The funding of personal injury litigation is a unique financial service, and a relatively new one. The industry was developed just over 10 years ago and PS Finance was one of the first companies to advance funding to plaintiffs in personal injury litigation. Litigation funding addresses the needs of plaintiffs involved in personal injury litigation who have an immediate need for cash while they wait for their lawsuits to settle or go to trial.
While those who have been injured or suffered a loss can secure legal representation on a contingency basis (the attorney representing them is paid contingent on the outcome of the litigation), it can take months, even a year or longer, for personal injury litigation to come to trial or be settled out of court. Litigation funding bridges the gap between the litigation client’s immediate need for cash to cover immediate living expenses and other needs, and the time it takes for personal injury litigation to come to trial or be resolved among the parties to the claim.
While litigation funding initially focused on just personal injury litigation, some companies expanded their funding services to include funding for businesses involved in commercial litigation, as well as those who have divorce or inheritance claims.
Litigation funding is unique because the funds are advanced to the client on a non-recourse basis. The funding that is advance is not repaid until the client and his or her attorney receive a settlement from the litigation. Should the client and his or her attorney go to court and lose, and fail to reach a settlement with the defendant, the recipient of the litigation funding keeps the money he or she received and owes the litigation funding company nothing!
Litigation funding is unique in several other ways. PS Finance does not run a credit check and there is no proof of employment because repayment is not based on the applicant’s income or assets, but on the strength of the applicant’s legal claim. Also, with litigation funding, there are no monthly payments. Instead, the funding is actually repaid by the recipient’s attorney once the litigation has been resolved.
To find out how much funding you may qualify for against your pending litigation, click on the “get a quote today!” tab or call us toll free at 866-FUNDS-NOW (866-386-3766).