Pre-settlement Funding or Lawsuit Loan
If you got a personal injury, you could file a suit for your settlement, and it may take time. During that time, you may need money to meet your expenses like medical bills or daily expenses. In case of personal injury, the best option is a pre-settlement loan which allows you to borrow money from a lawsuit funding company before your settlement. Litigation finance companies provide cash loans to the personal injury plaintiffs so that they can pay their medical bills and stay strong financially until they receive the settlement amount of their case.
A lawsuit funding company evaluates your case and give you a loan according to the value. When your case gets settled, you receive your compensation after deduction of the lawsuit funding company’s fee. To learn more about the process of pre-settlement loans, click here.
Benefits of Pre-settlement Funding for a personal injury case
A pre-settlement lawsuit loan has many benefits for the personal injury plaintiffs. Let’s discuss some of them:
1. An easy and adaptable financial option
If you suffer from a personal injury, a lawsuit loan is a best and easy option for you to get cash. It is a quick and simple way to get cash because it doesn’t require credit checks. The creditors of the claim are not related to the credit score of the borrower. The amount of loan is based on the evaluation of the case that how much chances are there to recover. You don’t need to provide any income verification or guarantees, no personal expenses, no down payments, and no monthly payments.
2. You the money when you need it the most
We can say that a pre-settlement lawsuit loan is a cash lifeline because it provides you cash when you need it the most. The process of the lawsuit might take a long time to settle. In case of personal injury, the victim may suffer heavy financial stress because he has to pay heavy medical bills. The personal injury victim could not go on his work therefore he might run short of money to meet the daily necessary expenses. Loans to your pending lawsuit, you get quick funds to pay for your medical treatment, other living expenses, or payment of vehicles until your lawyer receives adequate monetary compensation from the defendant.
3. You can get quality medical treatment
Personal injuries can be severe and might cost you very high for example in case of a car accident if a victim gets injured badly and need urgent surgeries, a pre-settlement loan could help him in a great way. A pre-settlement lawsuit personal injury loan will help the victim to pay his heavy medical bills and surgery treatment expenses immediately. Personal injury and accident victims often require expensive and extensive medical care consisting of physical therapies, diagnostic tests, rehabilitation, and surgical operations. If a person got an accident and he doesn’t have any insurance or short of money, he can apply for a lawsuit loan to bear all the expenses of his necessary medical treatment. A personal injury victim can easily access the quality medical treatment through pre-settlement funding so that he could recover from his injuries quickly and get back to normal life without waiting for receiving compensation from the settlement.
A pre-settlement loan is free from any risk of paying back. Lawsuit loans are different from a personal loan. You don’t need to pay back the loan. Lawsuit advances are simply a loan that is based on your pending lawsuit settlement cases. You don’t need to make a monthly payment for the loan while your lawsuit is pending for settlement. Once your lawsuit is settled, your lawyer will deduct the amount of lawsuit loan from the compensation amount and you received the remaining. The great thing is that in case you lose the case, you owe nothing and you can keep the settlement advance.
5. It increases your affordability to hire a good lawyer.
Usually, people don’t go for a lawsuit to get compensation just because the legal action takes so much time and is expensive. A pre-settlement loan allows you to hire a professional and expert attorney for your lawsuit, which increases your chances to win the case and receive the highest possible compensation amount.