How Plaintiffs Benefit based on Case Merit
Financial stability often becomes a critical concern for plaintiffs while awaiting their case’s outcome. Pre-settlement funding offers a lifeline, enabling individuals to pursue justice without succumbing to financial strain. One of the standout features of pre-settlement funding is the absence of credit checks. Unlike traditional financial services that hinge on an applicant’s credit score, pre-settlement funding evaluates the merit of the legal case itself. This approach democratizes access to justice, ensuring every plaintiff has the opportunity to fight for their rights, regardless of their economic background or credit history.
Understanding Pre-Settlement Funding
Pre-settlement funding is a financial service designed to help plaintiffs cover their living expenses and other financial obligations while awaiting the resolution of their legal case. Unlike traditional financial solutions, pre-settlement funding is not a loan. Instead, it is a non-recourse cash advance based on the expected settlement or judgment of the case. If the plaintiff does not win the case, they are not required to repay the advance.
Merit-Based Assessment Over Credit Checks
The cornerstone of pre-settlement funding is the merit-based assessment. When plaintiffs apply for pre-settlement funding, their credit score is not considered. Instead, the funding company evaluates the strength of the case, the likelihood of a favorable outcome, and the potential settlement amount. This shift from credit-based to merit-based assessment ensures that plaintiffs are judged on the viability of their legal claims rather than their financial history.
Benefits of No Credit Checks
- Equal Access to Justice: By eliminating credit checks, pre-settlement funding levels the playing field for plaintiffs from diverse economic backgrounds. This ensures that financial constraints do not impede an individual’s ability to seek justice.
- Reduced Financial Stress: Legal battles are inherently stressful. Adding financial worries about one’s credit score can exacerbate this stress. Pre-settlement funding alleviates this burden, allowing plaintiffs to focus on their case without the additional anxiety of credit assessments.
- Immediate Financial Relief: The absence of credit checks accelerates the approval process, providing plaintiffs with quick access to much-needed funds. This is crucial for covering immediate expenses such as medical bills, rent, and daily living costs.
- Preservation of Credit Health: Plaintiffs facing financial hardship often turn to traditional loans or credit cards, which can negatively impact their credit scores. Pre-settlement funding offers a solution that does not affect their credit health, preserving their financial stability.
In conclusion, the importance of no credit checks in pre-settlement funding cannot be overstated. It ensures that justice is accessible to all, regardless of financial standing. At Arthur Funding, we are dedicated to providing plaintiffs with the financial support they need to navigate their legal battles confidently and without unnecessary financial stress. Contact us today to see how we can help!
