5 Tips on How to Choose a Reliable Lawsuit Funding Company

Looking for a Litigation Funding Company?

If you have recently filed a personal injury lawsuit and are in need of cash, there is a good chance that lawsuit funding as come up as an option. But what  exactly is lawsuit funding? How do you find  the right company? Is this the best option for you? These questions and more will be discussed in the video and article below.

5 Tips – Lawsuit Funding Help

  1. Understand what lawsuit funding is.
    Do some research on your own. Learn about what lawsuit funding is and how it works. Would you buy a house without ever taking a look at it in person? Would you invest a lot of money blindly in stocks without knowing about the company you are investing in? Probably not. The same can be said with regards to lawsuit funding. Make sure you are fully knowledgeable of the inter-workings so you cannot be taken advantage of.
  2. Consider less expensive options.
    Yes, I am aware that I am currently employed by a lawsuit funding company and am in fact suggesting to take your business elsewhere but the truth is lawsuit funding should not be your first option. There are plenty of alternatives out there in the marketplace but if you are in poor financial shape borrowing from friends and family may be your best option. If you were involved in an accident you may want to try using insurance proceeds or even disability payment before relying on lawsuit funding.
  3. Choose an ALFA Member
    There are plenty of things to consider and plenty of companies out there for you to choose from. Are you looking for the fastest closing? Are you looking for the cheapest rate? Are you looking for a company that compounds interest quarterly as opposed to monthly? Regardless of the answers to any of these questions you should consider using a financing company associated with ALFA, the primary trade association in the industry. The American Legal Finance Association has bylaws regarding lending amounts, disclosure requirements, conflicts of interest, and more.
  4. Shop around with different companies.
    It seems crazy that I would have to include this as one of 5 tips because it seems almost like common sense but shop your lawsuit around. If you went car shopping would you buy the first car from the first dealership you looked at. No, you would shop around different dealerships and compare vehicles, makes, models, sizes, gas mileage, etc. The same can be said for lawsuit funding quotes. Compare funding rates, application fees, compounding rates, location, years in business, etc.
  5. Involve your attorney.
    If all of this seems a bit over your head involve your attorney early on in the decision-making process. Your attorney will have to be in direct communication with any third party funding company so giving him or her a heads up is at the least a common courtesy. Your attorney has most likely worked with a 3rd party funding company before so his or her opinion could be beneficial to you. Just make sure your law firm has no financial ties to the lawsuit funding company nor the medical professional chosen to perform and services.

The Thrivest Funding Difference

Thrivest provides flexible financial options to help businesses and individuals meet their cash flow needs. Our numerous law firm funding solutions are customizable and allow you to provide the best possible service to your clients while maximizing your bottom line. We are proud to offer a friendly staff of funding experts who guide each client from beginning to solution.

If you think our legal funding solutions could be the right fit for you, please call one of our specialists at 888-697-7352. Or to apply online, simply click here and fill out our quick form application.