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Frequently Asked Questions

General Questions

Pre-settlement funding refers to a situation where a company provides you with immediate cash in exchange for a portion of your future financial settlement. This means you receive funds right away to cover bills, and you don’t have to repay anything until you receive money from your claims settlement. If your claims don’t result in any payout, you won’t owe anything to the legal funding company.

This type of funding is often referred to as consumer legal funding. It’s important to note that this is not a loan; there are no debts, no monthly payments, and no risk of collection calls or wage garnishments. Any amount paid to the legal funding company is taken solely from the settlement proceeds, so it never comes out of your own pocket.

Non-recourse funding means you won’t have to pay it back if you lose your case. Pre-settlement funding isn’t a loan; it’s a purchase.  We purchase a portion of the settlement proceeds you expect to receive, giving you cash now until your full settlement comes in. Since it’s a purchase, your credit score doesn’t affect your eligibility for funding (unlike loans), and it won’t result in collections (as loans might). If your case doesn’t go your way, you owe us nothing. Non-recourse pre-settlement funding can be a secure and dependable option instead of taking out a loan while you wait, helping you get back on your feet after an accident.

There are four easy steps to receive your pre-settlement funding.

  1. Apply — Fill out the form on our website to apply.   We work with automotive accident, wrongful death and slip and fall personal injury cases in New York, Ohio and Florida.
  2. Approval — We will review your application to see if you qualify for funding. If you are qualify, you will receive an approval notice and contract to sign.  Your attorney will also receive an acknowledgment to sign.
  3. Follow Up — Once we received your signed contract and your attorney’s acknowledgement, we’ll process the request. 
  4. Receive Funds — We have a variety of options for delivering your funds once you’re approved. Our options include bank transfers and overnight delivery of printed checks.

We work with automotive accident,  wrongful death and slip and fall personal injury cases.

No, the only parties aware of your transaction are you as the plaintiff, your attorney, and Basin Legal Capital.

 

Financial

No, your credit score is not a factor in determining if you are eligible for pre-settlement funding.

Once approved, you can receive your funds in as little as 24 hours.  The time it takes to approve funding varies based on the details of your case and the availability of your attorney. On average, the application review takes about two business days from the time we speak with your attorney.

 We typically limit the funding to about 10% of our estimate of potential case value ($500 to $100,000 is available — sometimes more depending on your case). This approach is designed to guarantee that you obtain adequate proceeds from the settlement.

The money is repaid from the proceeds of your case.  If you lose your case, you owe nothing.

If you lose your case, you do not have to repay us.  You keep your money and owe nothing.

The costs associated with your funding is determined by the specifics of your case.  There is no cost to apply.  Once your application is approved, you will get the full pricing details.  You pay nothing out of pocket.  The payment comes out of the settlement.  You do not owe anything if you lose your case.

After You Apply

Once you’ve applied, contact your attorney to notify them of your application.  We will contact your legal team to confirm case details, sign the contract and complete the process.

Simply tell your attorney that applied for financing with Basin Legal Capital and that we will be contacting them. We ask your attorney to provide additional case details needed in the review process.

Yes, if you have already received funding from Basin Legal Capital, you can apply for additional funding.  Please contact us for more information.

There can be several reasons why an application is declined.  Refer to the list below for tips which may help.

  1. Your paperwork is incomplete. Make sure to properly complete all required portions of your contract. In order to provide you with funding, we need to receive signed and complete copies of paperwork from you. 
  2. We didn’t hear from your attorney. Make sure to let your attorney know that you have applied for funding and that we will be contacting them. In order to provide funding on your case, we will need to hear from your attorney before providing you the funding.
  3. It’s not a case we can fund. Basin Legal Capital currently funds only automotive accident, wrongful death and slip and fall cases.
  4. Other reasons. There may be other reasons or circumstances why Basin Legal Capital declined your application.

We understand that individuals applying with Basin Legal Capital have an immediate need for financial assistance and are seeking prompt support. While we sincerely wish to assist every applicant, there are instances where we are unable to do so. Below are some of the most frequent reasons for application denials.

  1. We do not fund in your state: We currently only provide funding in New York, Ohio and Florida. 
  2. Your case is too new – Although each case is unique, it is generally beneficial for our underwriting process to review the case at least 30 days after the accident. We require sufficient details about the incident to make a funding decision. This typically includes information about the defendant and their insurers, details of the damages incurred, acceptance of liability, and other relevant factors, all of which take time to be confirmed following an accident.
  3. You don’t have an attorney – We cannot process a funding request unless you have an active case with a licensed attorney, and we can collaborate with that attorney to assess your eligibility.
  4. We want you to be satisfied at settlement – One of our goals in offering pre-settlement funding is to help you obtain money for your immediate needs while ensuring you’re satisfied with your final settlement.

    Depending on the amount requested, it may mean that when your case ultimately settles, there are fewer dollars left for you to have a satisfactory outcome.

  5. We are unable to obtain necessary information – If we don’t receive the information we need, we will make multiple attempts to contact your attorney. However, if we are unable to obtain the necessary details, we will have to decline the case.
  6. Your case doesn’t meet our guidelines – Although your credit score is never considered in our funding decision, other circumstances or financial obligations, such as bankruptcies and liens like child support, may disqualify you from receiving funding.

Once your case resolves, please contact Basin Legal Capital and let us know of the outcome of your case.  

If there is no recovery on your case, you get to keep the funds you received. There is no risk for you.