Advance Funding Companies
I have a question about how these companies provide advance funding for cases that haven’t settled yet. I have a personal injury case in Maine. My attorney and I are going to look at an offer sometime at the end of the week. The case is against a company that sold me a faulty product and caused signifcant injury to my body. I have read on another site that if I get advance funding its not like a loan yet I have to pay back the money. Can you please explain to me what exactly this means? I’m a bit confused. I appreciate your help thank you.
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If you have seen TV commercials or looked on the internet you probably came across a term called “non recourse funding.” What this means is an advance funding company will provide a cash advance against a pending personal injury case. The money is a loan however if you don’t win your case, you don’t have to pay back the lender. All of the advance companies within our network offer this type of funding. An advance company may have literature stating that lawsuit funding is not a lawsuit loan, which is correct, however if you win your case you have to pay back the loan. If you don’t win your case the company loses the money they loaned to you.