There have many instances when complainants were unable to pursue their pending lawsuits for paucity of funds and hence have been deprived of getting their legal claims. In order to extend financial help for lawsuit funding, you will find many institutions offering attractive terms for prime case funding against pending lawsuits.
Lawsuit loans provided by the funding companies are flexible and carry attractive rates of interest. Moreover, these loans are non-recourse which means that you need not repay the loan amount in case you lose. In the event you win, these funding companies will not ask for payment until you receive your claim in full.
To be eligible in availing prime case funding, your law suit must fall under the areas as mentioned in the list. Although major cases are related to personal injury arising out of many reasons, you will also be eligible in case of food poisoning, animal bites, product liability and sexual harassment.
Rate of interest
The rate of interest is calculated on the first two years and payable along with the principal amount at the time of settlement of your case. Normally the rate of interest ranges between 2.5% to 3.5% capped for 2 years. In case the suit is not settled within 2 years, no interest is payable for the remaining period till the case is settled.
How much you can get?
After you are eligible for prime case funding, proper assessment will be carried out by professionals to ascertain the probable amount of claim which you are liable to receive and based on that amount, you will be eligible to a cash advance of not exceeding 15% of the assessed value.
Any common man will be hard put to meet the daily expenses while meeting compulsory liabilities such as medical bills, child’s education expenses, electricity bill and other mandatory expenses while pursuing the lawsuit. It is here that prime case funding comes of immense help not only as a financial aid but also as a morale booster.
This system is completely ethical where plaintiffs get the advantage to use their open options to meet their daily expenses and statutory liabilities while their lawsuit is kept pending for settlement. All payments are made through your appointed attorney and in case you need more than what is approved, they have the discretion to pay you more advance. Completing the process of applying and submitting the required documents along with information, their representative will call upon you to apprise you of the terms and conditions and provide a satisfactory answer to all your queries so that there is total transparency in the dealing. These prime case funding organizations also fund for Worker’s Compensation claims in some of the states which can be found on logging onto their websites. These funding institutions are true friends in need who will help you to fight for your legal rights.
Author bio: David is a part time blogger and a freelance article writer who love writing about finance related topics. In case if you are eager to know about lawsuit funding options you may check out his recent articles that focus on the subject.