TLF can put money in your hands in as little as 24 hours with your attorney’s cooperation.
“Settlement loans” and “pre settlement loans” are used interchangeably to describe several distinct types of financial transaction. And while TriMark Legal Funding LLC handles them all, it is important you understand which one you need.
Technically speaking, a settlement loan (also called legal funding) isn’t really a loan at all; it’s a non-recourse cash advance whose repayment is entirely dependent upon the successful outcome of the lawsuit against which it was made.
Plaintiffs With Pending Lawsuits:
It refers to a non-recourse cash advance against a portion of the future proceeds of a plaintiff’s personal injury award. Other types of lawsuit are eligible for funding as well, including commercial litigation, medical negligence cases and a wide variety of employment litigation including workmans compensation.
Plaintiffs With Settled Cases:
If the lawsuit has already been settled, this is called post settlement funding. This occurs when a plaintiff who has been awarded a trial verdict or whose case has just settled is waiting for the check to arrive from the defendant’s insurance company. Depending on the case, the state, the insurance company and the agreed-upon payment date, this can take anywhere from a week to six months or more.
Plaintiffs With a Case on Appeal:
Sometimes when a plaintiff wins, the defendant appeals the decision. While the defendant is required to post the amount of money awarded, the plaintiff does not have access to it until they win the appeal. This is called appeal funding and depending on the complexity of the case, the court docket and whether or not the appeal proceeds, this can take anywhere from several months to several years.
People Getting Structured Settlement Payments:
In cases with catastrophic or life-altering injuries or in the case of wrongful death, instead of defendants making one enormous payment, it is common practice for plaintiffs or the families to receive regularly scheduled payments over a period of years or decades; sometimes even for life. These types of payments are paid out using a type of annuity called structured settlements. Annuitants can sell all, or practically any portion of their annuity in exchange for a large lump sum of cash.
People With Pending Workmans Comp Claims:
TLF is able to offer workers comp advance funding on pending workmans comp settlements. These can be a real lifesaver for people who have been injured on the job, are unable to work and are only receiving a fraction of their normal income. This type of settlement loan is available in 23 states.
Attorneys Waiting For Their Fees To Arrive:
On cases that have already been settled and resolved, TLF is able to purchase all or a portion of the attorney’s fee at a slight discount. The lawyer receives his money immediately and our investors wait for the fee to arrive. This is called attorney fee acceleration.
Plaintiffs who find themselves involved in serious personal injury lawsuits are usually caught off-guard, financially speaking. To add insult to injury, they are frequently beset with a unique combination of financial challenges that prevent them from obtaining any sort of financial assistance through regular channels such as banks, credit unions and other lending institutions. These “unique financial challenges” can include bad credit, tax liens, medical liens, no real estate collateral, no monthly income, unemployed, permanent disabilities that prevent them from obtaining employment and an inability to make regular monthly loan payments.
As you can see, there are a number of scenarios that people describe as “settlement loans”. The bottom line however, is that a non recourse settlement loan is not a loan at all. They require no monthly payments, the only collateral is the latent value of your future settlement, and best of all, if for any reason you lose your case or it does not resolve successfully, you are under no obligation to repay the advance.
If you have been seriously injured, are currently involved in a lawsuit, are represented by a contingent fee attorney and are in serious need of immediate financial assistance, why not get started right away?