Car Accident

How to Qualify for Pre-Settlement Funding After a Car Accident in Oregon

Posted on by Fast Funds
How to Qualify for Pre-Settlement Funding After a Car Accident in Oregon (2)
09
Sep

Experiencing a car accident in Oregon can be a distressing event, especially when it leads to injuries, loss of income, and mounting medical bills. While the legal process to secure compensation from the at-fault party is underway, the financial strain can become overwhelming. For many individuals, pre-settlement funding emerges as a viable solution to ease this burden. Pre-settlement funding, also known as lawsuit funding or legal funding, allows plaintiffs to obtain a cash advance against their potential settlement. This financial support can help cover living expenses, medical costs, and other urgent needs while the legal case is still pending.

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Understanding the process of qualifying for pre-settlement funding in Oregon is essential for anyone considering this option. By gaining a comprehensive understanding of the requirements and criteria, you can make an informed decision about whether pre-settlement funding is the right choice for your situation. The process involves several key factors, including the strength of your case, the stage of your lawsuit, and the financial requirements of the funding company. Below, we will explore these elements in detail to guide you through the steps to qualify for pre-settlement funding.

The Importance of a Strong Legal Case

The foundation of qualifying for pre-settlement funding after a car accident in Oregon is the strength of your legal case. Funding companies primarily base their decision on the likelihood of your case resulting in a favorable settlement or judgment. Therefore, it is crucial to have a compelling case with clear evidence of liability and damages. This includes having police reports, witness statements, medical records, and other documentation that supports your claim. Additionally, having legal representation by an experienced attorney is vital, as it demonstrates that your case is being handled professionally and increases the chances of a successful outcome.

A strong legal case is not only about proving liability but also about establishing the extent of your damages. This includes both economic and non-economic damages, such as medical expenses, lost wages, pain and suffering, and emotional distress. The more substantial your damages, the more likely a funding company will be willing to provide pre-settlement funding. However, it is important to note that funding companies typically only advance a portion of the expected settlement amount, usually between 10 to 20 percent. This is because the company takes on a risk when providing funding and seeks to ensure that the advance can be repaid from the final settlement or judgment.

- WHAT CLIENTS ARE SAYING -

In June, my wife and I asked our attorney about giving us a loan against any settlement proceeds from our case. He told us that the state bar does not
permit lawyers to participate in the financing of clients. The offer of settlement was very low so the case needed to be filed in court. I called Fast Funds. Within 24 hours, I had entered into an agreement with them, selling a very small portion of the anticipated proceeds to them in exchange for immediate financing. Now my suit is in court and I don't have to worry about money until it's outcome. Thank god for Fast Funds
B.G.
As a result of the advances you have made to our client, we were able to refuse an extremely low settlement offer and take the case to court. We settled the day of the trial for a very generous sum. Had there been no advances by Fast Funds, our client would have had no choice but to accept the inadequate offer since he was in severe debt due to his inability to work. Thank you for your helpful assistance in providing our client with the ability to persevere.
C.F.
I was involved in an accident which took my left leg. I was forced to live homeless for eleven months. Thanks to the Fast Funds people advancing money. I now live in an apartment,I am walking on a prosthetic and otherwise getting my life back together, even though my attorney has not yet settled my lawsuit. I don't know what I would have done for money because the insurance company has offered nothing so far.
A.R.S.
I was involved in an auto accident which caused me to suffer a herniated disc. Because of this injury, I was forced to miss many months of work. I had no income and no place or person to turn to for money. My attorney told me he was unable to help with any financing and the insurance company was refusing to settle the case. I turned to a company called Fast funds. They immediately reviewed my file and took the financial pressure off by providing me with interim financing. I am now able to wait for as long as it takes for my lawyer to achieve a successful result in my case. Without the financial involvement of Fast Funds, I don't know what I would have done.
K.P.
I wanted to thank you for your sensitivity in helping me cope through a very difficult time in my life. Without your help, I would have been unable to pay my rent , forcing my wife and children to be put on the street. I have not been able to return to work and I was tempted to accept the insurance company's very low offer to settle, even though I knew it was not fair or reasonable. You have given me the ability to withstand the financial pressures. Thanks for your help. I will never forget it
C.S.
I have in the past referred clients to Fast Funds Inc., a non-recourse company. The experience of my clients
and my firm were totally positive. Fast Funds was responsive to the clients financial and emotional needs, provided the necessary emergency money and did not interfere in any manner with my handling of the cases. The clients, without my input, negotiated the advance directly with the company. In each case, they were completely satisfied with the final result of the case, including the amount of profit earned by Fast Funds. Non-recourse funding is clearly a valuable tool to the plaintiff's attorney.
M.J.L.
"I am writing to recommend the valuable assistance of the Fast Funds Inc., a company that provided interim funding to financially needy clients. They help to insure that a case will be brought to a successful resolution. A good case in point is when I was offered $75,000.00 for a seriously injured client. Had she not been able to take advantage of the advance financing offered by Fast Funds, I would have been forced to take the money. As it turned out, because my client now had the financial ability to withstand the pressures of time, I tried the case to a jury and received a verdict of $315,000.00.
M.S.D.
It is my belief that non-recourse companies, such as Fast Funds, the company to whom I refer my needy clients, perform an invaluable service to both the client and the attorney. Simply put, it is common knowledge that one of the tools negotiation utilized by insurance companies is time. Offering
considerably less money than the actual case value to a client in desperate need of funds while the case is pending, gives the insurance companies a tremendous advantage. This advantage is minimized and the playing field is leveled when the client has the ability to obtain funds for a minimal portion of the anticipated proceeds. Many times, with no prospects of income, an injured party will settle the case for whatever offer is made.
R.J.F.

