If you have acquired an injury from an accident, you may be entitled to compensation. This process can be long and complex, and it is often helpful to have a funding company for pre-settlement on your side. However, not all funding companies are created equal. It is essential to do your research before hiring a pre-settlement funding company. In this post, you will learn five questions that you should ask while vetting potential pre-settlement funding companies.
- What Is the Company’s History and Experience in Pre-settlement Funding?
You will want to hire a company with a long history of success in pre-settlement funding. This way, you can be sure that they know what they are doing and have the experience to back up their claims.
The best way to find out about a company’s history is to ask around. Talk to friends, family, and other people who have used pre-settlement funding companies in the past. See if they have any recommendations.
You can also check out online reviews. Look for reviews from unbiased sources, such as the Better Business Bureau or Yelp. These sites will give you an idea of what other people have thought about the company’s services.
- How Does the Company Determine How Much Money To Give a Plaintiff?
You will want to know how the company determines how much money to give you before your case is settled or trial. You can find this information on the company’s website.
If you cannot find this information, call the company and ask them. They should be able to give you a general idea of how they calculate the amount of money they are willing to provide you.
It is important to note that the amount of money you are offered will likely be less than the total value of your case. It is because the company will want to make a profit off of your case.
- Are There Any Fees or Interest Rates Associated?
Most pre-settlement funding companies will charge fees and interest rates for their services. These fees can vary significantly from one company to another.
Be sure to ask about all of the fees and interest rates associated with borrowing from the company. This way, you will know precisely how much money you will need to repay if you win your case.
Some companies will also charge additional fees if you do not win your case. Be sure to ask about these fees so that you are not surprised later.
- How Quickly Will the Funds Be Available After Applying for a Loan?
If you need money quickly, you will want to choose a company that can get you the funds you need right away. Some companies may take weeks or even months to approve your loan and release the funds.
Be sure to ask about the timeline for approval and funding. This way, you will know how long you will have to wait to get your money.
In some cases, you may be able to get an advance on your loan. You will receive a portion of the funds up front and then the rest once your case is settled.
- How Easy Is It to Apply for a Loan?
Be sure to ask about the qualifications for borrowing from the company. This way, you will know if you meet the requirements and whether or not it is worth applying for a loan.
You should also ask about the application process. Some companies make it very easy to apply for a loan, while others make it more difficult. Be sure to find out how long the process will take and whether or not you will need to provide any documentation.
By asking these five questions, you will be able to narrow down your options and choose the best pre-settlement funding company for your needs. Be sure to take your time and do your research to make the best decision possible.