Are you the victim in a personal injury lawsuit? If you are, you may find that money is dwindling fast, and you can barely pay your bills. Settlement loans offer financial relief to injury victims who are awaiting settlement, either from the insurance company or through a jury trial. Today, medical costs are astronomical; if you are unable to work, chances are your financial resources are quickly evaporating. In order to avoid foreclosure or even bankruptcy, you may find litigation funding a good solution.
Can anyone qualify for settlement loans? No. You must have a solid, viable claim in order to be approved for a loan, and claims considered frivolous are not accepted. However, if you do have a strong case, chances are good that you will qualify. With settlement loans, your attorney will submit the required documentation, which pertains only to your accident and injury – no background or credit checks, employment verification, etc. If approved for litigation funding, you will receive the money you need immediately, generally within 24 hours.
Are settlement loans really “loans?” Actually, litigation funding is an advance against your pending settlement. Unlike conventional loans, there is no collateral required. In the event that you do not receive a settlement, you are not held responsible for repayment of the advance, as the process is non-recourse. There are no up-front fees or other expenses that come out of your pocket, and no monthly payments to make. You simply repay the loan upon receiving your settlement, then keep the money that is left to do with as you please.
Pre-settlement Funding help injury victims pay the household bills, medical bills and other costs, so that you can focus on healing and winning your lawsuit rather than stressing about your finances. In most cases, litigation funding companies advance those who qualify about 10% of their expected settlement. Unfortunately, many injured victims are desperate for money, or in too much pain to haggle with the insurance company – which means they end up settling for far less than they deserve. Settlement loans help you avoid this, and keep fighting for your rights in order to obtain fair compensation.
With pre-settlement funding, you can rest easy knowing that if for any reason you are not awarded a settlement, you are at no risk. While the money isn’t free (interest and minimal fees apply), you will find that it is well worth it considering you can pay your bills, and not be forced to accept a small portion of what you deserve from the insurance company. Is litigation funding the right solution for your circumstances? Your lawyer can help determine whether this is the best course of action for you.