The Stage of Your Lawsuit

The stage of your lawsuit plays a significant role in determining your eligibility for pre-settlement funding. Funding companies prefer cases that are further along in the legal process, as this reduces the uncertainty associated with the case. For instance, if your case has already reached the discovery phase, where both parties exchange evidence, or if a trial date has been set, this can increase your chances of qualifying for funding. On the other hand, if your case is in the early stages, such as right after filing the complaint, funding companies may be more hesitant to provide an advance due to the higher level of uncertainty.

The stage of your lawsuit also impacts the amount of funding you may be eligible for. As your case progresses and more evidence is gathered, the value of your claim may become clearer, allowing funding companies to offer a larger advance. However, it is important to work closely with your attorney to ensure that the funding does not interfere with the legal strategy or settlement negotiations. In some cases, accepting pre-settlement funding too early in the process may limit your options later on, especially if the funding amount does not adequately cover your needs.

Financial Stability and Urgency

Your financial situation and the urgency of your needs are also important factors in qualifying for pre-settlement funding. Funding companies are more likely to provide an advance if you can demonstrate a genuine need for financial assistance. This includes showing that you are unable to cover essential expenses such as medical bills, rent, utilities, or other living costs while your case is pending. The more pressing your financial needs, the more likely a funding company will be willing to provide pre-settlement funding.

In addition to demonstrating financial urgency, it is important to assess your overall financial stability. While pre-settlement funding can provide immediate relief, it is not a long-term solution to financial problems. The advance you receive is not a loan; it is non-recourse funding, meaning you do not have to repay it if you lose your case. However, if you win or settle your case, the funding company will take a portion of your settlement as repayment. Therefore, it is crucial to carefully consider whether pre-settlement funding is the best option for your financial situation and to discuss the potential impact on your settlement with your attorney.

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The Role of Your Attorney in the Pre-Settlement Funding Process

Having a qualified attorney is essential in the pre-settlement funding process. Not only does legal representation strengthen your case, but your attorney will also play a key role in communicating with the funding company. The funding company will need to review the details of your case, including the evidence, legal strategy, and potential settlement amount. Your attorney will provide the necessary information to the funding company and help negotiate the terms of the funding agreement.

It is important to work with an attorney who has experience with pre-settlement funding and understands the implications of accepting an advance. Your attorney will help you weigh the pros and cons of pre-settlement funding and ensure that you make an informed decision. Additionally, your attorney will review the funding agreement to ensure that the terms are fair and that you are not taking on excessive risk. Some funding companies may charge high fees or include unfavorable terms in the agreement, so it is crucial to have your attorney thoroughly review the contract before signing.

The Funding Company’s Evaluation Process

The evaluation process conducted by the funding company is a critical step in determining your eligibility for pre-settlement funding. The company will assess various aspects of your case, including the strength of your claim, the stage of your lawsuit, and the likelihood of a favorable settlement. This process typically involves a detailed review of the evidence, legal strategy, and potential damages. The funding company may also consider the reputation and experience of your attorney, as well as the jurisdiction in which your case is being heard.

Once the evaluation is complete, the funding company will determine whether to offer pre-settlement funding and, if so, how much to advance. The amount of funding you receive will depend on the perceived value of your case and the level of risk the company is willing to take. In some cases, the funding company may request additional information or require certain conditions to be met before providing the advance. It is important to be transparent with the funding company and provide all requested documentation to facilitate the evaluation process.

The Impact of Pre-Settlement Funding on Your Case

While pre-settlement funding can provide much-needed financial relief, it is important to consider the potential impact on your case. Accepting an advance can affect your legal strategy and settlement negotiations. For instance, if the funding company advances a significant portion of your expected settlement, you may feel pressured to settle the case quickly to repay the advance. This could result in accepting a lower settlement amount than you deserve.

Additionally, the funding company will take a portion of your settlement as repayment, which means that the final amount you receive may be less than you anticipated. It is important to carefully consider these factors and discuss them with your attorney before accepting pre-settlement funding. Your attorney can help you determine whether the advance is worth the potential impact on your case and explore alternative options if necessary.

Choosing the Right Pre-Settlement Funding Company

Selecting the right pre-settlement funding company is essential to ensuring a positive experience and favorable terms. Not all funding companies are created equal, and it is important to do your research before making a decision. Look for a company with a strong reputation, transparent terms, and reasonable fees. Your attorney may be able to recommend a reputable funding company based on their experience and knowledge of the industry.

When evaluating funding companies, consider factors such as the company’s track record, customer reviews, and the terms of the funding agreement. It is important to choose a company that offers clear and fair terms, without hidden fees or excessive interest rates. Additionally, ensure that the company is willing to work closely with your attorney and provide the necessary support throughout the process.

Qualifying for pre-settlement funding after a car accident in Oregon can be a valuable option for those facing financial challenges while awaiting a legal settlement. By understanding the key factors involved, such as the strength of your case, the stage of your lawsuit, and your financial needs, you can make an informed decision about whether pre-settlement funding is right for you. Working with an experienced attorney and a reputable funding company is essential to ensuring a positive outcome.

If you find yourself in need of pre-settlement funding, Fast Funds is here to help. Our team is dedicated to providing the financial support you need to navigate this challenging time. Contact Fast Funds today to learn more about how we can assist you in securing the funding you need to cover your expenses while your case is pending.