Aspects Of A Case That Must Be Demonstrated To Qualify For Lawsuit Loans
The thing everyone has to remember when talking about legal matters, is that every case that’s brought before a court is unique. Every case has there own degree of litigation that must be met in order for a plaintiff to find a successful judgement. Whether those factors fall into categories of financial receipts, photographic evidence, or even medical records – each case has their own specific qualification that must be met in order for the judge to rule in favor of the Plaintiff.
At Delta Settlement Funding, we understand that every lawsuit is different – however, even with all of those differences being considered, there are certain factors that must be met by all plaintiffs who wish to apply for pre-settlement funding with lawsuit loans; and plaintiffs curious about applying for settlement funding at deltasettlementfunding.com need to know what must be demonstrated to qualify for lawsuit loans. By looking through the information in this post, you known what you need to display for lawsuit loan providers in order to put money into your pocket.
A Suitable Case For Lawsuit Loan Contention Must Show Liability
Much like must be accomplished in order to win a successful trial, successful candidates for lawsuit loans also must clearly show liability. If you are unfamiliar with the term, Liability is defined as the state of being responsible for something, especially by law. However, what you are trying to show when applying for pre-settlement funding (and while engage in a trail) is that the person who has liability is not you, but the defendant. What the they (as the defendant) need to be shown to be clearly liable for is the injuries and harm from which you – as the plaintiff – are suffering.
If you can clearly show to the pre-settlement funding company that you are not liable (which you most likely have already done with your solicitor), than you have high potential for qualifying for Lawsuit Loans.
Some Cases Are Easier To Prove Liability Than Others
Some lawsuits are easier to prove liability against the defendant than others. For instance, if you happen to be involved in an automobile accident case in which you are the victim of an injury due to the defendant rear-ending your vehicle, the inherent liability is very clear. However, if you happen to be presenting a lawsuit of premise liability against a defendant (as an example, if you were to slip and injury yourself on their property), it would be much more difficult to prove them liable at a cursory glance, and more documentation would be needed in order to show willing negligence. In that case, the documentation would include items such as an incident report, witness statements, security footage, etc.
The Defendant Must Be Reasonably Insured
If you are at all familiar with lawsuit loan companies, you should know that they do not operate the same way as banks or credit unions; in fact, lawsuit loan companies are more similar to financial investors who are purchasing a portion of your future settlement from you in advance of receiving it. The good news about an arrangement like this is that if you don’t win, you don’t have to pay back your loan!
That said, Lawsuit Loan companies are only able to give you an advance on your settlement under the clear assumption that the maximum case value possible is found with the defendant’s insurance coverage. Thankfully, this isn’t something that you – as the plaintiff – do not have to provide this information to the Lawsuit Loan Company, and they will simply ask your solicitor about the insurance policy limits of the defendant.
A Reasonable Assessment Of Damages Must Be Found
For those of you who are unaware, the settlement amount that a plaintiff receives after a judgement has been given is completely dependent on the amount of damages (injury or harm) they have suffered due to the defendant. With that in mind, it is the job of a lawsuit loan company to make a reasonable assessment as to the amount of damages the plaintiff has (or will) suffer in order to get an accurate monetary estimate of what the judges decided award. Damages are assessed within three different categories: compensatory damages, general damages, and punitive damages.
What Are Compensatory Damages
When you’re dealing with Compensatory Damages, you’re talking about the most flagrant and damages for which the defendant is allegedly responsible. These damages are easily identifiable and can include thins such as property damage, lost income due, and even any medical costs that were incurred because of the injury cause by misconduct originating from the defendant. Compensatory Damages are usually able to be calculated to a fairly definitive degree due to the documentation that relates to the injury (i.e. medical reports, pay stubs, damage assessments, etc.)
What Are General Damages
General Damages are much harder to calculate than compensatory damages. These damages are much more intangible than compensatory damages, but can affect a plaintiffs financial future – and therefore must be taken into consideration when a judgement is decided upon. General Damages include things such as emotional distress, future lost income due to injury, ability to return to a place of gainful employment, physical distress, trauma, etc. Although litigants are unable to give a completely accurate projection of the financial settlement plaintiffs will receive through General Damages, an approximation can usually be found.
What Are Punitive Damages
Punitive Damages relate to the a direct punishment toward the Defendant – i.e. how much financial punishment should the defendant receive for the injury or harm they played a part in inflicting on the Plaintiff. Punitive Damages have no set amount or guidelines, and are generally uniquely assigned to each lawsuit – relating to the specific details of the case and/or injury sustained.
Overall Competence Of The Plaintiff And Their Legal Team
How a plaintiff communicates when applying for a Lawsuit Loan can go a long way in deciding on whether or not they are able to receive pre-settlement funding. The conduct and behavior between the Lawsuit Loan Company and the Plaintiff when communicating with each other (either through voice calls or email) goes a long way in dictating whether they feel you are a safe investment. After all, they’re not just investing in your future settlement, they’re investing in your ability to receive a settlement. If you find yourself cursing or communicating incoherently, it can have a very negative reflection on your application.
Competence Of The Plaintiff’s Legal Team Is Assessed
Lawsuit Loan companies will need to see a professional and mindful presentation from your legal team as well in order to qualify for a settlement loan. If the plaintiffs solicitor cannot communicate well, is disorganized, or doesn’t have a good track record in representing similar cases, it will be reflected in their performance in a courtroom. If they cannot perform well in a courtroom, a judgement may not be found in favor of the plaintiff – and therefore your case would not be a good investment for a litigation funding company.
The Type Of Funding You Require
The type of funding you are hoping to get will also have an impact on whether or not you qualify for a lawsuit loan. The two types of settlement funding that are available to plaintiffs are Pre-Settlement Funding (a loan given before a successful judgment has been reached), and Post-Settlement Funding (a loan given after a successful judgement has been reached). Lawsuit loan companies tend to look more favorably upon Post-Settlement Funding. If you’d like more information on these types of settlement loans, you might want to take a look at our article on How Lawsuit Loan Companies Evaluate Client Applications.
Find Out If You Qualify For Settlement Funding Right Now!
Now that you know exactly what needs to be demonstrated when you apply for a lawsuit loan, what’s stopping you from applying? Lawsuit Loans are one of the quickest and simplest ways in which plaintiffs can get the financial relief they desire when they are feeling the economic stress of being involved in a lawsuit. Bottom line is, if you have been wronged by a defendant and the law is on your side, you are the perfect candidate for a settlement loan. Apply Today With Delta Settlement Funding and experience the difference it can make in your life!