Litigation loans provide a quick way to cover expenses if you have a pending case. They also don’t require a credit check, as the cash advance is backed by the settlement funds you expect to receive in the future. You’re essentially borrowing from yourself. Continue reading to learn more about how non-recourse legal funding works if you don’t have credit.
Legal Funding Doesn’t Work Like a Traditional Loan
Personal injury victims are often unable to work and, therefore, don’t earn the money to pay their bills. Making rent, car, and other payments can be hard enough. It would be virtually impossible to qualify for a traditional loan that would require immediate payments, including interest.
At Fund Capital America, we don’t do a credit check on applicants. The status of your credit is not a factor because approval is based on the merit of your case. If you’ve hired an attorney, filed a lawsuit, and the case is likely to win, that’s all we need. You may have a low credit score, a history of bankruptcies, or no credit at all and it will not affect our approval decision.
That’s a big benefit over traditional financing, as lenders and banks weigh your credit and earning capacity heavily on any decisions they make.
Your Credit Score Has No Bearing on a Litigation Loan Decision
A low credit score can have a wide range of negative effects. But qualifying for pre-settlement funding isn’t one of them. A lawsuit funding company doesn’t care about your credit score. They just need to see you have a meritorious case and are being represented by a personal injury attorney.
The application process skips a credit check entirely. Even if you don’t have credit, it won’t matter. Apply with the funding company and provide some details about the case. The lender’s staff will contact your attorney to discuss your injuries, the circumstances of the accident, and the expenses you’ve incurred as a result. A few documents will need to be shared, including repair receipts, medical records, photographs, police reports, etc.
If You Don’t Win, You Don’t Pay Us Back
A litigation loan is paid back directly out of the settlement money you receive. You pay nothing out of pocket. It’s not like sending a creditor a payment every month. The funding company is paid when your lawyer sends us the balance due out of your settlement check when it arrives.
Losing a case is of no risk to you. We don’t require any payback if your case loses. And if it settles for less than expected, you won’t owe more than you receive. Therefore, we eliminate the financial burden that taking a loan or using credit can have, but still provide the cash you need for bills and living expenses.
How Do We Determine How Much to Offer?
A traditional lender can limit the amount you can borrow if you have no credit, a limited credit history, or bad credit. But, Fund Capital America uses a different approach to decide how much to offer. Once your lawyer submits the appropriate documents, we’ll look at the severity of your injuries, what caused them, the length of your recovery, the value of your current and expected future medical bills, and how much you’ve lost in wages (current and future).
Contact Fund Capital America
If you have no credit and a personal injury case that’s expected to win, you can apply for a litigation loan as a plaintiff or an attorney. We can provide an advance of up to $100,000 in 24 hours. Our application process is completely online and involves no paperwork or credit check. There are no upfront payments or fees. To get started, apply now online or call 855-870-2274.
