Client FAQ
Client FAQ
Financial:
Is good credit necessary to qualify for money?
Your credit score is NEVER considered in the approval process.
Is there an employment check?
No, there is no employment check when applying for a lawsuit cash advance through Number One Funding NY. You do not need to be employed to receive a lawsuit cash advance.
Will I owe any upfront out-of-pocket fees?
No, there are no upfront fees whatsoever! Repayment of the cash advance and underwriting fee is only due at the time your case is settled or if there is another financial recovery.
How long does it take to receive my money?
Once we have discussed and verified the details with your attorney, and have evaluated the case, we’ll offer you a lawsuit cash funding. You will have the money within 24-48 hours of signing the paperwork.
How much money can I get from litigation funding?
We will fund a minimum of $500 in pre-settlement funding and we have no set maximum funding amount. The amount of funding will depend on the type of case.
How do I repay the money?
Repayment of the cash advance is only due at the time your case is settled or if there is another financial recovery. If we fund your case, Number One Funding NY will enter into a lawsuit funding agreement with you and your attorney.
What If I lose the Case?
You keep the money, and you’ll owe us NOTHING! Remember, this is a non-recourse advance. This simply means it DOES NOT need to be paid back to us if the case is not settled or if there isn’t another financial recovery.
Does Number One Funding NY get involved with the case?
No, we never get involved in any aspect of the case.
How do I have to use the Funding?
This is completely up to you. The money is yours to spend as you see fit.
How does surgery funding work?
Do you need money for surgery? No problem! Surgery funding follows the same process as regular pre-settlement funding. The only difference is upon approval, we send the money directly to your doctor.
General Questions:
Why choose us?
We offer one of the lowest rates in the litigation funding arena. Our rate is only 2.75% compounded monthly compared to other companies whose rates may reach 7% or more. We will also CAP your funding. You will NEVER pay more than twice the total advance amount! Example: A 3,000 advance, will never pay more than $6,000 REGARDLESS OF THE LENGTH OF THE CASE! This will result in HUGE SAVINGS for you.
What can Number One Funding NY do for you?
We provide cash to personal injury victims on a pre or post-settlement basis with ZERO out-of-pocket fees.
Can I talk to my attorney about your pre-settlement funding services?
Absolutely! We encourage you to talk to your lawyer about applying for a funding advance through Number One Funding NY.
What is pre-settlement funding?
Pre-settlement funding, also known as a lawsuit advance, gives you access to money before a case is settled or before any financial recovery is obtained. The money is given to you in exchange for the right to receive a portion of your financial settlement in the future. You get access to your money immediately, and don’t pay anything back until you get money from the settlement of your claim. Any money paid to us comes directly out of the proceeds of the settlement or the financial recovery, NOT from your pocket. If you don’t receive any money from your case, you NEVER have to pay anything back to the litigation funding company. Legal funding is not a loan as there is no debt, no monthly payments, and zero risk of collections.
What does non-recourse mean?
Non-recourse funding simply means that you DO NOT need to pay it back to us if the case is not won or if there isn’t any financial compensation obtained. When you work with Number One Funding NY, we offer to buy a portion of the proceeds you may receive for money upfront. This is done to help you have quick access to funds until the remaining proceeds from the settlement/ compensation become available. Remember, this is NOT a loan, it’s a cash advance. Non-recourse pre- settlement funding is a safe and trusted alternative to taking out a loan.
What are the steps to apply for funding?
–Apply.
Complete the application and send all necessary documents for our review. You should have your attorney’s contact info as well as your case info. Moreover, it’s important you mention to your attorney that you are applying for funding, so they expect a call from Number One Funding NY.
–Approval
Our underwriting department will review all information provided, and if you qualify, you’ll receive an approval email and the contract to sign. We encourage you to review the contract and ask us any questions. We will also send the documents to your attorney to sign.
–Signatures
Funding agreement was sent for signatures. After Number One Funding NY receives the fully executed contract, we’ll begin processing the request. Instructions and reminders will be sent out to you.
–Receive your money
Number One Funding NY sends your money within 24-48 hours. Payment methods are checks or bank transfers. All payments are overnighted via FedEx or USPS
Is the defendant's insurance company notified?
No, only three parties are notified. The parties notified are you as the plaintiff, your attorney, and Number One Funding NY.
Will you provide additional funding after having already received funding from Number One Funding NY?
You are more than welcome to come back to us and ask for an additional legal funding advance. All you need to do is fill out our Request for Additional Funding Application.
What type of cases qualify?
Car Accidents
Truck Accidents
Motorcycle Accidents
Bus Accidents
Construction Accidents
Bicycle Accidents
Dog Bites
Slip & Fall
Pedestrian Injury
Premises Liability
Boating Accidents
Wrongful Death
Settled Cases