Life is full of unexpected twists. We might plan for something, but fate might plan something different for us. Likewise, one fine day when you thought everything was going on fine, you might suddenly end up in an accident. Suddenly your world turns over, and you find yourself nursing painful wounds and struggling to pay extortionate hospital bills and meeting the everyday expenses of life. In such cases, the best option available is to file a lawsuit against the defaulter and wait for the compensation amount. But, the law takes its course of time. By the time you receive the payment, you might have been drowned in the pool of debt. In such situations, you could apply for an injury loan to get a loan from the final settlement amount you are supposed to receive, so that your present financial needs can be solved with it. You could try referring the www.lawdepot.com for getting to know the legal formalities involved in it.
What Is It
Pre-settlement money as the names itself denotes is the money you could get before the settlement of the injury claim case in the court. You are eligible to apply for it if you have already submitted the injury claim compensation case in the court. You receive a considerably good amount to pay your hospital bills and use the rest of the money for your day to day expenses. Before receiving the money, the financial company will conduct a deep study of your case and your chances of winning the case. If they are satisfied with the win possibilities, then you would receive the money within a matter of few days.
How It Benefits You
One of the major benefits of pre-settlement funding is that there is no need to pay the fees to finance companies to get the loan amount. You don’t have to pay any cost until you win the case and get the settlement amount. You could use the amount you had received for meeting any of your needs like paying hospital bills, buying food, medicines, paying monthly rent, etc. Since you are hospitalized and cannot go to work, you will need money for every daily financial need of the family. Thus, pre-settlement funding helps you get money for all your necessities.
Take care of the fact that usually, all insurance companies try to push you to go for an out of court settlement. They will offer to pay you a comparatively smaller amount than the settlement amount. You might often fall for it thinking about the present financial crunch and time span to get the case completed. Never do it. You might be missing out on a large sum of settlement money by doing that. Always consult your lawyer and discuss the details. If the chances are more in favor of you winning the case; then hold on! Take a pre-settlement funding for meeting the present financial problems and wait for the case to be settled in the court itself.Read More »