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Lower the Cost of Your Presettlement Legal Funding

Several financial institutions provide funding for individuals awaiting settlements in a wide range of lawsuits. In a lot of cases, these funds are known as Presettlement Loans and they provide claimants with an avenue to gain access to their settlement before distribution. Another widely used term to describe this type of financial transaction is Settlement Funding. Because a defendant’s negligence in most lawsuits is abundantly clear, with the court only having to determine the settlement amount, financial institutions can offer this facility. Personal injury and workers’ compensation claimants are the most common beneficiaries of Presettlement Funding. If you are looking for a Presettlement Loan, here are some tips to ensure you get one at the lowest possible cost.

1. Give the lender all the details of your lawsuit.
One of the major requirements when applying for Presettlement Funding is provision of all the material facts of the case that enabled you to prove liability and be awarded damages. Complete your application, ensuring that you are accurate and truthful with all the information you provide. Clarify to the financial institution offering the facility all the economic as well as non-economic damages that relate to your case and specify the complete settlement amount.

2. Medical procedures and treatments
Provision of highly accurate records of all medical treatments you received due to the other party’s negligent actions is a necessary part of the application process for Presettlement Loans. Any injuries you suffer should be continuously documented without any “gaps” in medical procedures. To ensure full documentation of your injuries and the cost of receiving medical attention, continue to keep your appointments with your medical professional even when you start to feel better.

3. Stick with your lawyer
If it is possible, try to stick with the same lawyer who represented you in your lawsuit and helped you win the settlement in the first place. Staying with the same attorney who represented you in the lawsuit will give you stability while helping you to hold the valuation of the settlement amount. Having the same lawyer allows you to be represented by an individual or firm that has the best understanding of your particular case, potentially increasing the settlement and easing the application process for the Presettlement Loan.
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4. Carefully consider how much money you apply for
When you only apply for the amount of money you need, the cost of your Presettlement funding is lowered significantly. If your Presettlement loan amount is small, the fees payable upon distribution of the settlement are also lower.
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Final words
Presettlement funding is different from other loans from commercial lenders since it refers to the assignment of a part of the settlement value to the lender for cash payment to the beneficiary. A cash-strapped plaintiff can easily use a Presettlement Loan to obtain cash against their pending settlement, but it is important for the beneficiary to carefully assess the amount of money they would like to borrow.