Thanks to lawsuit funding, you can get the money you need while awaiting your personal injury settlement. Believe it or not, it can help your settlement by allowing you and your attorney more time to pursue the case and fight for what’s fair.
Often, injury victims are left in the lurch as they wait for the money to be awarded to them in their cases. This creates a situation where regular bills and expenses can pile up and destroy the victim’s credit. Lawsuit funding can help by giving you the money to prevent regular expenses and expenses incurred from your injuries from putting you into debt.
How Lawsuit Funding Can Help You
Take a look at the many ways lawsuit funding can help you in your time of need.
Getting Medical Care
After you seek medical care following your personal injury, other medical expenses can arise during your case. You may need physical therapy or expensive medications. You’re also likely spending money on transportation to and from medical providers. By requesting lawsuit funding for your personal injury claim, you can continue to get the medical care you need as your case progresses.
Paying Everyday Expenses
Many plaintiffs suffer such severe injuries that they can no longer work in their previous capacity. Some may never be able to work at their previous career ever again. Whether your injuries are keeping you from working in the short term or will permanently keep you from working, your lawsuit is likely seeking compensation for your lost wages.
Meanwhile, as your attorney works on your behalf, there’s still the matter of you not having any income coming in to support your household. You will have your housing, utilities, groceries, and many other daily expenses to cover, but with legal funding, you’ll have one less worry.
Improved Settlement Opportunities
Lawsuit funding can help you get access to the money you need now rather than waiting for a settlement award. The longer a lawsuit drags on, the more desperate you may be to get your money.
That’s exactly what insurance companies are counting on. They hope you will tire of these negotiations and tell your lawyer to just take the settlement. If the settlement is inadequate, then you’re settling for less than you deserve for the strife someone else caused you by being negligent.
With the pre-settlement loan, you won’t be stuck between a rock and a hard place as you await your compensation. You won’t have to rush through your lawsuit to get the financial figure you need to cover all of your economic and non-economic damages.
Easier Than a Traditional Loan
When you need money that you don’t have, taking a loan seems like the obvious answer. However, traditional loans have more stringent rules than lawsuit funding. While a recourse loan, which is the more traditional option, will have a lower interest rate, it tends to require good credit.
If you’re in a financial bind because a negligent person turned your world upside down, your credit is likely not faring well. An easier way to get a loan is through lawsuit funding, which is a non-recourse loan. This means you only need to pay the loan back if your attorney is successful in getting your compensation.
You might be wondering what would happen if you lost your case. Generally, the pre-settlement loan company will assess your case before approving you for funding. They examine how strong your case is and speak with your attorney. If they believe you have a strong chance of winning through settlement negotiations or a trial, they will provide the funding. However, sometimes things don’t work out as planned, and if that should happen, your lender will take on the responsibility for the loan balance while you keep the money you already received.
Greater Convenience and Flexibility
Instead of waiting a long time for approval on lawsuit funding, it can take days to receive your money. Applications are approved quickly for this type of loan, and soon, your financial concerns can be put to rest.
There are a variety of options available for pre-settlement funding. Everything will be explained to you in the process. You can even ask your attorney what they think, though you do not need their approval to obtain this loan.
No Need to Jump Through Hoops
Another thing you should know about lawsuit funding is that since it’s not like a traditional loan, you don’t need to go through a credit check. You also don’t need to provide your financial history.
The only things you must show are that you currently have a personal injury lawsuit in the works with an attorney and that it is in the investigation process. Lawsuit funding cannot be provided if you have not hired an attorney, if your case lacks strong evidence, or if you’ve only just begun to file the paperwork.
The Bottom Line on How Lawsuit Funding Helps Your Settlement
If you are struggling to make payments on your bills while awaiting your personal injury lawsuit to continue with another round of negotiations or go to trial, lawsuit funding can help.
Using this tool is a smart move when your financial situation is impacted due to a careless person’s actions, especially if your credit isn’t great. Visit this website to learn more about how lawsuit funding can help you.