Are you the victim in a legitimate personal injury case? Even though you are in the process of getting justice for what you’ve gone through so that you can have the financial resources to take care of yourself and your family as you recover, you’re probably struggling to pay bills and make ends meet right now. You may not be able to work anymore as a result of your injuries, and you may find that you can’t pay for everything you need to, including medical expenses that have cropped up as a result of the treatment you’ve needed and the expenses of everyday life.
Your settlement will take care of that, of course, once it comes through, but what you do before that day comes? Fortunately, there’s a type of funding called settlement loans that can help you make ends meet until your settlement or jury award is finalized.
How can these loans help you?
* They give you financial assistance until your settlement comes through
Settlement loans in effect lend you a given amount based upon your expected settlement or jury award amount. This loan is meant to tide you over until settlement is reached and the monies can be disbursed. Once you have received monies from your settlement, you pay back the litigation funding giving you through settlement loans, plus fees and interest. Usually, the amount of money you receive in the settlement loan is about 10% of your expected jury award or settlement.
* You don’t have to pay the money back if you don’t win your case
Companies that specialize in these settlement loans review your application carefully to determine if you’re eligible. If your case is very likely to settle in your favor, you’ll likely be approved for the loan. However, on the off chance you would don’t win your case, you don’t have to pay back the loan you’ve gotten from the settlement loan company. Instead, you simply walk away free and clear, and rebuild your life after injury.
* Things to keep in mind
With this type of litigation funding, your attorney has to sign off on your settlement loan application, in that he or she has to think it’s a good idea for you to apply for this loan. Your attorney will also have to be hired on contingency, which simply means he or she won’t be paid if you don’t win your case. These things provide reassurance to the lending company that your case is indeed valid.