At Simia, we're often asked if our Pre-Settlement Funding service is considered a loan or not. Specifically, most people who sign up to get funding from us will want to know whether or not they need to pay us back at some point, and what the rates will be when they do.
The truth is, what we offer is not a loan. In fact, it's significantly better than one! There are several key differences between funding from us and a traditional loan.
The most important distinction is that if you lose your court case, you'll owe us absolutely nothing. If you get $10,000 in funding from us, we don't consider this money "borrowed" or "rented." The way we see it, this is money that you deserve and we're just giving it to you ahead of time. When we decide to fund someone, we're making an investment in their life and their pursuit of justice.
For these reasons, we won't expect you to pay us back in the event that you lose your case. If you win or settle your case, we'll recover our initial investment from those earnings, with an additional interest. In other words, when we get involved with a case it's because we truly believe in the person behind it.
Another key difference is that we don't decide whether or not to fund someone based on their credit. You can have great credit, terrible credit or no credit at all - it doesn't matter to us. We look at the details of each case individually.
So if you've been burned trying to apply for loans in the past or dealing with the hassle of paying them off, you have nothing to worry about. The way we structure our funding is done with your best interests at heart.
At the end of the day, we're investing in people, because we believe that everyone deserves a chance to pursue justice.