If you were seriously injured due to another party’s negligence and have a pending lawsuit, you are likely dealing with financial instability while awaiting the outcome of settlement negotiations. You may be concerned about mortgage payments, tuition, credit cards, and medical bills. Maine pre-settlement funding could be the solution.
Is Pre-Settlement Funding Considered a Loan?
No, pre-settlement funding is not a loan. While we occasionally use the term “lawsuit loan”—since it’s a common search phrase—what we offer is technically different.
Pre-settlement funding is a non-recourse cash advance provided in exchange for a portion of your potential future settlement. Unlike a traditional loan, you are not required to repay the advance if you lose your case. In essence, we assume the risk. You receive funds upfront, and if your case is successful, we collect an agreed-upon share of your settlement.
How Lawsuit Loans in Maine Work
To qualify for a lawsuit funding, plaintiffs must have a pending personal injury lawsuit and legal representation. Their lawyer must agree to discuss the specifics of the case with us. After the application is filed, we evaluate the strength of the case.
If approved, you can expect to receive your money quickly, usually within 24 hours. The funds are repaid when you receive your settlement or jury award. While many people turn to pre-settlement funding in Maine to make rent payments and cover other living expenses, there are no restrictions on how you can use this money.
Types of Lawsuits Eligible for Funding in Maine
In Maine, pre-settlement funding is available for a range of civil cases, primarily focusing on personal injury and related claims, including the following:
If you are considering pre-settlement funding for a workers’ compensation case, eligibility typically depends on the presence of a third-party liability claim.
This means the injury must involve negligence or fault on the part of an entity other than your employer, such as a contractor, equipment manufacturer, or property owner, creating grounds for a separate civil lawsuit. It’s best to consult with your attorney to confirm the eligibility of your case.
Steps to Apply for Lawsuit Loans
Every funding company and state has slightly different rules and application forms, but most will require your attorney’s input to help assess the value of your case. Always provide adequate contact information for the person or law firm handling your case.
- At Mustang Funding, we have streamlined the process with a simple, one-page application you can complete in just a few minutes.
- Our internal team will evaluate the strength of your claim and determine an appropriate monetary figure. After consulting with your attorney, we will base our final decision on whether we believe you will win compensation and how much you are likely to receive. If you have provided complete contact information for your attorney, we could have an answer for you in as little as 24 hours.
- If approved, review the details of the proposal with your attorney. They are intimately familiar with the details and value of your case, so they are best equipped to provide counsel as to whether you should accept the funds and how much to accept.
Maine Pre-settlement Funding Laws
In 2007, the state enacted a law regulating pre-settlement funding called the Maine Consumer Credit Code Legal Funding Practices. The legislation requires that all such contracts “must be written in a clear and coherent manner using words with common, everyday meanings” so that the plaintiff can read and understand the contract’s terms without needing professional assistance. Further, they have five business days from receiving funding to cancel the agreement.
All contracts must also be accompanied by an acknowledgment from the plaintiff’s attorney, confirming they have reviewed it. Pre-settlement funding in Maine is a non-recourse loan. We assume all the risks. You do not have to repay it if you do not receive the expected settlement or a trial does not end in your favor.
Maine Personal Injury Law
In Maine, the statute of limitations for filing a personal injury lawsuit is six years from the accident date. That is one of the longest statutes of limitations in the country. However, if the personal injury involves medical malpractice, the statute of limitations is three years from the discovery of the injury. It is crucial that plaintiffs file their case by the deadline, or they will likely lose their right to recover compensation.
What Makes Mustang Funding a Trusted Choice in Maine
Our innovative and flexible litigation funding solutions ensure that no one is denied their right to a fair legal battle due to financial constraints. We achieve this mission through a commitment to transparency, integrity, and unwavering support for our clients as they navigate the legal landscape.
With personnel having 100+ years of combined investment experience and 50+ years in litigation finance, we’ve empowered 5,000+ civil litigants and 800 law firms. In addition:
- We have funded over $170,000,000 across our portfolio.
- We work with more than 1,000 law firms across the country.
- We’ve issued over 10,000 checks to individuals, firms, and groups.
- We have financed over 3,000 unique cases.
Mustang’s pioneering spirit and commitment to innovation make us a trailblazer in the legal asset industry, offering a unique blend of experience, vision, and inclusivity to our valued clients.
Contact Mustang Funding to Learn More
Mustang Litigation Funding provides best-in-class capital solutions for law firms, plaintiffs, litigation vendors, and other legal assets. To learn more about pre-settlement funding in Maine and whether your case is eligible, please contact us today. We serve Portland, South Portland, Lewiston, Bangor, Auburn, and other areas of the state. Since 2018, we have provided more than $150 million in funds to plaintiffs and attorneys.
