Suffering injuries because of someone else’s negligent behavior is traumatic. In order to recover financially from serious injuries, personal injury law allows you to seek compensation from the at-fault party.
Although you may have a strong case with compelling evidence, it will still be a while before you see any of that money. That means the medical bills and other expenses will pile up on top of your usual monthly expenses. Without money from work, it could make a bad situation worse.
Plaintiffs have options, and by choosing same-day pre-settlement loans, they can get the money they need immediately for financial relief. Here are the top reasons why they seek this funding, and why you might want to if you have an active lawsuit.
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Gaining Financial Relief Right Away
If you were in a car accident, slipped and fell at the store, or suffered harm due to someone else’s negligence, you quickly discover that their actions cost you money. You will start getting medical bills, with many more on the way. With serious injuries, you’ll be out of work at least until you recover, costing you income as well as your work benefits.
While all this is happening, you’ll still have to pay your rent or mortgage, make car payments, pay your utilities, and put food on the table. Your attorney may be confident you’ll get full and fair compensation, but that’s not going to happen immediately. In the meantime, you can apply for same-day pre-settlement funding and cover all your bills, buy groceries, and pay medical bills. You’ll get a percentage of your expected settlement, and that can replace your lost wages until your case is resolved.
Improve Case Outcome and Negotiation Leveraging Power
Most personal injury cases settle instead of going to court, though negotiations may go through round after round. With money getting tighter by the day, using pre-settlement funding allows you and your attorney to take more time to negotiate a sufficient sum.
When there’s financial pressure, you’ll be more inclined to take a settlement offer that is far too low to cover the expenses the other person caused you to incur. Taking this same-day pre-settlement money allows your attorney more time to negotiate to your benefit. It works like a cash advance that can also help cover ongoing litigation costs for complex cases.
Mitigated Risk and Greater Accessibility
For those who need money, traditional loans are another option, but no matter what happens, you’ll be responsible for paying it back. Pre-settlement funding is a non-recourse loan, which means you will only need to pay back the cash advance if you win the case. If your case doesn’t result in winning a settlement or verdict, you don’t have to pay it back.
Another issue with loans through your bank is that approval is dependent on your credit score. For those with bad credit or who have yet to establish strong credit, it is impossible to get approved for those types of loans. Pre-settlement funding is not dependent on your credit, making it a fantastic option if you’re in this situation.
When your case resolves with a win, you only pay back this advance on your settlement using the funds you’re awarded. That means no monthly payments to contend with.
Reduced Stress
Suffering painful and debilitating injuries takes a toll on your mental health. Every day that you are in pain is a struggle, and when you need to adapt to a new normal due to a permanent impact from your injury, it’s even harder. As you sink further into debt, it creates added stress that you don’t need as you follow your recovery plan. If you could suddenly have money today, that would greatly reduce the stress on your shoulders. That’s why so many plaintiffs choose same-day settlement funds, allowing them to focus on restoring their lives to as whole as possible after a traumatic accident.
How to Get Same-Day Pre-Settlement Funding
Although the requirements for a lawsuit loan are less stringent than a traditional loan, there are still a few metrics used to qualify. The first and most important is that you must have a legitimate and active lawsuit in a state where this type of funding is allowed.
If you do have a valid lawsuit currently filed in the courts, then you must also have an attorney who works on contingency fees representing you. While your attorney does not get to decide whether or not you should choose this funding, they are instrumental in this process. Their input will be used to determine the strength of your case, liability, and the expected settlement amount.
Your personal injury case must have injuries and damages that are capable of being compensated. If all of these metrics are satisfied, the pre-settlement funding company should provide you with same-day cash to help you get through until your case is resolved.
The process for obtaining this money is very simple. You’ll fill out an application, and your attorney can even help you take this step. Once submitted, the funding company will speak with your attorney to take a deeper look at the case information. Underwriters will then assess the risk by analyzing the strength of your case, any potential liability, and the estimated amount of your settlement value to determine how much to advance to you.
If you’re approved, you will get an offer specifying the funding provided. You must sign an agreement to accept it, and then you can get your money. Remember, you will not need to repay this amount unless you reach a settlement or have a winning verdict. Since these companies tend to approve plaintiffs whom they think will win, once the case concludes in your favor, the pre-settlement funding company gets the money back plus fees directly from your settlement proceeds.
For anyone floundering after a serious injury caused by someone else, this can be an excellent option to get immediate cash in hand.
