Settlement Advance Types

We receive questions at LawLeaf on a daily basis from clients looking for additional information pertaining to a settlement advance. When applying for a settlement advance there are generally 4 different options. These options are outlined in more detail at LawLeaf. When we provide information via the internet there are several terms that are consistent throughout the legal finance industry. Settlement advance is one of those terms.

The different types of advances include:

Pre settlement advance - This type of advance is given to a plaintiff that is waiting for their lawsuit to settle. A pre settlement advance are typically for personal injury and commercial litigation disputes. The settlement advance is almost always non recourse meaning if you lose your case, you don’t have to repay the settlement advance back.

Post settlement advance - This type of settlement advance are for clients that have won a judgment and waiting for payment. This is secured after a lawsuit is complete and compensation has been awarded.  A post settlement advance typically have the best interest rates of most all settlement advances.

Structured Settlement - If you decided against a lump sum payout at the time you won your lawsuit you would have elected to receive a structured settlement. A structured settlement advance provides a client the ability to sell partial or full payment of their structured settlement payout.

Attorney Advance - Comes in a form of a line of credit or lump sum advance against a case or several different cases.

When a company provides a settlement advance it should come as a non recourse advance. When a plaintiff secures a settlement advance through LawLeaf they will be provided with the contingency. If they lose the claim they don’t have to repay the loan. The statistics vary however around 10-15% of the cases that take on settlement advances will not settle. This means the client keeps the money.

If you are currently searching for a settlement advance begin by applying online with LawLeaf today.

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