If you are injured because of someone else’s negligence, you should not have to settle for less than you deserve. That’s why pre-settlement funding is so important.
Expenses You Can’t Afford
Lawsuits involve delays and often take months or even years to settle. During that time, a plaintiff may struggle to pay bills and keep up with day-to-day expenses. Fortunately, lawsuit funding can help plaintiffs maintain their quality of life and avoid adding debt to their financial load.
People who apply for pre-settlement financing can use the money they receive to cover expenses like housing, utilities, car payments, child care, and medical bills. Some even use the funds to purchase necessities such as clothes, furniture, and food.
Unlike personal loans that require lengthy credit checks and can put your personal information at risk, lawsuit funding does not. Many lawsuit funding companies can approve your application and provide the cash advance within 24 hours or less after a quick and easy approval process.
It is important to note that the interest rate you pay on a lawsuit cash advance depends on whether you work directly with a lawsuit funder or a broker. Direct lawsuit funders set their interest rates, which are typically lower than those brokers charge. It’s also important to remember that the loan amount is not based on your credit score but rather on the strength of your case and its likelihood of a substantial settlement. That means you can still qualify for lawsuit financing even if you have bad credit or a bankruptcy.
Unexpected Costs
When fighting for justice in a civil case, expenses mount quickly. Unexpected costs can be a big burden, especially when they prevent you from continuing to fight for the compensation you deserve.
Pre-settlement funding is a type of lawsuit cash advance that allows plaintiffs to get access to money in exchange for a percentage of their anticipated settlement. The company that provides this type of financing assesses the strength of a case and determines how likely it is to be successful. Once they approve the amount of money they can provide, they will often charge an interest rate on the advances that will vary for each case.
The goal is to help plaintiffs avoid financial pressure that could cause them to accept a low initial offer, return to work earlier than they should, or not provide their law firms with the time and resources they need. With this type of financial support, plaintiffs can focus their energy on their case, not stress.
It can take months or even years to settle a personal injury claim. In the meantime, you still have to pay your bills and care for your family. You might not have the funds to apply for a bank loan and don’t want to sell your belongings. With pre-settlement funding, you can get money within 24 to 48 hours of approval following a quick and simple application process.
Time Is Money
The old saying “time is money” implies that every second you spend not doing something productive is a second you could have spent earning or spending. In a personal injury lawsuit, waiting months or even years for your case to be settled can cause immense financial stress. Often, plaintiffs have trouble keeping up with recurring expenses such as rent or a mortgage and daily living expenses like food.
Serious injuries can also keep you out of work for weeks or months, leaving you no income to cover your bills. It can lead to financial disaster, including losing your home or car and ruining your credit rating. A pre-settlement advance can help you avoid financial disaster and remain in control of your finances while your case is pending.
While medical professionals are held to high standards, mistakes do happen. Unfortunately, many of these mistakes result in permanent and debilitating patient injuries. These injuries can be costly and often require expensive treatment to get back on track. You may be compensated if your doctor or hospital has committed medical malpractice. But a medical malpractice claim is time-consuming and requires extensive documentation. In the meantime, your medical bills and living expenses are mounting, putting you under extreme financial pressure. A pre-settlement advance can take the pressure off so you can fight for your deserved settlement.
Safety Net
Lawsuits are expensive, time-consuming, and often stressful. Even when you win your case, the financial strain can be overwhelming. You need to save money; receiving your settlement can take months or even years. In the meantime, you have bills to pay, including rent, utilities, and food. These expenses can add up, especially if your injury has prevented you from working as much.
A same-day pre-settlement loan can give you an advance on the value of your expected settlement before your case is finalized. These cash advances allow you to stay current on your bills and avoid going into debt. They also increase your leverage when negotiating your settlement and may help you avoid accepting low initial offers or settling for less than you deserve.
Finding a pre-settlement funding company that is right for you can be difficult. When comparing offers, consult your attorney and a financial advisor before choosing one. Researching the companies you are considering to compare terms and fees is also a good idea. You should also understand that most pre-settlement funds are non-recourse, meaning you don’t have to repay the advance if your case is lost. It eliminates a lot of the risk associated with obtaining a lawsuit loan.
