What is Non Recourse Lawsuit Funding?
If you’ve been injured by someone else’s negligence, and you have a legal claim, you may feel as though your life is spiraling out of control. If you are unable to work, you may not know how you’ll cover mounting medical bills, much less day-to-day living expenses, while your legal claim is pending. If this scenario is your reality, non-recourse lawsuit funding may be able to help you.
What Is Non-Recourse Lawsuit Funding?
If you are a plaintiff in a lawsuit, you may be eligible to receive non-recourse lawsuit funding while waiting for your case to settle or go to trial. If you lose your case, you do not owe anything. The lawsuit funding company only receives a percentage of the proceeds of your lawsuit if the lawsuit is resolved in your favor. The lawsuit funding company will decides how you are approved for; you don’t have to accept the full amount if you don’t need it.
Who Can Receive Non-Recourse Funding?
If you have suffered a personal injury because of another’s negligence, you may be good candidate for non-recourse lawsuit funding. The lawsuit funding company will only be paid if the lawsuit is resolved in your favor. If you have a strong case that’s likely to be resolved in your favor, a the lawsuit funding company is more likely to approve you for funding.
How Is Non-Recourse Funding Different from Traditional Financing?
Traditional financing, also called recourse financing, must be paid back no matter what. If you default, the company providing financing can garnish your wages or take other assets from you, or even take legal action if necessary. Therefore, if you accept traditional financing, you take the risk that you have to repay amounts due.
Non-recourse lawsuit finding is not a traditional financing. The lawsuit funding company only receives a percentage of the proceeds of your lawsuit if the lawsuit is resolved in your favor. The money comes from your cash award.
Also, with non recourse lawsuit funding, you don’t have to go through a credit check, prove that you’re employed, or pay anything up-front. For people going through the stress of a lawsuit, non- recourse lawsuit funding is a great option to consider.
Financial Help After Your Settlement
While non-recourse lawsuit funding is primarily intended for plaintiffs waiting for their litigation to make its way through the courts, it may also be helpful for people who have personal injury claims after their case is resolved. If you will receiving a financial award in structured payments, and these aren’t enough to cover your expenses, you may qualify for non-recourse post settlement funding.
If you’ve sustained a personal injury through no fault of your own, and have a legal claim, LawCash may be able to provide you with non-recourse lawsuit funding. Contact us (or 1-900-Law-Cash to learn more or apply online today.