Financial Companies - How client funding works and key points to consider before asking for a loan

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Questions and Answers

What should we do when a client requests a Loan?

  • Request loan to JF
  • Request a loan with one of the Financial Companies
  • Give the client money out of your pocket
  • Escalate first before requesting a Loan for Authorization Present a Quick 6/Vitals and reason for Loan (correct)

Why do we ask for loans?

  • Clients may require immediate funds to cover these costs, especially if the case takes time to settle. (correct)
  • To go to vacations
  • Needs money to get her nails done
  • For medical treatment

Once a purchase agreement is signed, what should be done next?

  • Call the client and let him/her know it will get deposited the same day
  • Call Negotiations department sos they can be aware
  • Fill in the Lien Tab on Filvevine (correct)
  • Nothing since the loan was accepted

What are the steps in requesting a loan with High Rise?

<p>Send an Email with details of the case and the amount the client is requesting (C)</p> Signup and view all the answers

A loan can be more than 5% of the expected case recovery

<p>False (B)</p> Signup and view all the answers

What should we do if a client is requesting an advance payment?

<p>Always talk to your secondary or manager if a client is requesting a loan or advance (C)</p> Signup and view all the answers

Almost anyone injured because of another party's gross negligence and hires an attorney automatically qualifies for pre-settlement payments

<p>Easy qualification (A)</p> Signup and view all the answers

They never ask for up-front fees to be paid

<p>Risk-free funding (C)</p> Signup and view all the answers

The application process can be completed quickly and does not require any paperwork. People who have poor credit or unverifiable incomes may still apply.

<p>Quick application process (B)</p> Signup and view all the answers

How can we request a loan from GRS Funding?

<p>Giving them a call and discuss the case and provide information requested (A)</p> Signup and view all the answers

Flashcards

Loan Request Procedure

Escalate to supervisor for authorization before loan request. Provide quick details and reason for loan.

Loan Reason

Clients may need funds quickly to handle case costs.

Post-Agreement Action

Fill Lien tab on Filvevine after purchase agreement.

High Rise Loan Request

Email case details and client loan amount to High Rise.

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Loan Limit

Loan cannot exceed 5% of expected case recovery.

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Advance Payment

Always consult supervisor or manager for advance payment requests.

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Loan Approval Ease

Pre-settlement payment eligibility often quick for gross negligence cases.

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Funding Fee Structure

Funding services often do not charge upfront fees.

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Quick Application

Application process allows for quick completion; less strict criteria for acceptance.

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GRS Funding Request

Contact GRS Funding and explain case details to request a loan.

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Loan Threshold

A loan does not require a maximum percentage of expected case recovery.

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Client Loan Need

Clients may need loans to manage costs during case settlement.

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Case Details Email

Case details and client request amount are important information for loan requests.

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Payment Tab

The Lien Tab on Filvevine needs to be filled in after a purchase agreement.

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Loan Authorization

You need to get approval from a supervisor before requesting a loan.

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Funding

Funds provided to cover various client needs.

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Pre-Settlement Payments

Cash given in advance concerning an incident.

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