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The purpose of this and all articles posted by the undersigned is to educate the public about the lawsuit funding business as a whole. The premise is that if the public is more aware of the business and how it works, it will benefit the lawsuit loan industry and clients alike. This article will touch on the various ways lawsuit funding operations originate cases to consider for a lawsuit cash advance.
Like most businesses in which there is sufficient demand, new business is generated is a variety of ways. In the lawsuit funding business, business is usually originated either through the direct "in house" efforts or through lawsuit funding brokers.
Broker Origination
Originating business is essentially informing large numbers of people the services/products offered and then processing applications/orders for the product/service. The pre-settlement loan business is really no different. Lawsuit funding brokers specialize in the origination of lawsuit loans for funding companies.
Of course, there are costs associated with this part of the business and ultimately, all costs are passed along to the consumer. If you are applying for a cash advance funding on your lawsuit - you are the consumer.
Yet, a broker is also an entity which helps the applicant through the funding process. That company is a well qualified guide and can be extremely valuable to an applicant. Some of the benefits of working with a broker are:
1. Expertise in the Industry - Generally, people who earn a living in a certain endeavor obtain an expertise in that area. Specifically, the lawsuit funding business is a unique form of "specialty finance" in which common sense is mixed with intricate knowledge of the legal process. Those persons who have experience in the business are usually able to offer insight into the lawsuit loan process which otherwise, may not be available. This insight may prove valuable to applicants for pre-settlement loans.
2. Access to Multiple Lenders - Brokers also have relationships with various litigation cash advance funders. This may also serve to help the applicant since the underwriting of cases is fairly subjective and each lender has its own risk model. Access to multiple lenders can help the applicant with a "marginal" case obtain funding when cash would otherwise be unavailable.
3. Ability to Answer Questions and Personal Attention - Because lawsuit funding brokers are intimately aware of the funding process, they have the ability to answer most, if not all of your questions. More importantly, applicants have access to these individuals on a more consistent basis than if they were dealing with a direct lender. More communication usually results in more successful outcomes. Since applicants can better explain their position to the brokers, and the brokers' compensation is contingent on the applicant receiving cash for the lawsuit, brokers are eager to help.
Of course, the benefits listed above come with a cost. In the next post, we will discuss in detail the costs associated with utilizing the services of a broker when applying for a lawsuit loans.
Thank you for your interest in the lawsuit funding business.
pmc
