Frequently Asked Questions
Am I eligible for your services? If you have been
injured as a result of an auto accident, slip & fall, medical malpractice
or product liability, and are represented by an attorney, you may be
eligible for an advance on your pending personal injury settlement. There
are no credit checks or lengthy applications and you do not have to be
How Can I benefit from your service? Many plaintiffs
are forced to accept a low offer due to the financial hardship that many
victims experience soon after their personal injury. An advance on your
settlement will allow your attorney the time needed to get the full value
for your case.
Is this a loan? No. First American Finance advances
money against personal injury cases in exchange for a specific portion of
the future settlement. Unlike a loan, if you lose your case you do not owe
Do I owe any up front fees or costs? No. Re-payment
of the advance is due at the time the case is settled at which time your
attorney will pay-off the advance with the proceeds of your settlement
along with any other liens.
How long does it take for me to get the funds? If you are
eligible we can have your approval decision within 72 hours after
reviewing your case documents. We can FedEx your funds within 24 hours of
receiving your signed Funding Agreement via fax from your attorney.
Do I have to repay the money if I lose? No. There is
no recourse against you and we will not try to collect the money from you.
Once we advance cash it is yours to keep. This is called non-recourse
How much can I get? We are generally able to advance
up to 10% of the estimated minimal value of the case.
The minimum advance is $1,000 and the maximum amount available on any
single case is $1,000,000.
Do you get involved in the case? No. We do not interfere
with your attorney’s handing of the case. Our only involvement is to
initially review your attorney’s file so we can evaluate the claim. We
have no influence on you, your attorney, or the defendant.
Is this a usurious transaction? No. Because we take the
risk of recovery together with the claimant and attorney, courts have
continuously held that our advance is not a loan.
Is this legal? Yes. Making advances on your case is
perfectly legal. The claim or lawsuit is yours and you own it, just like
you own a piece of property. After paying your attorney and medical
liens, the potential remaining money is yours. You may sell or assign it.
Can I seek my attorney’s advice regarding your service?
Absolutely. In fact, we encourage you to do so.
Is this expensive? Yes. First American Finance advises
that if you have any other alternative means to meet your immediate
economic needs you should do so. First American Finance is
taking a high risk in providing funding based on the future value of your
pending personal injury case. Our costs usually range between 3 to 4
percent compounded per month with a 10% origination fee and a $250
underwriting fee, all of which are payable at the time your case settles.
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