Are you wondering which types of claims offer settlement loans? Read this guide for an explanation of who qualifies for loans here!
Roughly 95% of lawsuits in the US end up with a pre-trial settlement, but it can take months (if not years) before the settlement is reached. That’s where settlement loans come in. Below, we will detail the types of claims that qualify for a loan so that you can get your money faster.
How Does a Settlement Loan Work?
The first step is to head to our website and fill out our online application. One of our sales representatives will then contact you. Our team will then contact your attorney and request relevant documents related to your case.
Once we evaluate and approve your case, we will contact you with a funding amount in 24 hours. It’s that simple.
Once you obtain your loan for settlement, you can do whatever you want with the money. You won’t be required to make any payments until your lawyer gets a fair settlement or wins the case at trial. Once that happens, we will be repaid from your settlement amount.
What Types of Claims Qualify?
Settlement loans are one of several creative funding solutions that can help you get access to cash when you need it. Many types of claims will qualify, including:
Medical Malpractice Claims
You trust your doctor and their staff to help you feel better, not worse. Unfortunately, a doctor can sometimes be negligent, leading to undue pain and suffering in their patients due to said negligence. When this happens, you may have a strong, valid legal claim to compensation through a medical malpractice claim.
Doctors and hospitals have access to high-priced legal teams that can get a case stuck in legal limbo for years. Depending on the type of injury, patients can be left unable to work or pay for their day-to-day living expenses.
We help put your mind at ease by getting you a quick financial loan based on your prospective settlement. You can then access that money to pay for additional medical procedures, pay your bills, or whatever else you need.
Pharmaceutical Drug Lawsuits
Legal-Bay has staff that are dedicated to helping victims who have been injured or sickened by bad pharmaceutical drugs. Pharmaceutical companies have very deep pockets and can easily fight claims for years on end. This can leave their victims in seemingly endless financial distress.
We help our clients get the assistance they need by providing funding solutions that can be used to pay for ongoing medical treatment, living expenses, and more.
Slip and Fall Claims
Anyone who owns property, whether that property is private, public, federal, has to maintain it in order to keep it safe. If you’re injured on someone else’s property, due to a known hazard or one that reasonably should have been known, you may have a claim against them.
Your employer is responsible for keeping your workplace safe, no matter where that workplace is. They’re also responsible for ensuring you receive proper training regarding any equipment you may be using while on the job. If you’re injured on the job, your employer (or sometimes a third party) could owe you compensation.
There are many types of discrimination that can warrant a lawsuit – especially work-related ones. If you are mistreated based on your age, gender, disability, or other protected status, you may be able to seek compensation for any related damages.
Animal bites are commonly associated with dogs, but they are not limited to canines. If you were bitten by someone else’s animal, you may experience a large amount of pain and suffering and require a lengthy road to recovery that can include significant medical procedures.
When you are injured in any type of motor vehicle accident, including motorcycles, cars, trucks, buses, or pedestrians, you may be eligible for compensation.
These are just a few of the many, many claims that can qualify for lawsuit funding. If you’d like to know more, here is our full list of cases we cover.
Why Get a Settlement Loan?
If you’re planning to file (or have already filed) a lawsuit, it may be several years before it’s finally resolved. Litigating a case is stressful, time-consuming, and costly. Many people waiting for their settlement have difficulty paying for ongoing medical care, living expenses, and often lose wages due to being unable to work.
A settlement loan can provide you with the funding solutions you need to pay your rent, mortgage, utility bills, groceries, vehicle payments, credit card bills, and more!
Are There Additional Benefits?
Getting a loan for settlement is more than just a quick way to obtain cash. There are numerous additional benefits that can have a serious impact on your life.
Lawsuit Funding is Nonrecourse
Arguably, the deciding factor in whether to get a loan or not is your ability to pay it back. Lawsuit funding works differently than other types of loans. We purchase a portion of your impending settlement or award. If there is no settlement, you owe us nothing.
It Takes the Pressure Off
Sometimes, a plaintiff in dire financial straits feels pressured to take the first settlement offered. Lawyers know this and will often try to low-ball the first offer. By alleviating your financial stress, you can afford to hold out for the settlement you deserve.
There Is No Interest
Pre-settlement funding isn’t a financial loan. With traditional loans, you’re expected to pay that loan back, with interest, over a specified period of time. You end up paying more than you borrowed, and if you fail to do so, you’re heavily penalized.
As mentioned, pre-settlement loans involve a purchase of your potential settlement. We will only receive the portion that we purchased. If your judgment is an amount greater than that, you receive the difference. Additionally, if there is no judgment, there is no repayment necessary.
Does Your Lawsuit Qualify?
There is a wide variety in the types of claims we can fund. The list includes, but is not limited to, medical malpractice lawsuits, pharmaceutical drug lawsuits, workplace injuries, animal bites, and more.
If you would like to know more about the types of claims we cover or would like to see if your claim qualifies, contact us today.