Struggling to pay bills while waiting for your injury settlement? Wondering if there’s a way to ease financial stress? Personal injury lawsuit loans offer a financial lifeline to plaintiffs involved in the often long and stressful process of a personal injury case. This can be a lifesaver for those struggling with the financial strain of medical bills and lost wages.
Curious how personal injury lawsuit loans can totally change the game for you? Let’s break down how these loans can make your life a whole lot easier.
What is a Personal Injury Lawsuit Loan?
Personal injury lawsuit loans, often referred to as pre-settlement funding or litigation financing, are financial advances for individuals who are currently involved in personal injury lawsuits and are awaiting the final settlement or court verdict. This type of loan is non-recourse. This means if you do not win your lawsuit or secure a settlement, you are not required to repay the loan.
To obtain a lawsuit loan, start by applying with a reputable legal funding company, like Baker Street Funding. We review the specifics of your claim, including the nature of your injury, liability issues, and potential settlement amount. This detailed assessment helps determine the most suitable loan terms for your specific case.
The approval process is simple and doesn’t require credit checks or proof of employment. This means that even if your credit score isn’t perfect or your injury has kept you out of work, you still have access to the funds you need. If your case is deemed strong and eligible, our team will work quickly to disburse the funds, often within hours after the funding agreement is complete.
Most borrowers use the funds for medical bills, daily living expenses, rent or mortgage, utility bills, car repair, or lost wages, but you’re free to spend the money as you see fit. Once your case settles and you receive your settlement, your attorney will handle the repayment directly from that amount, plus any agreed-upon fees or interest rates.
15 Benefits of Personal Injury Pre-Settlement Funding
No Repayment if You Lose
Given that personal injury victims often struggle financially, obtaining a traditional loan and making monthly payments can be hard. This becomes even more difficult when an injury prevents you from working and limits your income. Pre-settlement funding offers a practical solution with non-recourse loans, meaning you only repay if you win your case. This way, you’re protected from financial risk if your case doesn’t settle in your favor.
No Credit Check Required
If you have less-than-ideal credit, there’s good news: many pre-settlement funding companies don’t conduct credit checks. These lenders are more interested in the merits of your injury case than your personal financial history.
Strengthening Legal Cases
Research indicates that financial hardship is a major factor for personal injury plaintiffs during litigation, often influencing their decision to settle early for less than they deserve. A pre-settlement loan can help you avoid the pressure to accept a lower settlement from the insurance company due to lack of funds. It allows you to be more involved in your case.
This financial cushion also gives your attorney more time to negotiate a fair settlement by gathering essential evidence, securing critical witness testimonies, and building a compelling personal injury case, which may lead to a larger settlement.
Quick Access to Cash
The personal injury funding process typically takes 24 to 48 hours, with funds disbursed soon after approval. This rapid access to cash can be extremely helpful in times of crisis, as it provides you with the necessary resources at the moment of greatest need.
Opportunity for Home Modifications
Injuries might require modifications to your home, such as installing ramps, railings, or other accessibility features. Pre-settlement funding lets you cover these costs, allowing you to live more comfortably and independently while you recover.
Allows for Specialized Medical Treatment
With financial worries set aside, you can invest in advanced technology or alternative medical treatments that might not be covered by insurance. This could include specialized rehabilitation devices that accelerate healing, such as red light therapy, holistic therapies, yoga or meditation classes, art or music therapy, or even consultations with top eastern medicine specialists.
Freedom to Relocate Temporarily
If your injury necessitates a move to a different climate for better health or to be closer to specialized medical facilities, pre-settlement funding can cover relocation expenses. This flexibility can greatly aid in your recovery process.
Enhances Transportation Options
The funding can be used to purchase or lease a reliable vehicle, or to cover the costs of transportation services. This is especially useful if your injury has affected your mobility, ensuring you can attend medical appointments and legal meetings without hassle.
Enhances Mental Health
Financial uncertainty often exacerbates the emotional toll of recovering from an injury. Studies have shown that chronic stress and anxiety can impair the body’s ability to heal and recover from injuries. A personal injury lawsuit loan can alleviate this ongoing distress, which aids in both your mental and physical recovery.
Improves Family Stability
Not only does pre-settlement funding help families stay afloat, but it also prevents them from falling into debt, eviction, moving to cheaper housing, or switching schools. This support allows parents to maintain a stable environment for their children and strengthen family relationships while coping with the challenges of a personal injury and its aftermath. Additionally, you can use the funds for high-quality childcare services or pay child support, so your kids receive the care they need.
Allows for Temporary Help at Home
Pre-settlement funding can be used to hire temporary help, such as a housekeeper, cook, or personal assistant. This can greatly reduce the burden of daily chores and allow you to focus on recovery. With financial support, you can afford healthier food options that contribute to your overall health and recovery.
Medical Lien Legal Funding
Medical lien funding is another crucial benefit. If you need surgery or other medical treatments, pre-settlement funding can cover these costs upfront, often at a reduced rate. This means you receive the necessary care without having to wait for your case to settle, and the funding company is reimbursed from your settlement once it comes through.
Ability to Pursue Higher Education or Vocational Training
Although not the most common use, some plaintiffs may enroll in educational or vocational training programs. This can be a strategic move when you’re unable to return to your previous job due to your injuries as it allows you to transition into a new career.
Enables Participation in Support Groups
With financial worries set aside, you can join alternative support groups specific to your injury or condition. These groups provide a valuable source of peer support, which can greatly contribute to your overall quality of life.
Emergency Readiness
Life is unpredictable. If an unforeseen financial emergency arises while you’re recovering, lawsuit loan funding can be invaluable. Whether it’s a home repair after a natural disaster or an unexpected medical issue, having the loan can provide a safety net that wouldn’t otherwise exist.
The Takeaway
Dealing with a personal injury case can be overwhelming, both emotionally and financially. But pre-settlement funding can ease this burden. Imagine having the financial freedom to focus on your recovery. With no repayment if you lose, no credit checks, and quick access to cash, these loans can offer you indispensable support right when you need it.
Not only does pre-settlement funding cover costs, but it also helps strengthen your legal case. This financial support allows your attorney to gather the necessary evidence and build a strong argument. It also helps manage daily expenses, medical bills, and supports specialized treatments or home modifications. By alleviating financial pressure, you can concentrate on healing and achieving the best possible outcome for your case.
Don’t wait until it’s too late. If you’re struggling financially during your personal injury lawsuit, reach out to Baker Street Funding at (888) 711-3599 and find out how we can provide the support you need today.
