When you file a lawsuit, you should go into the process knowing that even as you pursue a final settlement, you still have bills and other expenses to pay. This is especially true with personal injury lawsuits, wherein you may be unable to work while you recover and accrue mounting medical bills besides. But there’s another option to pursue: plaintiff litigation funding. Plaintiff litigation funding is cash provided by a financial institution that you can use to handle living expenses, medical care, and other necessities while you’re in litigation (but, most often, not to pay for the case itself). More specifically, though, what is litigation funding, and how does it work? Several types of funding are available at Apogee Capital Partners, LLC, including pre-settlement cash advances, post-settlement funding, and medical care funding.
Presettlement Cash Advances
Presettlement cash advances are, plainly, advances on your settlement. You borrow according to your projected settlement so that you can pay off your creditors, keep your house and home together, and so forth. Presettlement funding also puts you in a stronger position; when health care providers and insurance companies know you’re struggling, they might try to press you into taking a smaller settlement. This funding is not a loan; it’s based on whether your case has merit, so there’s no credit check or the like.
Postsettlement Funding
As we continue to answer the questions, “What is litigation funding, and how does it work?”, we come to postsettlement funding. After the case has closed and you’ve arrived at a settlement, you may still need to wait for payment, which may take a while as the final arrangements are made. Once again, you can borrow money to take care of your everyday expenses and whatever necessities you require in the meantime.
Medical Care Funding
Today, insurance and health care coverage aren’t givens for everyone, and accidents happen. If you lack insurance or your insurance doesn’t cover what happened to you but you require ongoing treatment, medical care funding can pay for it all via borrowing on your future settlement. Apogee even has a network of health care providers who can look after you while sending Apogee the bill.
Other Aspects of Litigation Funding
As we mentioned, when you receive plaintiff litigation funding, you’re borrowing on the money that’s coming to you as part of the settlement. Apogee only lends a certain percentage of the final settlement and works with your lawyer to make the arrangements so that you can receive the cash quickly. A transaction fee and a amount of interest will be charged until you’ve repaid the money, but know that if you don’t receive a settlement, you owe nothing. Finally, we are not involved in the actual litigation. That is entirely left in your and your attorney’s hands.
