How To Get Money While Waiting For A Settlement

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How To Get Money While Waiting For A Settlement

Accidents are an unfortunate fact of life for many personal injury victims in the United States. You want to focus on your potential settlement and recovery without worrying about how on earth you will pay off your medical bills and daily expenses. However, this is not always the case when you are injured and out of work; consequently, you are the one suffering the actions of a negligent party without any financial help. Additionally, it is a known fact that plaintiffs often get frustrated because they cannot get money from settlements fast enough due to the nature of protracted lawsuits.

If you’re having trouble getting money during the pendency of your injury lawsuit, know that you’re not alone. And, if you are considering a settlement loan, there are financial programs you can try before you apply for one.

This post is not financial advice of any kind since everyone’s situation is unique, so it’s always a good idea to check in with your attorney before taking action on how to get money while you wait for your case to settle successfully.

Let’s dive into what financial methods are available to you while your legal case is ongoing.

Alternative options to getting money while you wait to get your settlement or award.

When money is tight during an accident lawsuit, consider a method that best fits your financial circumstances and stay positive, knowing that with time and effort, your expected compensation will pay. Here are some ways to get the money you need during the pendency of your legal battle:

Seek financial assistance from the government.

If you’re looking to pay for food, housing, utilities, 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 explicitly for your circumstance.

If you need immediate aid, consider contacting your state’s social services for help.

Some of the types of help you can get from the government are:

  • Welfare
  • Food stamps
  • Medicaid
  • Survivor’s benefit

Find a community charity agency.

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 financial help to pay bills until you can get back on your feet while your settlement is being negotiated. 

 This can be a good option if you can no longer afford to pay rent and utilities.

Negotiate with your hospital and health 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 medical 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 be able to pay off the medical debt that comes from your injuries if your policy allows it.

Ask family and friends for help.

Consider asking for financial assistance 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 injury lawsuit and hopefully until your case finally settles.

Borrow funds from a settlement loan company.

If you’ve exhausted all your financial options while awaiting to receive money from your settlement, consider getting a loan against your pending lawsuit from a top-rated legal funding company.

Pre-settlement funding is a type of non-recourse lending designed for personal injury victims going through financial troubles while waiting for a lawsuit settlement offer or trial to conclude successfully.

It’s worth noting that, even though they may sound alike, a lawsuit loan, a lawsuit cash advance, or pre-settlement funding do not work like bank loans. Similarly, banks do not provide pre-settlement loans.

Due to the non-recourse lending nature of pre-settlement legal funding, you don’t have to pay back what you borrowed unless you attain a 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.

Most lenders will qualify you for the loan if you live in a fundable state, have a cooperative attorney, and have a case worth over $50,000. Your lawyer’s consent is one of the most critical factors in obtaining a portion of your settlement money (or future compensation package); thus, they must be available to verify your claim merits before funding is approved.

To find out if you can receive a loan against your pending settlement or award, simply apply with a legitimate lender that offers reasonable terms and interest rates that don’t exceed 3.4% non-compounding monthly. The process typically takes 24 hours from when your attorney provides your file until the moment you get your money.

The takeover.

There are many ways to get money before your settlement payment or lawsuit award arrives, including government help, charity agencies, family and friends, and pre-settlement funding assistance. Understanding your options will help you make the best financial decision for yourself.

If you’re ready for a lender that offers low-interest pre-settlement loans and no risk, take a look at what Baker Street Legal Funding offers while you comfortably wait for your settlement to finalize or win the trial. 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 from your pending lawsuit to pay medical bills, day-to-day living expenses, and other general costs while your attorney works to maximize the value of your personal injury case

Before you entirely give up on your case, find out how a lawsuit loan can help you access settlement money now. Borrow money from your lawsuit to cover your current expenses instead of settling your case for less than its actual value.

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Select a legal funding service to get started. 

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