Realistic Expectations for Lawsuit Funding
Mar 17, 2010
Have you ever heard the phrase “if it sounds too good to be true, it probably is”? This phrase is a very good one because it helps to remind people that there are many things in this world which are nowhere near as good as they sound. Sometimes people get so excited about something good that they imagine that it is much better than it truly is. In the case of lawsuit funding, for instance, many people assume that it will give them more money than their case warrants, or that the process will be instantaneous when it isn’t. If you plan on getting lawsuit funding, it is a good idea if you have some realistic expectations in place when you apply.
The Turnaround Time
If you’re going to be applying for lawsuit funding, you should know that the turnaround time is fast, but it’s not instantaneous. That is because it has to go through a few different stations before it is fully approved. To start with you have to apply. Once you have applied, we request information from your attorney. Once we receive the material, it goes on to the underwriter.
The underwriter is the person who reviews your case to see if it meets the criteria for funding. They are the one who decides if your case is likely to win or if it is not. If they decide that it is likely to result in a settlement, they will be much more likely to give you the lawsuit funding advance that you would like to have. If they do not, they will likely not approve the request. This process can take a few days so, depending on how fast we can get the necessary information to the underwriter. The faster we get them the information, the faster they can look through it all. Most people receive an answer on the advance, once all of the information is in the hands of the underwriter, in approximately two days, although it may take longer.
The Amount
Another misconception is that you can get as much from lawsuit funding as you want on your case. This is not the case. Lawsuit funding was designed to help you to get through the rough patch while your case is still in litigation, not to replace the amount that you may get from a settlement or win. In some cases people will get tens of thousands of dollars, but those are not the average cases.
Lawsuit funding can be a great way to help you to pay the bills that you have or to help you to get your lawsuit funded further, but it is best if you have realistic expectations about it before you apply.