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Non-recourse loans (or pre-settlement legal funding in the case of High Rise Financial) are designed to protect the borrower from risk. For some lenders, the application process may come with a fee. However, High Rise Financial has a FREE application process so that people with personal injury lawsuits can get the money they need as soon as possible without facing additional financial stressors.
That’s not where the perks of non-recourse funding end, though. When you get pre-settlement legal funding from High Rise Financial, you don’t have to worry about:
- Monthly payments
- Compound interest
- Being stuck with repayment even if you lose your case
Unlike predatory recourse lawsuit loans, non-recourse legal funding is safe. You won’t end up paying back three times what you borrowed. In fact, you pay us nothing if you lose your lawsuit. When it comes time for repayment, that’s all handled by your attorney. They get a check for the compensation amount from the at-fault party and immediately write us a check for the agreed upon repayment amount. Then, you keep the remainder of your settlement or jury award!
To apply for FREE today, simply fill out the easy-to-use form on our Apply Now page. If you have any questions or concerns about getting non-recourse pre-settlement legal funding, feel free to get in touch with a member of our team by calling (866) 407-6404.
How Non-Recourse Debt Protects the Borrower
All debt, and thus all loans, is split into two categories by the Internal Revenue Service: recourse and non-recourse. “Recourse” refers to the ability of the lender to pursue payment. If a loan is non-recourse in nature, the lender cannot hold the borrower personally liable for the debt. The most the lender could recover in the event of a default is whatever collateral is associated with the loan, even if the collateral does not cover the full value of the debt. To better understand the difference, let’s take a look at an imaginary car loan.
An Example of Recourse Debt Collection
You need a car, but you don’t have cash on hand to pay for it. So, you get a loan from your bank. Unfortunately, it’s a recourse loan. Here’s one scenario that shows the dangers of taking on recourse debt.
- You default on the car loan.
- The bank takes your car, since it is the collateral associated with your loan.
- However, your car has decreased in value and does not cover your full debt.
- The bank is free to pursue further repayment from you, including taking part of your paycheck each month (called wage garnishment).
Since the loan is recourse, the bank has virtually free rein to pursue you until the debt is paid.
An Example of Non-Recourse Debt Collection
Now imagine that you took out a non-recourse loan from the bank when paying for your car. Here’s the same scenario, but with the protections afforded by a non-recourse loan.
- You default on the car loan.
- The bank takes your car, since it is the collateral associated with your loan.
- However, your car has decreased in value and does not cover your full debt.
- That is the end of the debt collection process.
Even though your loan has not been fully repaid, the bank cannot take money out of your paycheck or pursue repayment after taking the collateral.
To apply for free, call (877) 735-0016
Repaying Your Non-Recourse Pre-Settlement Legal Funding
From the above examples you should be able to see how much better non-recourse debt is over a recourse loan. But how does this apply to pre-settlement legal funding? Well, in this case, the collateral involved with the transaction is your eventual compensation package. High Rise Financial is repaid out of that package, whether it is a settlement agreement or an award given to you by a jury after a trial.
Since we provide exclusively non-recourse funding, your personal finances remain unaffected. If you lose your case, you don’t have to pay us back at all! Since applying for funding is FREE, there is no risk to you.
Applying for Non-Recourse Funding Today
High Rise Financial funds personal injury lawsuits like car accident claims, slip and fall incidents, medical malpractice, nursing home negligence, product liability, and more. If you believe that you have a case that qualifies for pre-settlement legal funding, and you are represented by an attorney or law firm, fill out the form on our Apply Now page today.
Applying is 100% FREE, there are no hidden fees, and any fees associated with your loan are upfront and transparent before you sign on the dotted line. Start the process today to get up to $250,000 in your bank account in as little as 24 hours.
For any questions about the application or repayment process, or anything else related to your non-recourse pre-settlement legal funding, call High Rise Financial at (866) 407-6404 and speak with one of our financial experts.
Call or text (877) 735-0016 or fill out our form to apply today for free.