It’s been a tough period for you. First, you were seriously injured in an accident due to another party’s negligence, and now you are waiting for the case to settle so you can get back on your feet financially. As your lawyer likely told you, it can take months to settle a personal injury lawsuit. If your case heads to court, it can take years to resolve. Iowa pre-settlement funding allows you to receive money quickly.
While pre-settlement funding in Iowa is sometimes referred to as a lawsuit loan, that is not really an accurate description. Unlike a loan, there are no credit checks as well as employment verification.
Pre-settlement funding is similar to a cash advance. It is a disbursement of money in anticipation of a later settlement.
How Pre-Settlement Funding in Iowa Works
To qualify for pre-settlement funding in Iowa, you must be an Iowa resident with a pending personal injury case and represented by an attorney. Your lawyer must agree to work with the pre-settlement funding company by providing information about your lawsuit and the strength of the case.
The lender requires that information in order to make a decision about pre-settlement funding approval after you submit the application.
If approved, you may receive your money within 24 hours. Pre-settlement funding is repaid when you receive your settlement or verdict award.
Iowa pre-settlement funding is non-recourse. If you do not receive a settlement or if the verdict in a jury trial is not in your favor, you do not have to repay the funds. The lender assumes all of the risk.
While most recipients use pre-settlement funding in Iowa to pay down credit card debt or other bills, there are no restrictions on how the money is used.
Iowa Pre-Settlement Funding Laws
There are no laws per se in Iowa regarding pre-settlement funding. For that reason, make sure you understand the terms of the agreement and the interest rates charged.
Mustang Funding is transparent about all aspects of pre-settlement funding in Iowa.
Personal Injury Pre-Settlement Funding in Iowa
In Iowa, the statute of limitations for filing a personal injury lawsuit is generally two years from the accident date. If the lawsuit is not filed by that deadline, it typically cannot go forward in court.
Iowa follows a modified comparative fault standard when it comes to liability. That means a plaintiff can pursue damages against a defendant as long as the former’s fault is less than that of the latter. However, any damages are reduced by the plaintiff’s percentage of fault as determined by a judge or jury.
For instance, if a jury decides you are 20 percent responsible for the accident causing your injuries, $100,000 in damages is reduced to $80,000.
Contact Us
To learn more about Iowa pre-settlement funding from Mustang Funding, contact us today. We represent clients in Iowa City, Des Moines, Ames, Dubuque, Sioux City, Riverside, and other areas of the state. Since 2018, we have provided more than $150 million in funds to plaintiffs and attorneys.
