Factors Affecting Eligibility
Type & Severity Of Injuries Or Damages
The nature and extent of the injuries or damages play a significant role. More severe injuries that result in higher medical costs and substantial impact on the victim's life can lead to higher potential settlements, making the case more attractive for funding.
Likelihood Of Winning The Case
A significant consideration is the probability of a successful outcome. We evaluate the strength of the case by examining evidence, witness statements, legal arguments, and the track record of the representing attorney. A case with a high likelihood of success reduces potential financial risk.
Disputed Liability
Cases where liability is heavily disputed, or the defendant has a strong defense may be considered higher risk. In such cases, the funding amount may be lower than anticipated to mitigate the chance of an unfavorable outcome.
Potential Settlement Amount
The expected settlement amount is critical as it determines the applicant's eligibility for funding. This amount is assessed based on the damages claimed, including medical expenses, lost wages, pain and suffering, and other related costs.
Multiple Funding Sources
If you've already received financing from another company, your eligibility for additional funding may be affected. Most companies want to be the first lienholder on the settlement, and having multiple lenders can complicate repayment. If you're considering funding from several sources or seeking additional financing for an ongoing case, it's crucial to disclose any previous financing when applying again.
Our Assessment Process
Initial Case Review
Our first step in the funding process is to conduct a comprehensive preliminary review of the case details in the documentation. This includes a thorough analysis of the police report, medical records, and initial discussions with the attorney.
Risk Evaluation
An in-depth risk assessment is performed, focusing on the case's legal merits, the defendant's liability, and the jurisdiction's legal environment. This step is crucial to understanding the potential challenges and strengths of the case.
Financial Analysis
The financial aspect involves estimating the settlement value based on the damages and comparing it with the funding request. The funding amount offered is typically a portion of the anticipated settlement to ensure that both the applicant's needs and the funding risk are balanced.
Communication With The Legal Team
Continuous communication with the applicant's attorney helps gather further evidence, understand the case's progress, and make informed decisions about the funding offer.
Documentation Requirements
Attorney Information
Providing the attorney's contact details is essential because we will communicate with the legal representative to obtain additional documentation and discuss the case's progress and potential settlement.
Insurance Details
Information about any existing insurance coverage is essential, as it directly impacts the funding eligibility. This includes health insurance, auto insurance, and any other relevant coverage.
Police Or Accident Report
This document provides detailed information about the incident that led to the injuries or damages. It includes facts such as the accident's date, location, circumstances, and statements from involved parties and witnesses.
Medical Records
These records may be necessary as they detail the extent of the injuries sustained, the treatments received, and the ongoing medical needs. Medical documentation helps establish the impact of the injuries on the applicant's health and daily life.