Frequently Asked Questions
Who is Eligible for a Pre-Settlement Funding Advance ?
If you have filed a lawsuit or plan to do so, and are represented by an attorney, you are eligible for pre-settlement lawsuit funding. Please note that we do not provide pre-settlement funding services to anyone under the age of 18.
What is a “lawsuit loan”? Does Pre-Settlement Funding Work Like A Traditional Loan?
Although many use the term “lawsuit loan” or “lawsuit loans” to refer to funding services like Rocket Advance, that term is not correct. Rocket Advance pre-settlement funding is not a loan. If Rocket Advance funds your case, you will have to repay Rocket Advance only if you settle or win the lawsuit. If you lose your case, you owe us nothing. Therefore, the phrase “lawsuit loan” does not describe Rocket Advance funding, which is a non-recourse advance. You repay ONLY if you win.
How Much Funding Can I Get?
The facts of your case will determine the amount of your funding. We will advance a minimum of $1,000 in pre-settlement funding and we have “no” set maximum amount for funding.
How Much Money Will I Owe Up Front?
None. You will owe no money up front. There are no monthly payments. You must repay Rocket Advance only if you win or settle your case. If you lose your case, you owe us nothing.
What Happens After I Submit My Application?
We will work to get all the necessary information to make a funding decision. We will contact you when we decide whether to fund your case, by telephone if possible, so make sure we have a good contact phone number. We will contact you if any of the information you provided is incomplete.
Is there anything I can do to speed up the process?
We will perform all the work required to fund your advance. After you submit your application, please contact your attorney/law firm and let them know you give your permission to speak with us and collect any information or documents necessary to make a funding decision.
How Does Surgical Financing Work?
Surgical financing applications follows the same process as regular pre-settlement funding. But upon approval, we forward the funds directly to the doctor.
How Do I Repay the Pre-Settlement Funding Advance?
If we fund your case, Rocket Advance will enter into a lawsuit funding agreement with you and your attorney. The agreement will set forth the amount of the lawsuit advance provided, and any costs that apply to the advance. If you win your lawsuit, repayment of the advance will be due when you receive your settlement or award. If you lose your lawsuit, you owe Rocket Advance nothing.
More FAQ (S)
Will Rocket Advance Check My Credit History?
Rocket Advance will not review your credit history when determining whether to fund your lawsuit. Our underwriting team will evaluate your case to determine its estimated value. If we believe that your lawsuit will secure a settlement or jury award and that funding will not impede your case, we will approve funding.
Can I Talk to My Attorney about Your Pre-Settlement Funding Services?
Yes, absolutely. We encourage you to talk to your attorney about applying for a pre-settlement funding advance through Rocket Advance.
Why Would My Attorney Not Recommend Using Pre-Settlement Funding Services?
Your attorney may not have had experience with Rocket Advance or with the financial difficulties faced by personal-injury victims and other plaintiffs. Your attorney might be concerned about the following:
1) The cost of pre-settlement funding services and whether repayment of pre-settlement funding might affect attorney fees; Your attorney may not know that Rocket Advance pre-settlement funding is non-recourse funding. Non-recourse means that we are repaid only on a contingency basis. You repay Rocket Advance pre-settlement funding only if you receive a settlement or award. You owe Rocket Advance nothing if you lose your case. Attorneys’ fees are settled and paid before Rocket Advance receives any portion of any settlement or award.
2) Potential influence on the attorney’s handling of your case; Rocket Advance will not interfere with your case. We gather information about your case during the funding-application phase. We have no other involvement in your case. We will not attempt to influence or involve ourselves in the attorney’s handling of your lawsuit in any manner.
3) The administrative work involved; At Rocket Advance, we do not require the completion of an attorney questionnaire before determining whether to fund a lawsuit. Rocket Advance handles most of the clerical work involved in the legal funding process. The application process is fast and easy for plaintiffs and attorneys.
How Do I Apply for Rocket Advance Pre-Settlement Funding Services?
To apply for an advance, simply fill out our application form, call us and we will take your application over the phone, or email Rocket Advance. We have helped clients throughout the country obtain funding, regardless of whether they were good candidates for traditional bank loans. Contact us today to see if we can help.
What are rolling contracts in lawsuit funding and how can they help?
Rocket Advance can structure your advance as a rolling contract, which provides you with more flexibility and lower rates than traditional lump-sum payments. For example, with a rolling contract, we can approve an advance of $24,000 and give you $2,000 a month for up to twelve months, rather than in a lump sum of $24,000. Rolling contracts enforce financial discipline and cost you less.
Does Rocket Advance Have Any Special Way of Delivering My Lawsuit Funding Advance?
Yes. There are many ways for you to receive your Rocket Advance lawsuit funding advance, including coming to our office in New York and picking it up. You also have the option of delivery of advance via the ROCKET CARD® . ROCKET CARD® is a stored value debit card that saves you money. There are no check-cashing fees and many extra benefits and discounts with the ROCKET CARD® card. We can also overnight the funds to you. New technology makes delivery of advances easier than ever.Customers have questions, you have answers.