Injury victims often settle with the insurance company for a low-ball offer, simply because they desperately need the money to pay bills. Pre-Settlement funding lawsuit loans provide immediate financial relief, so that you and your attorney can fight for full compensation instead of simply settling for what the insurance company offers. If you are unfamiliar with settlement funding, you will find the following information very enlightening.
With settlement loans, the funding company actually purchases a portion of your expected settlement. That is, they advance those who qualify a certain percentage of the expected winnings, usually about 10%. If you are approved, you can expect to have the money you need to pay past due bills, medical expenses, attorney fees and other costs within 24 hours. This is a non-recourse process, which means that you only repay the settlement funding company if you are awarded a settlement. In the event you do not win, you owe nothing.
There is no red tape such as you typically find with conventional bank loans. With settlement loans, the funding company is only interested in how you became injured, as the company wants to ensure that yours is a strong case before a loan is granted. You will never be asked about current or past employment, credit score or other personal information. Once your lawyer submits the required documentation to the settlement funding company, it is reviewed quickly for approval. Essentially, you can get the money you need right away, without waiting for days or weeks.
Insurance companies get in no hurry to pay out claims; personal injury lawsuits usually take weeks or even months to complete. Meanwhile, it is getting harder and harder to pay your bills, due to added medical costs related to your injuries, lost income and other factors. Even though you are injured and in pain, life goes on – and creditors want their money. Settlement loans make it possible for you to pay your bills and live without the fear of financial catastrophe while your attorney fights for the full compensation you deserve.
You don’t have to worry about out-of-pocket expenses, monthly payments or anything that will further add to your financial burden with settlement loans. You simply repay the funding company when you receive your settlement, plus a small fee and interest. Should yours be a structured settlement, you can simply repay the advance using the payments you receive.
Instead of simply taking whatever the insurance company offers you, why not fight for the full compensation you deserve? Settlement loans help level the playing field against insurance companies. Your attorney will have the time and resources to build a strong case, while you have the money to pay bills and keep the wolves off the door. Settlement funding isn’t for everyone, but your attorney can help determine if it would be the answer to your financial needs.