The legal finance industry came into existence just over 10 years ago to address a very specific need: Assisting plaintiffs in personal injury lawsuits who have an immediate need for cash while they wait for their lawsuits to settle or go to trial. PS Finance was one of the first companies to offer this service, and today PS Finance is a leading provider of legal finance services.
While injured parties can receive legal representation on a contingency basis – that is, the attorney representing the plaintiff is paid a fee only if the outcome of the claim is successful– it can take months, even a year or longer, for a personal injury legal claim to come to trial or settle out of court. Legal finance bridges the gap between the plaintiff’s immediate need for cash to cover living expenses and other immediate needs, and the time it takes for a personal injury claim to be resolved.
Over the years, the legal finance industry has expanded to include providing funds to businesses involved in commercial legal claims, as well as those involved in divorce and inheritance claims.
The concept behind legal finance is that funds are advanced to the client on a non-recourse basis. The advance is only repaid if the client and his or her attorney receive a settlement. Should the client and his or her attorney go to trial and lose, and fail to reach a settlement, the client keeps the money and owes the legal finance company nothing!
Legal finance is a unique financial service is several ways. When one applies for a legal finance advance, there is no credit check and no employment verification because repayment of the funds is not based on the applicant’s ability to repay it, but on the strength of the legal claim. With non-recourse legal finance, there are no monthly payments. The funds advanced by legal finance company are repaid through the attorney once the legal claim has been resolved.
PS Finance is a founding member of the American Legal Finance Association, and strictly adheres to the association’s Code of Ethics and Best Practices. PS Finance is also a member of the BBB where we have an A+ rating.
To find out how much you may qualify for, click on the “get a quote today!” tab or call us toll free at 866-FUNDS-NOW (866-386-3766).