Reasons to Apply for Pre-settlement Funding
Whether you are involved in an accident at work, your slipped and feel or involved in an auto accident resulting in personal injuries, you must prepare for the long and tedious process of seeking compensation. Knowing that the wait for a claim can be long, pre-settlement funding is your best option of getting the money your family needs to survive and pay for other expenses like electricity or gas while waiting to be compensated. Choosing pre-settlement funding is the best financial solution if you are waiting to be compensated because of its many advantages. The top reasons to apply for pre-settlement funding are outlined below.
Your chances of qualifying for a bank loan are usually diminished if you have a bad credit score or if you are lucky, you will qualify for a small amount, however, pre-settlement funding application is not affected by your credit score provided you have a personal injury claim that you are likely to win. If you are unable to hire a lawyer or a good one to handle your case and increase your chances of winning, applying for pre-settlement funding can help with that; you will get the money you need to acquire the services of a good lawyer. If you are compensated from your lawsuit after several months or years, your lawsuit advance will be deducted from the settlement but you are not required to pay it back if you lose the case.
If you are in urgent need of money to pay for bills, medications, and other family expenses, you should opt for pre-settlement funding because it is fast; you can have the money in only a few days. Although there is a bit of paperwork involved in the application of pre-settlement funding, the larger portion of it is done digitally which can help you save a lot of time especially if you hate dealing with paperwork.
Since the costs associated with pre-settlement funding will be recovered when you win or settle your lawsuit, there is no risk of paying a huge debt down the line while you get the cash you need to care for your family now. You should apply for pre-settlement funding if you are out of work and there is no money coming in and you have bills to pay.
If you are out of work due to injuries you sustained during an accident, your alternative source of money will be your savings which will be depleted very fast, if that is the case, applying for pre-settlement funding can get you out of trouble. Another reason to apply for pre-settlement funding if you have a pending personal injury claim that you are likely to win is that the insurance company will not look after you. When you qualify for pre-settlement funding, you can use the cash as you please, which cannot be said about bank loans. Pre-settlement funding is associated with the amazing advantages discussed in this article.