Personal injury lawsuits take a long time to arrive at a settlement amount. Injured or hurt victims experience increasing medical bills and struggle to meet their needs if they cannot work because of the injury. Pre settlement funding helps to relieve the financial burden put on the plaintiff by paying for expenses before the case is settled. Here is how you can get pre-settlement funding for medical expenses.
How the Approval Process Works
Applying for pre-settlement funding is not a complicated process. The funding you get is connected to your future jury or settlement award. You will have to fill out a form and coordinate with your lawyer to know the amount of lawsuit advance you can get.
Pre-settlement funding is not like a standard loan, so you don’t need a job to get funding or provide tax documents. Your credit history also does not matter.
The amount of resettlement funding you will get will be determined by the complexity of your case. Variables that will affect the amount to qualify for include:
The severity of your injuries
- If you will recover completely from your injuries
- If you are the primary breadwinner
- Whether you lost a limb or became disfigured
- Property damage
- Medical expenses and lost wages (current and future)
Companies that offer lawsuit advances consider all these factors when comparing your case to other similar cases they have resolved. They use this information to predict the settlement you might get.
For more serious injuries, it’s predicted that you will eventually get a larger settlement award. And you will likely receive greater compulsory damages for greater financial losses.
What to Include in Your Application
Your finances do not determine pre-settlement legal funding as it functions as non-recourse debt, which means there is no risk on your side.
Here are things that you need to include in their application:
- Details about your case
- Name and contact details of your law firm or attorney
- The anticipated timeline for your settlement
- The expected jury award or settlement amount (based on your injuries or damages)
What to Do When Shopping for a Lawsuit Advance
When shopping for pre-settlement funding, getting things done as fast as possible is tempting. After all, you need the money to pay medical bills and meet ends.
Don’t be in a rush to avoid getting charged high-interest rates or getting less funding than you should. Follow the below strategies to get the best financing during this trying time.
Consult Your Attorney
Your personal injury lawyer will guide you on the necessary steps to take during your case. They should be your advocate if you are experiencing financial difficulties while waiting for a settlement.
A reputable attorney will provide you with a list of pre-settlement funding companies they have dealt with. A legitimate company will be transparent about the fees and interest rates.
Companies that provide lawsuit advance will not take advantage of your vulnerability during this stressful time. A lawyer who knows about these companies will recommend a fair and transparent company.
Consider How Long Your Case Will Take
Most car accident cases take months or years to settle, particularly if the case goes to court. Only a few get settled within a few weeks.
For instance, if a driver hits you from behind when you’re waiting at a red light, it’s clear that they are liable for any damages and injuries. The insurance company would settle such a case quickly.
But a medical malpractice case may take several years to settle. Before taking a lawsuit advance loan, review the interest rates and fees with your attorney.
Avoid companies with rising interest rates as it may take longer than necessary to settle the case. Prioritize one that charges a flat fee to save money.
Borrow What You Can Afford
Borrowing money is costly. Evaluate your monthly expenses to know the amount you need to cater for medical expenses within the time it may take to resolve the lawsuit. The goal is not to pay more than needed.
Look for the Best Pre Settlement Funding Company
The right pre settlement funding company will be your saving grace because you will get a reasonable amount after your settlement. Contact several potential pre settlement funding companies to test their level of professionalism.
Bring in your lawyer to help you narrow down your options. Focus on choosing a company that charges non-compounding, simple rates.