Settlement Loans Give You the Means to Pay Bills Without Risk If You’re the Plaintiff in a Personal Injury Lawsuit

What do you think of when you think of “personal injury lawsuit”? Chances are, you think of the injuries, pain and suffering you’ve experienced, which the lawsuit is going to at least help mitigate to some extent with compensation so that you can pay medical bills, expenses, and so on.

However, until you are actually involved in the situation, you probably don’t think about the struggle that happens financially – after the accident, but before any settlement or jury award has come in. That is, if you’ve been injured and can’t work, suddenly, you have no financial resources, and bills are piling up. That’s where settlement loans can help.

Settlement loans, or settlement funding, give you the means to pay bills while you wait for your jury award or settlement to finalize. With this type of funding, a company that specializes in offering these types of loans takes a look at your case and determines whether or not it is truly a personal injury case with valid grounds. If it is, you can apply for this type of litigation financing. If approved, you will generally receive about 10% of your expected award or settlement in advance. If you win your case, the company recoups its 10% payment to you plus fees. If you lose, however, you keep the money and do not have to pay anything back.

Caveats

There are a couple of things that will have to be true in order for you to qualify for this type of funding. In addition to the aforementioned valid personal injury case, you will also have to have hired a personal injury lawyer on contingency. That means that your lawyer doesn’t get paid unless you win. In addition, your lawyer has to sign off on the loan application with you. You will not be able to get a loan like this without your lawyer’s approval. If you can get approval from your lawyer, though, you can get settlement loans so that you have the money you need to live.

There is no need to settle with the insurance company or guilty party by accepting their first offer, simply so that you have some money to take care of yourself. You can stand your ground and go to court or have your lawyer negotiate a fair settlement for you, as the case may be, so that you get fair compensation for your injuries, pain and suffering. Speak with your attorney about settlement funding, and lessen the financial worries while waiting on settlement.