Auto Accident Advance in Memphis
We recently received an application from a client that lives in Memphis, TN. The client was involved in an automobile accident in Memphis and was searching for a lawsuit cash advance against the case. The lawsuit was filed more than a year ago and the client recently completed the necessary physical therapy treatments which were recommended by the attorney. Many attorneys will request their client to go through the necessary medical & physical therapy treatments prior to accepting an offer and in some cases even negotiating with the insurance company. The client informed LawLeaf that a settlement offer was made about a week prior.
The question the client had for LawLeaf:
If a settlement offer is made by an insurance company will the plaintiff receive pre settlement funding or post settlement funding?
It is important to understand that rates for cases that have already settled are generally better than those cases that have yet to reach a settlement. Pre settlement funding is defined as an advance against a case that has not reached a settlement. Because the case has not reached a settlement generally the rates will be a little higher. The reason is due to risk. If a client secures a lawsuit advance against a case that has not reached a settlement there is the risk of the case never reaching a settlement and the lender not receiving payment (non-recourse).
Post settlement funding or cases that have already settled provide better rates to the plaintiff. Because the case has already settled the risk is minimized decreasing the rates of the advance.
The client was asking a question regarding a settlement offer and not an agreed settlement. If a settlement offer has been made but not yet accepted, the case applicant will receive pre settlement rates and not post settlement rates.With that being said, anytime you have a settlement offer it will help decrease the pre settlement funding rates and generally increase your chances of getting lawsuit funding.
*If you are currently searching for a settlement advance in Memphis, begin by applying online today.
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