Personal injury loans are designed for those who have been injured because of the negligence of another person or party, and who need financial help so they can pay the bills while waiting for their lawsuit to resolve. For many people, “borrowing” money from family or friends is simply not an option. Is settlement funding something you should consider?
Are Personal Injury Loans on Lawsuits a Good Idea?
Personal injury lawsuits often continue for months or even longer before finally coming to an end. There is much that goes on before the trial ever begins, but in the meantime, the bills still have to be paid. Considering the medical bills and in some cases the inability to work, there may be a severe shortage of money to meet all of your financial obligations. What now?
Are personal injury loans for lawsuits actually loans?
Personal injury loans are actually not loans, but a cash advance against the proceeds you expect to win in your lawsuit. In essence, your settlement is the collateral; upon receiving your settlement, you repay the advance. What happens if for some reason you do not win? You do not repay the advance or any fees, interest, etc. as this is a non-recourse type of funding.
Are Personal Injury Loans a Worth It?
Personal injury loans are completely worth it if you are in need of money and can obtain more money from your personal injury lawsuit without settling early, only if you only take out what you need. If you take too large of an advance – it could cost you.
What is required to get a a personal injury lawsuit loan?
What is required to qualify for an advance? First, your lawyer must agree to provide the funding company with the details of your case. These details include the nature of your injury, how you were injured, medical reports, etc. What is NOT required is credit rating information, employment history, etc. As long is your claim is strong and not frivolous and the above conditions are met, chances are you’ll qualify. Another advantage of this type of funding is that you can get the money you need almost immediately, in most cases in 24 hours or less.
Many injury victims simply “settle” for whatever they are offered by the insurance company out of necessity, because they need to pay the bills. With personal injury loans, you can live normally and pay the bills while your lawyer continues to fight for the full damages you deserve. No risk, no upfront costs, no monthly payments – you simply repay the advance once you receive your settlement. In most cases, those who are eligible will get an advance of about 10% of their expected settlement.
If you’re interested in learning more about settlement funding or want to apply online, visit Addison PSF today, or speak with your attorney about the process.