Q: Is pre-settlement funding a loan?
A: NO. Pre-settlement funding is not a loan. You and your client have no personal liability as our funds are non-recourse. If your client does not receive a settlement or cash award, they pay nothing back. Prospect Funding Partners bases our funding upon the purchase of a portion of the cash proceeds of the plaintiff’s future case award or settlement.
Q: What happens if the plaintiff loses the case?
A: If the plaintiff does not receive a settlement or cash award, there is no obligation to repay Prospect Funding Partners for the cash advance.
Q: Does Prospect Funding Partners get involved in the case?
A: Prospect Funding Partners does NOT get involved in the case. We simply provide funding to make it possible for the plaintiff to cover living expenses while pursuing a fair settlement. We do not provide any legal advice.
Q: How much does it cost my client to get a pre-settlement advance?
A: Prospect Funding Partners does not charge an application fee. If a pre-settlement advance is approved, fees vary depending upon the type and value of the claim. Each case is evaluated individually and fees are tailored based upon the circumstances of a case. Prospect Funding Partners offers flexible terms to help maximize the settlement. There are no upfront fees or monthly payments. The plaintiff pays nothing until their settlement is received. If no settlement is awarded, there is no obligation to repay the settlement cash advance or any fees associated with it.
Q: Who is eligible for pre-settlement funding?
A: To be eligible for pre-settlement funding a person only needs to be involved in a pending lawsuit or claim, have an attorney representing them and need immediate cash to meet their living expenses.
Q: Does credit or employment factor into approval of pre-settlement funding?
A: Credit history or employment status does not factor into Prospect Funding Partners lawsuit funding decision. We are only concerned with the quality of your pending claim or lawsuit.
Q: How long does the application process take?
A: Prospect Funding Partners will evaluate a case within two business days of receiving an application and all the information needed regarding the claim.