Many states do not allow advance funding. These include CO (unless your advance request is at least $75K), MD, NC, AK, KY or IL

Insurance companies often take up to 6 months to pay you your insurance settlement. Some settle and pay quickly, while others hold onto your funds. Many people assume the money is coming quickly - and are often in for a rude awakening. While you wait to get paid, you may be in recovery, unable to work, out of a car, needing surgery, unable to pay your credit bills, house bills, etc. There is help available.

In cases like this, funding services can advance you cash while you are waiting for your settlement. Soft tissue injuries often cannot be advanced on, but depending on severity of your injuries, advances are often able to be funded in 24 hours. This can be a fast, easy process and you can be out of financial trouble immediately, given time to get you over a crisis, and giving you more time to settle so you need not accept a lesser amount. You should weigh out the pro's and con's of any type of advance. A funding advance is much faster than a conventional bank loan, with less hassle, and no credit checks are required to qualify you (except in cases of potential bankruptcy).

What happens when you get caught up in a lawsuit or have settled a lawsuit (or insurance settlement), but you can't touch the money? This might be due to an insurance company legally holding back your payment for up to 6 months, or perhaps you haven't settled the lawsuit yet, or you got stuck with a settlement that pays you out in the future (never a good option to accept this!). Perhaps you have bills to pay and need to get on with your life - but now you are stuck with no money because you have to wait to get paid.

Don't despair just yet - there are options for you. One option is to ask a family member to front you some money while you are waiting, and agree to pay him back when the settlement comes. This may be very "tricky" or embarrassing, so we offer advance funding so you won't have to make an awkward request.

In the same way, funders are now able to advance money to you for your settled or pending lawsuit or insurance payment. This gives you another option. Work with ethical companies - expect to pay no up front fees. All payments should be taken out of the settlement when it is paid. This process is faster than a conventional bank loan, secured only by your lawsuit or insurance settlement, and the application is easier. You should find out all the terms prior to signing a contract, and be sure to find out when you are to receive your payment. If it is not fast, try another funding company - some funders are able to advance cash quickly, while others get bogged down.

Be wary of people who immediately "guarantee" acceptance of your case (appraisers, underwriters and attorneys must look the case over to verify that the the case is solid). If you are "guaranteed" a rate much under 2%, be wary - it might be someone just getting you "hooked." No one should be promised any specific rate until the case is looked over, and comes out of underwriting. You can be quoted a "probable" rate which can be different when underwriter processes your request.

The strength of your case, along with its probable worth, and the amount of time into the future that that the case settles is figured out, will determine your fees, your interest rate, etc. If your rate is set high, ask why - it might be the company is expensive, or it might be that your case is too risky.

Advance funding is generally non recourse - meaning if your case doesn't win, you don't pay back the funding advance. There is no risk to you. Make sure this is guaranteed in your funding contract.

Pending lawsuits are generally advanced up to 10% of their probable case worth (not the worth your attorney may indicate) - and many times part of the full potential amount is advanced until there is a surgery, or doctor assessment, or an MRI, or a doctor's assessment that verifies the case worth.

If you need more cash later, see if you can get more money from the same company that funded you, since they already have your paperwork. If they won't advance more money to you, then try to get copies of your paperwork to send to another company (once you explain that you already had an advance from another company). At times another company will offer to buy out the first advance before they fund you.

Settled cases can normally get you an advance up to the entire amount of your settlement (minus fees). You can opt to take a lesser amount at first, try to wait for the settlement, and then take out another advance if you need more. Talk to your funder to feel out your best option.

Do your due diligence with your attorney on any advance funding you plan to take. There are differences in funders and agents - find the one that is right for you.

About The Author:
P. Roe is a funding agent who ethically helps people in need. Although concentrating on advancing funds for insurance and lawsuit payments, she does look at other funding options.
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