Unsure which Lawsuit Funding Company to Choose?
There seems to be an endless number of lawsuit litigation funding companies popping up these days. How do you know which one is the best? How do you know you are getting a good rate? How do you know if you are being charged too much? If you want to obtain the most cash against your lawsuit, obtain the lowest interest rate possible, and obtain the funds as fast as possible without upsetting your law firm, these are questions you have to consider.
These are all questions to consider when searching for a legitimate 3rd party non-recourse funding institution. Now if you are looking for this type of funding chances are you are a bit strapped for cash. Perhaps you were involved in a motor vehicle accident and it led to you losing your job. Perhaps you are a few payments behind on your car or house. You probably need money sooner rather than later but this is not the time to jump the gun and choose the first opportunity that comes your way. This is the time to spend the extra few hours and find the best pre-settlement funding company for your specific needs.
Questions to Ask Funding Companies Before Committing to a Lawsuit Advance
Are you a broker or a direct funding company?
Brokers can add an unnecessary 15-20 percent in cost to your transaction.
How far along is my claim?
The longer it takes for the case to go to trial or be settled, the more expensive the carrying costs of the loan.
How much money do I need?
If you only need $1,000 it is not in your best interest to borrow $10,000.
Is this the best source of funding?
Consider alternative means of borrowing. Would a personal loan be the better alternative?
Am I required to repay if I lose my case?
If the answer is not a direct “no” or the answer is ambiguous MOVE ON.
Additionally, there are questions you should ask your funding company that will help you decide if they are the best fit for you. Ask if there are any application fees associated with the funding.
Ask your law firm if they have worked with your litigation funding company of choice in the past or if they know of its existing reputation. Most importantly, ask about interest rates and if the interest is compounding. And finally, ask if there is a cap on the fees or interest.
The Thrivest Difference
At Thrivest, we provide flexible financial options to help businesses and individuals meet their cash flow needs. Our friendly staff of funding experts guides each client from beginning to solution. We adhere to the principles of Quality, Honesty, Community, and Creativity. If you think our pre-settlement legal funding solutions could be the right fit for you, please call one of our lawsuit funding specialists at 888-697-7352. Or to apply online, simply CLICK HERE and fill out our quick form application.