Personal injury loans are designed to help those who have been seriously injured in an accident pay the bills and avoid financial problems while awaiting settlement. Many injured victims find that they need money immediately, to pay medical expenses, household bills, even to buy groceries. Actually a cash advance against your pending settlement, personal injury loans allow those who qualify to get money right away, usually within 24 hours or less.
When you are injured, the bills can start piling up before you know it. Medical costs today are skyrocketing; if you are unable to work because of your injuries, it becomes almost impossible to meet your financial obligations. Personal injury lawsuits are known to take months to reach completion. In the meantime, how can you pay your bills and possibly avoid bankruptcy? Personal injury loans are the ideal solution for those with a strong, viable case.
How do you know if you qualify? Personal injury loans are based solely on the accident and injuries you sustained, nothing else. Your lawyer will submit the details of your claim, which have nothing to do with your employment status, past employment, credit history or any other personal information. The litigation funding company will then review this information to determine if your case merits a loan. If it does, funding is typically available the same day in most cases.
Are there any out-of-pocket expenses involved? Settlement funding companies realize that those who are in desperate financial situations do not have money to spare for fees, interest and other costs. Therefore, you pay nothing until you are actually awarded your settlement and have money in hand. At that time, you will repay the loan along with minimal fees and interest. In addition, personal injury loans are non-recourse, which simply means that you do not repay the funding company unless you do receive a settlement. In other words, if you do not win, you do not pay.
All too often injury victims accept a low-ball settlement simply because they cannot afford to wait for months for their attorney to fight for the full compensation they deserve. Personal injury loans help relieve your financial stress, so that you can pay your bills and live comfortably while your lawyer works to secure the full damages you deserve for your injuries. While litigation funding isn’t right for everyone, it may be just the solution you are looking for. Talk to your attorney about the process and its benefits, or learn more online.