Your credit score is not a consideration. And there are no background checks required. Your attorney will pay the associated fees with the pre-settlement funding advance after you have received your settlement award. And if by some reason you lose your case, you owe Signal Funds nothing.
Should I Apply for Legal Funding?
Litigation can be a lengthy and arduous process. Personal injury cases, malpractice, and class action lawsuits on average take two years or more, from first filing to settlement payout. When a plaintiff has been injured as a result of accident or negligence, waiting two years for a settlement can be devastating. Legal funding can relieve some of the financial pressure that you or your plaintiff endures while waiting for a pending settlement. Your client legal funding advance can be used for anything you like; there are no restrictions to how the money is spent.
How Can Signal Funds be a Partner?
Dealing with an injury and pending litigation can be such a stressful time. Worrying about health issues, your family, your job, your bills, and your case can really take its toll. At Signal Funds, we are a friendly, steadfast, and focused legal funding group that works diligently to get your pre-settlement advance to you as soon as possible.