Understanding the Approval Factors for Florida Settlement Loans*
Florida settlement loans can be a great way to offset the stress and anxiety that often plagues post-accident, pre-settlement injury victims. A settlement loan can offer you some financial breathing room and much-needed peace of mind. However, a number of approval factors must be met before a pre-settlement loan is approved by Injury Funds Now. As a client, you are never required to repay the advance if you do not recover compensation through a settlement or verdict. Therefore, we only invest in strong cases with a high likelihood of success.
Liability, Damages & Collectability
The funding specialists at Injury Funds Now evaluate a case for three main criteria: liability, damages and collectability.
- Liability – The liable party is the person, company or entity responsible for the accident; they are the party or individual at fault. Injury Funds Now reviews each case to determine who was at fault for the accident and to determine if you have strong evidence to prove the at-fault party responsible. For example, when evaluating car accident cases, we review the police report and other investigative reports. In slip and fall cases, liability can be more difficult to prove. However, if we determine the defendant clearly owed a duty of care, breached that duty and directly caused your injuries, your case may be a prime candidate for a Florida settlement loan from Injury Funds Now.
- Damages – “Damages” refers to the financial value of your case and can include medical bills, lost wages, and the other financial obligations triggered by your injury. Personal injury lawsuits can result in high settlements or jury verdicts – often in the millions of dollars. While no attorney can guarantee a positive result, certain elements of a case make it more likely to result in a favorable and sizable resolution. Cases seeking a significant amount of compensation are generally more likely to be approved for a settlement loan.
- Collectability – “Collectability” refers to the likelihood of your case resulting in a favorable resolution. When determining collectability, we ask the following questions: Is there an insurance policy? What are the policy limits? Are the limits high enough to cover legal fees and expenses, as well as medical expenses and liens? Will you have money left over after your financial obligations? Another important approval factor for us involves the defendants’ ability to pay. Even if you have a surefire case with obvious liability on the part of the defendant, we cannot advance proceeds for a settlement loan if the defendant appears to be insolvent or will not be able to pay the judgment or settlement within a reasonable time.
Background Factors We Consider
Before a case is approved for funding, we also examine background factors as well as your attorney’s ability and experience. Background factors include anything that is material to the case such as other liens including child support or prior advances, a criminal record, or pending bankruptcy proceedings. Prior issues that could affect the outcome of your litigation could result in a rejection of your application, particularly if your settlement will be significantly reduced in order to pay outstanding debts.
Have a Strong Personal Injury Case? Contact IFN for Information About Settlement Loans
At Injury Funds Now, we work diligently to review your application and, if your case meets our criteria, help you toward the road of financial stability. We are currently accepting applications from plaintiffs in most states, including Florida. Apply today to see if you qualify for Florida settlement loans from Injury Funds Now.
*DISCLAIMER: The term "loan" or "loans," where used to describe lawsuit funding is not an accurate legal or financial definition of the transaction. IT IS NOT A LOAN. The transaction is a non-recourse purchase of a portion of the proceeds of a potential future case award or settlement. A loan is a transaction that always requires repayment. Our lawsuit funding only requires repayment if the plaintiff receives a favorable recovery. If the plaintiff loses their case, they do not repay anything.