Managing your finances is challenging if you have a pending personal injury lawsuit and are not working. Insurance companies often prolong the settlement process, knowing that the longer it takes, the more pressure plaintiffs feel to accept an inadequate offer. North Carolina pre-settlement funding could be the solution.
At Mustang Funding, we are a litigation finance company focused on high-quality, transparent capital solutions for law firms and their clients. Pre-settlement funding is often called a lawsuit loan, but this is inaccurate. Unlike traditional loans, it does not require a credit check or income verification. Instead, pre-settlement funding operates similarly to a cash advance. If your case is successful, the funds are deducted directly from your settlement proceeds. Contact us to learn more.
How Pre-Settlement Funding in North Carolina Works
To qualify for a lawsuit funding, a plaintiff must have a current personal injury lawsuit pending with an attorney representing them. The lawyer must agree to discuss specifics with us. If approved, you could receive the funds as quickly as 24 hours.
Pre-settlement funding in North Carolina is a non-recourse loan. That means the lender takes on all the risk. If you do not receive a settlement or a trial does not end in your favor, you do not have to pay it back. Moreover, there are no restrictions on how you can use the funds. While most people utilize it to pay bills, you can also spend it on new appliances, tuition, or a car.
Legal proceedings can be long and drawn out. It can take months or even years for a plaintiff to receive compensation. A lawsuit advance gives you some breathing room to negotiate a higher settlement, so you don’t feel the urgency to settle quickly just to keep up with the bills.
North Carolina Pre-Settlement Funding Laws
Pre-settlement funding is legal in North Carolina but comes with strict guidelines. Attorneys must ensure that loan agreements benefit their clients and should not receive personal compensation. Lenders need to be licensed and clearly outline all contract terms, and workers’ compensation claims are not eligible for lawsuit funding in the state.
Personal Injury Law in North Carolina
In North Carolina, the state operates under a pure contributory negligence system. According to this doctrine, if a plaintiff’s negligence has contributed to the accident, even minimally, they may be barred from recovering damages in a lawsuit. This standard differs from comparative negligence systems found in many other states, where a plaintiff’s recovery may be reduced proportionally to their degree of fault. Finally, the statute of limitations is generally three years from the accident date.
Contact Mustang Funding To Learn More
Waiting for a legal verdict or settlement can be stressful, especially when you have day-to-day expenses to pay. However, with pre-settlement funding, you can obtain compensation before your case is resolved—without a complicated application process. For more information about pre-settlement funding in North Carolina, contact us today. We assist clients across the state, including Charlotte, Raleigh, Greensboro, Durham, Winston-Salem, and other regions.
