To say that COVID-19 has disrupted the normal course of our lives is a massive understatement. If you have a personal injury lawsuit, you may have been out of work already. It may have been due to a slip or fall, botched surgery, or construction accident. Even if you were still able to work, coronavirus quarantines may have forced your employer to close its doors. In any case, you’re no longer receiving a regular income, and money might be tight now. You know you have a financial windfall coming once your lawsuit makes it to the inside of a courtroom. The problem? You have no idea when that will be. If you’re looking for financial support during the coronavirus pandemic, read on.
While there’s been a major downturn in the number of personal injury claims filed, your case still isn’t slated to be heard. You thought you were prepared to wait out the many months for your case to settle. But then, coronavirus caused the whole world to hit the pause button. Now, your personal injury lawsuit is taking even longer to resolve because of court delays or closures.
Make no mistake, insurance companies are taking full advantage of the lull.
The legal process can be lengthy and expensive, and you could never anticipate the financial strain as you await settlement. On top of regular living expenses, there are legal fees and possibly medical bills to pay. You could be unemployed due to injury, wrongful termination, or now, coronavirus closures. Simply put, there’s no salary coming in and no way to keep up with your financial obligations.
Insurance companies know this. Their strategy has always been to drag cases out in the hopes that plaintiffs will settle for a lowball amount out of desperation. With bills to pay and expenses piling up, you may feel compelled to take a paltry settlement just to make due. If you’re struggling to survive until your lawsuit makes it to trial, it’s time to consider personal injury funding. If this sounds like you, then perhaps it is time to look into getting a lawsuit loan.
What Is Personal Injury Funding?
Personal injury funding—also known as simply legal funding or pre-settlement funding —is a cash advance against a pending lawsuit based on the monetary compensation one can expect to receive at the end of a trial. Sometimes, personal injury legal funding is referred to as a personal injury lawsuit loan, though that terminology is innacurate. A “personal injury loan” isn’t necessarily a “loan” at all. Unlike a loan, pre-settlement funding is non-recourse. Hence, if you lose your lawsuit, you don’t need to repay the money. It’s a no-risk proposition for the consumer.
Personal injury funding is a great way to receive money prior to the resolution of your case. It can be a helpful option for any plaintiffs dealing with financial strain while the case moves to trial. Borrowing against your settlement can help you stay afloat financially and empower you to hold out until the end of your trial. That way, your lawyer can get you the best possible settlement amount.
How Do I Go About Getting a Personal Injury Settlement?
Step 1: Speak to Your Lawyer
You will need your lawyer’s cooperation in order to proceed with personal injury funding. It’s important that you do your research to make sure you are fully aware of the terms and conditions of your potential funding arrangement. Your lawyer will help you to understand the ins and outs. If you’re wondering: Can my lawyer deny me from getting a pre-settlement loan? The answer is yes and no. Yes, only because you’ll need your attorney to supply the paperwork regarding your case. However, any decisions are yours when it comes to your lawsuit.
Step 2: Choose a Funding Company
There are many funding companies out there. You want to make sure you’re dealing with a reputable one that will get you the best deal. Your lawyer may suggest a good funding company, but you can also do some independent research. Most legal funding companies focus on auto accident loans and personal injury loans, so there are several possible funders. Most importantly, make sure your funding company is a direct lender and not a middleman for an overpriced broker.
Step 3: Fill Out An Application
After you’ve spoken to your lawyer and chosen a funding company, you’ll want to start by filling out an application. The application should be brief, and more importantly, free. There should absolutely not be any upfront fees. After your lawyer submits the necessary paperwork, the funding company will research to see if your case has merit. If their findings are fruitful, you will be approved for legal funding and your money can be obtained within days.
Call Legal Bay to Get Your Personal Injury Settlement In Days
Waiting for a personal injury settlement is stressful and time-consuming, but tack on further court delays due to a worldwide coronavirus pandemic, and your patience is probably at its breaking point. Since knowing the exact date your court case will settle is an impossibility, legal funding can be a great way to get the money you have coming to you without having to wait, normally within 24 – 48 hours.
Legal-Bay will be happy to discuss some financial options. If you’d like to reach out, we have an entire team of very skilled, very dedicated employees who will be able to offer all the details and answer any questions you may have. We offer legal funding for all different types of cases. The loans are non-recourse, so you really have nothing to lose. Your personal injury funding loan is only paid back once your case settles, so there is little to no risk involved.
If you’d like to know more, you can visit our FAQ page, and feel free to contact us for more information on how you can obtain a non-recourse cash advance on your pending personal injury lawsuit.
