Open 8 am - 8 pminfo@Cherokeefunding.com 855-394-2274 HOME ABOUT US SERVICES PLAINTIFFS ATTORNEYS HEALTHCARE PROVIDERS BLOG Apply Now Pre-Settlement Funding Frequently Asked Questions How long will the approval take? Will Cherokee cause any delay in the process? The intake process takes about 3 minutes and the cases are usually approved within 24 hours. If there is some circumstance that prevents approval in that amount of time, we will be in touch. What kinds of cases does Cherokee accept? We will consider any case for funding, but primarily Personal Injury cases, MVA, Slip & Fall, and Premises Liability cases. The client must be represented by an attorney. If the client does not have an attorney we will suggest several attorneys for them to contact and pick from. You are always welcome to call us or email us with questions. Is legal funding a loan? It is not a loan as there is no creation of debt. Also, it not a loan due to the Non-Recourse arena in which its classified. It is a purchase of a future settlement that does not have a 100% chance of happening. Is legal funding a bad idea because it eats into the final settlement? While legal funding is not for every case or plaintiff, there are many cases where funding provided plaintiffs the breathing room they needed which resulted in higher settlements. We have a large number of examples where the initial offers were unacceptable, Cherokee provided the plaintiff with needed funds, and the result, either by settlement or verdict, was a multiple of the offer and the client got the Justice they deserved. How much information does Cherokee need to provide? Our intake process takes about 3 minutes and the underwriting process is simple and requires minimum information. Obviously, we need information for our records given that we are committing capital, but we don’t need stacks of files unnecessarily. How often does Cherokee need case updates? We will look for reasonable updates every 90 days for our files. Will there be anything left at the end of settlement? Our goal is to make sure there is ALWAYS money left for the client at settlement. In order to do that, we attempt to never fund more than 10-15% of an anticipated settlement. In addition, we also have the lowest rates and fees and shortest minimums which ensures that there is always money left at settlement for the client. What happens to the settlement if the case is upside down? We try to alleviate this at the front end by not funding more than 10% of anticipated case value. And, we have a long record of being accommodating in helping get cases settled and collaborating with lawyers over the long-haul. What happens if the case takes forever to settle? When you come across these rare cases and are in need of adjustments, we are more than willing to work with you. We view our relationship as a partnership with you. Yes is the answer. Why are the contracts are so complicated? Cherokee has simplified our contract down to just 7 pages. It includes easy-to-read language. And, we are completely transparent with our disclosure of fees and repayment schedules. We also contact the client and fill out everything in our short contract for you. We give you the finished contract ready for review and signature. Our goal is to make you and your staff’s lives easy. Check out how our process works. What are your interest rates for plaintiff advances? Cherokee has the lowest rates in the industry and are designed to provide more money for the plaintiff at settlement and more time for you. Our rates change from time to time so please make sure to ask at the time of application. How do you work with attorneys? We will contact the attorney prior to providing initial and any additional fundings to the plaintiff. In addition, we budget with the client to make sure that their needs are covered but that they save as much as possible for themselves at settlement. What are rolling contracts? In the case of longer term, catastrophic accidents, we will do “rolling contracts”, giving clients money each month to make sure they can pay their bills rather than a large lump sum up front that they “might” spend. The result of rolling contracts is that clients save up to 75% in fees and make sure to pay their bills while you have time to get the best settlement possible. How do I get pre-settlement funding or a cash advance? You complete an application and we review it, along with information about your case we receive from your attorney. If we accept you as a client, we’ll provide you with a cash advance as soon as the necessary paperwork has been completed. When will I receive the lawsuit or litigation funding? You will receive the lawsuit settlement funds as quickly as possible after you’ve been approved, in many cases within 24 hours. We know you need the money now and we work quickly to try to accommodate you. What type of information will Cherokee Funding need to evaluate my case? In addition to your completed application, we’ll need information from your attorney regarding the details and status of your case. We will request that information directly from your attorney. How does Cherokee Funding decide who is eligible to get a lawsuit cash advance? We underwrite on the merits of your case. In short, we are looking to see that you will receive a settlement that enables you to pay back the advance. If your case does not settle, and we’ve already provided you with an advance, you don’t owe us anything. Is it legal to provide lawsuit cash advances for claims or lawsuits? Absolutely! This industry has been around for approximately 15 years. It began after it became common knowledge that many participants in personal injury lawsuits were having financial troubles while waiting for their cases to settle. Will I have to sign any documents? A lawsuit loan must be repaid, while a lawsuit cash advance is contingent on the outcome of your case. So if you don’t settle, you owe nothing. Will my attorney be required to sign any documents? Yes. Your attorney must be part of this process and he or she will need to sign our agreement. Do I have to make monthly payments? No. The whole idea behind getting a lawsuit cash advance is to free you from financial woes during the time it takes to settle your case. Once your case has settled, you will need to repay your advance plus our fee. Are there any up-front fees? No. There is no cost at all to you to apply for an advance. Our fee only comes into play once you have been accepted as a client and your case settles. What’s difference between a lawsuit cash advance and a lawsuit loan? A lawsuit loan must be repaid, while a lawsuit cash advance is contingent on the outcome of your case. So if you don’t settle, you owe nothing. Additional Resources Let Cherokee provide you a cash advance while you wait for a full and fair settlement. Contact us to get started today! RECENT BLOG Cherokee Legal Holdings is on the 2021 Inc.5000 list! Date: 18 Aug 2021 / Author: Cherokee Funding Marketing Cherokee Announces Open Access to Gain Servicing Portal Date: 27 Jul 2021 / Author: Cherokee Funding Marketing Upcoming CLE on Litigation Funding, presented by ABA Date: 22 Oct 2020 / Author: Cherokee Funding Marketing MAIN MENU Home About Services Process Attorneys State Licenses Contact Us Terms & Conditions | Privacy | Sitemap Copyright © 2020 Cherokee Funding, All Rights Reserved. *Same Day Funding applies to cash advances up to $2,500 against motor vehicle accident cases for applicants that submit a complete application. Cherokee must have your completed application by 2:00 PM EST and both yours and your attorney’s signed contract back by 4:00 PM EST. Cash advances for all other case types are funded within 24 hours of receipt of the completed application, if not the same day.