Each year, Americans make a staggering 39.5 million visits to physicians as a result of unintentional injuries. These injuries are also responsible for 29.4 million ER visits and almost 170,000 deaths per year.
A personal injury can significantly affect your quality of life. Many personal injury victims suffer long-term physical, emotional, and financial problems as a result.
If you’ve suffered a personal injury due to someone else’s fault, you can decide to file a personal injury claim. But it may take a long time before you receive your settlement.
Thankfully, there are lawsuit loans designed to help personal injury victims meet their financial needs while waiting to receive compensation for their injuries. A lawsuit loan is beneficial if you have lost your ability to earn income as a result of your injury.
In today’s post, we highlight the benefits of loans for lawsuits.
What Are Lawsuit Loans?
A lawsuit loan refers to a cash advance against a potential settlement award or lawsuit judgment. A plaintiff takes a lawsuit loan when they’re in the middle of a lawsuit but have no regular income. They can then use this money to fund their current living and medical expenses.
When you take a settlement loan, the lender buys your rights to your entire settlement award. That means once the offending party pays the settlement, the negotiated amount goes directly to the lender after attorney fees and litigation expenses are covered.
There are many reasons plaintiffs opt for settlement loans. Here are six of them.
1. You Receive Money Quickly
Your bills don’t stop pouring in after your personal injury. In fact, they increase, given that you now have to get treatment for your injury. Chances are you’ll need to make an ER visit, stay in the hospital, go through physical therapy, get prescriptions, and so on.
Given that your capacity to work has reduced or been taken away completely, the financial strain can be substantial. A loan on a lawsuit can help provide instant relief as you wait until your settlement is granted.
2. You Don’t Owe Money If You Lose
Arguably the biggest advantage of taking a loan for settlement is that your lender won’t come after you to repay the loan in case you don’t win the case. If you opt for other loan types, you’ll eventually have to pay the loan plus interest.
Besides, you don’t have to worry about making any monthly payments as you wait for your personal injury claim to settle. Instead, all funds are paid by the proceeds you get as settlement. If you lose, you still get to keep the cash advance you received and owe the lender nothing.
3. You’re Empowered to Negotiate a Better Settlement
Insurance companies tend to take advantage of plaintiffs’ need for cash to offer low settlements. When you’re desperate for money, the temptation to settle quickly can be overwhelming.
A lawsuit loan helps alleviate the financial pressure you have to settle for a low-ball amount. You have the time to negotiate a better settlement or go caught and battle for what you’re rightfully entitled to.
4. Your Credit Score Doesn’t Matter
A lawsuit loan is an easy pre-settlement cash advance that doesn’t require a credit check. Your lender won’t be concerned with your credit score. That’s because the pre-settlement advance you receive is based solely on the facts of your case.
Lenders don’t need to verify your income. You don’t need to worry about paying upfront fees or out-of-pocket expenses. It’s one of the most hassle-free ways to get money out there.
5. The Application Process Is Straightforward
If you’ve ever applied for a conventional loan before, you know the amount of paperwork involved and the requirements you need to meet. With a lawsuit loan, you only need to meet two requirements. As long as you have an ongoing personal injury lawsuit and have a personal injury lawyer representing you, you can apply for the loan.
The application process is straightforward. Usually, you’ll only need to submit your contact details and those of your attorney. Once you’re approved, you can receive funds in your account within 24 hours.
6. You Get to Qualify for Medical Treatment
Personal injury claimants may require extensive and costly medical care. That care could consist of MRI studies, surgical intervention, and physical therapy and rehabilitation. You may also require psychiatric treatment as a result of the trauma you experienced.
If you don’t have sufficient medical coverage or insurance, qualifying for the treatment you need can be a huge challenge. However, with a lawsuit loan, you can access the quality treatment you need to get your life back on track.
Choosing a Lawsuit Loan Company
Now that you’ve seen some of the ways a lawsuit loan can benefit you, you may be interested in applying for one. Working with the right lawsuit loan company is essential.
But with so many lawsuit loan providers around, how can you be sure you’ve chosen the best fit for you? The trick is to do ample research before making a decision.
Ask friends and family members who’ve been in a similar situation as you are to recommend lenders they’ve worked with. Online reviews can also give you insights into what to expect from a potential lender. Your attorney may also be able to recommend a suitable lender you can work with.
Ideally, you want to work with a reputable lender who maintains open communication and offers clear terms.
A Lawsuit Loan Can Offer You the Lifeline You Need
Personal injury cases can drag on for a long time. During this time, it’s easy to become financially drained. Lawsuit loans are meant to help you stay on your feet pending your settlement.
Are you in need of fast, hassle-free lawsuit funding? Please contact us today to get started.