You got a great personal injury lawsuit. But the waiting period is getting lengthy, the other party is dragging their feet, and you are running out of money. Now what?
The good news is that financial assistance programs, including pre-settlement loans, are available if you need money while waiting for a settlement or an award.
Personal injury lawsuits can be an unfortunate fact of life for many victims in the United States. Naturally, injured people want to recover as fast as possible and get the maximum amount from their settlement without worrying about how on earth they will pay off their medical bills and daily expenses.
However, it is a known fact that plaintiffs often get frustrated because they cannot resolve their case fast enough due to the nature of protracted lawsuits and settlement delays, ultimately suffering the actions of a negligent party without any financial support.
If you’re having trouble tackling your cost of living while waiting for your personal injury case to resolve, know that you’re not alone. There are financial programs and loans that you may be able to get during the pendency of your litigation.
Here are seven ways that may help you get money while you wait for your settlement or verdict to conclude:
- Free money from the government
- Charity agencies
- Your insurance
- Family and friends
- Unclaimed money
- Part-time jobs
- Settlement loans
1. Free money from the government
If you’re looking to pay for food, housing, utility bills, and other urgent necessities that you can’t pay out of pocket, you may be eligible for financial assistance from the government. However, you might want to consider looking into what programs are designed specifically for your circumstance.
2. Charity agencies
If you are facing a mounting of bills, you may want to consider reaching out to your local community charity that provides struggling families with short-term assistance to pay bills until you can get back on your feet during the period your case is being negotiated.
This can be a good option if you can no longer afford to pay rent and utilities.
3. Your insurance
If you are having trouble paying your medical bills, consider contacting the hospital (or clinic) billing department to see if you can get your account deducted. Most clinics and hospitals have a financial department because they understand that personal injury victims are cash-strapped, and they could help you qualify for lower payments.
If you try negotiating the medical payment with your health insurance, they may even be able to pay off the medical debt that comes from your injuries if your policy allows it.
4. Family and friends
Consider asking for financial help from family members and close friends. Although this cost-alternative option could be uncomfortable, it’s still a great option that can keep you sustained during your lawsuit and hopefully until your case finally settles.
5. Unclaimed money
Unclaimed money is money that is turned over to the state government when they can’t locate the owner. Essentially, this is money that is owed to you, from an uncashed check to insurance benefits.
6. Part-time jobs
You can even make some money while waiting for your settlement by getting a part-time job. Although this option might not pay much, every dollar helps when it comes to covering your expenses. It could be worth looking to provide freelance services or looking for jobs like babysitting and dog walking.
7. Settlement loans
If you’ve exhausted all your financial options, you can look into getting a loan against your pending settlement or lawsuit proceeds. This could be a great option since you don’t have to repay what you borrow unless you attain a personal injury settlement or award for your case. You also don’t have to make obligatory monthly payments or have a good credit score or a job to qualify for pre-settlement funding as long as you live in a fundable state, have a cooperative attorney, and have a strong case worth over $50,000.
Pre-settlement funding is a great risk-free option for personal injury victims with financial troubles, as it helps fill any leftover financial gaps in the time they wait on the anticipated settlement or an award to pay out.
How do I get money from a pending settlement?
To borrow money from a pending settlement (or award), simply apply with a legitimate legal funding company that offers reasonable terms and interest rates that don’t exceed 3.4% non-compounding monthly.
Your lawyer’s consent is one of the most critical factors in getting considered to borrow a portion of your settlement (or future compensation package); thus, they must be available to verify your claim merits before funding is approved. You might want to consider authorizing your attorney to cooperate and send all the required case documentation when the lender contacts them.
The process typically takes 24 hours from when your attorney provides your file until the moment you get your loan funded.
The takeaway
When facing financial hardships during an accident lawsuit, consider a method that best fits your circumstances and stay positive, knowing that your expected compensation will pay with time and effort.
There are many ways to get the cash you need before your settlement payment or lawsuit award arrives, including government help, charity agencies, family/friends, and pre-settlement funding. Understanding your options will help you make the best financial decision for yourself.
If you’re ready for a lender that offers low interest and no risk, take a look at what Baker Street Legal Funding offers. When you fund your legal case with Baker Street Funding, you’ll enjoy rates from 2.95% up to 3.4% monthly, non-compounding. Plus, we offer a three-year capped rate to make legal funding that much better and same-day funding, in most cases, on the day of approval.
You can use the cash advance to pay medical bills, day-to-day living expenses, and other general costs in the time your attorney works to maximize the value of your personal injury case.
Before you entirely give up on your case, find out how Baker Street Funding can help you get money from your settlement now. Borrow money from your lawsuit to cover your current expenses instead of settling your case for less than its actual value.
