To improve your chances of getting a cash advance from your car accident settlement, you need to take a few steps. Make sure you have a qualified attorney, and then follow the tips below.
1 – License and accreditation
The first thing you need to do is find a lawsuit financing company that provides advances in your state. You can find several options by doing a quick Google search. Be careful, as many companies that appear in search results cannot be trusted. Many are known to engage in predatory lending. Your attorney may also be able to recommend a reputable, well-known company in your area.
After that, make sure the company has the proper up-to-date licenses and accreditations. All businesses must have the necessary state licenses posted on their website (note, however, that not all states require licenses for this type of financing).
They should also have a contact page that lists their office locations. Additionally, those office locations must be public office buildings. You can also ensure their legitimacy by searching who owns the company and performing a background check. Other ways to find out their past is by simply typing the name of the owners on Google and then Justice Department or FBI next to it. That alone should give you information about past financial crimes.
The most important thing to remember is that reputable legal financing companies do not offer guarantees on their websites. They can’t give you money until they get your attorney’s approval, so they shouldn’t promise you anything before this.
2 – Recognition of unreliable financing companies
As you research different funding companies, keep an eye out for any of these warning signs. A shady funding company will:
- Guarantee the lowest fees in the industry while providing you compounding rates on contract
- Claim to grant lawsuit loans in all states
- Use the term “1% rates” although they are 5 times more
- Have the words “demand, loan, now, must” in their business name
- Having a fake office address in a house or apartment or even a mailbox store
- They will say brokers are bad, although they are brokers too
- They don’t have a website
- Their email is gmail, yahoo or msn
- They will lie to you
If you find a funding firm with these red flags, most likely, you cannot trust them. If you do, you will end up losing your settlement money in the long run.
3 -Do all the necessary prep work
If you want the largest possible advance, you will need to talk with your attorney. At all times. If your attorney asks you to undergo a medical examination or medical treatment for your personal injury, keep all of your doctor’s appointments on specific dates.
All of this paperwork will serve as evidence for your case and support your case in or out of court. This will also improve your chances of obtaining a favorable settlement or trial award, which will increase your chances of being approved for legal funding.
4 – Be transparent about your case
Never try to hide information about your case from the legal financing company. You may think that this will make your case seem more favorable to the company, but it will probably hurt you.
Be honest with the details. As long as you listen to your personal injury attorney and provide all the correct documentation/evidence, the company will be able to see its chances of success for itself.
5 – Receive your financing but read the entire contract first
Make sure your attorney reviews the legal financing agreement. In addition to you, they will need to sign and initial the document before you receive your money. While they may not be there with you in person during this step, you should not proceed with funding until your attorney gives you the go-ahead to do so.