You’ve decided to file a personal injury claim and it isn’t going the way you expected. Every accident lawyer you’ve consulted doesn’t just think you have a chance . . . They’re totally convinced that you’re looking at a hefty sum of cash when all is said and done.
But as the months go by and your bank account balance is rapidly dwindling with no court date set, you have to start exploring your financial options.
Pre-settlement funding, sometimes referred to as lawsuit loans, can be an effective means of managing your finances in the lead-up to a lawsuit. Keep reading to find out more.
1. You Don’t Have to Work While Injured
According to the CDC, falls and assaults are two common causes of traumatic brain injury. If you’re finding that your memory or your energy levels have been impacted by your personal injury, your ability to perform on the job could be affected.
In addition, depending on the medication schedule your healthcare provider has you on, you may not be able to make the hours work.
With pre-settlement funding, you can have a steady source of income that’ll allow you to work fewer hours or maybe even none at all.
2. You Can Get Help With Finances Before and During the Lawsuit
Lawsuit funding is expensive and in many cases, it can take years before a personal injury lawsuit to see the inside of a courtroom.
But in the meantime, you’ve still got bills, mortgage payments, and extra medical costs to cover on a potentially reduced income. Although the bills might keep coming, pre-settlement funding makes it possible for you to stay financially afloat until your court date.
3. It’s Often Cheaper Than a Loan
When savings are dwindling and you’re increasingly relying on credit to make ends meet, loans are a common means of accessing more funds. However, if you take out a loan, lenders will require you to pay them back with interest whether you’re back on your feet or not.
Pre-settlement funding is different, however. If you lose your case, companies often won’t expect you to pay the money back. These benefits in particular can often make it a powerful alternative to traditional loans.
4. You Can Make the Cost of Medical Treatment More Affordable
Have you developed a chronic condition as a result of your accident? Are you taking tons of expensive medications that you didn’t need before?
Depending on who you ask, medical costs are the leading cause of bankruptcies in the U.S. Pre-settlement funds can potentially be used to mitigate the cost of care.
5. Pre-Settlement Funding Companies Isn’t About Your Credit Score
Because accidents can happen at any time, you don’t always have time to pay down debts and establish a perfect debt-to-income ratio before your personal injury. The good thing about pre-settlement funding is that companies will primarily be concerned about the likelihood of your lawsuit succeeding. This can make pre-settlement funding a much-needed source of money if you don’t have strong credit.
Pre-Settlement Funding Could Make Your Personal Injury Claim More Affordable
When you’ve filed a personal injury claim and you’re still reeling from the aftermath of your accident, conventional funding methods, like loans and credit cards, can only take you so far. Pre-settlement funding is an option that can give you more money under excellent terms.
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