Getting injured can hurt your health and finances tremendously. You may be unable to work, meaning loss of income. Medical costs may melt down your savings, leaving you with no money to cover your monthly expenses. You can get medical financing through a lawsuit loan.
An Overview of a Lawsuit Loan
If you are hurt due to someone’s lack of due diligence, you should receive compensation for the damage you suffer. Getting compensation can be difficult since the insurance companies are always looking for ways to deny accident plaintiffs their rightful compensation. Filing a claim can be the only way to get a fair settlement, but the legal process can be expensive and lengthy.
Before getting your settlement, you may suffer financially since medical bills and expenses may quickly pile up. You can take a lawsuit loan against your lawsuit proceeds to cover your medical costs and current expenses. Legal funding companies enable you to have your financial settlement now through various options such as pre-settlement funding and lawsuit loans.
How a Lawsuit Loan Works
In lawsuit finance, your lender agrees to give you a share of your expected settlement now. You agree to repay the amount given plus interest once you receive your compensation. What if you don’t win the case and get no compensation?
Different legal funding companies handle this differently. Some companies may forgo the amount, and others may demand that you pay the sum and the interest. Check with your lenders for specifics before borrowing.
What Kind of Personal Injuries Qualify for Medical Financing Through Lawsuit Loans?
In law, the term personal injury refers to litigation coming from:
• Car crashes
• Defective products
• Slip and fall injuries
• Medical malpractices
• Workplace accidents
• Animal bites etc.
If you qualify for a lawsuit loan, you can get it irrespective of the personal injury claim you have filed. You only need a case with good value that is likely to favor you.
Benefits of a Lawsuit Loan
You Get Money Now
If you are seriously injured, you need good medical attention to recover. You may get admitted into the hospital and have ongoing needs like prescriptions, physical therapy, and doctor’s visits. You can get medical financing to help you pay for all your medical expenses as you wait for settlement.
Your wages may reduce because you cannot work as before. A lawsuit loan can help you boost your income to be able to meet your expenses.
You Can Get a Good Settlement
When in a financial crisis, you can take any amount the insurance offers out of desperation. When you get money from a lawsuit loan, you can have some money to spend as you wait for your lawyer to negotiate a better settlement.
Your Credit Score Doesn’t Have to Be Good
You can receive a lawsuit loan with an average or low credit score. Some lenders don’t even evaluate your credit score. This is unlike other lending institutions or banks that consider your credit history a key piece of information to consider before giving you a loan.
You Can Get a Hassle-Free Loan
Getting a bank loan will require you to do lengthy and tedious paperwork. You will also need to wait for credit checks and income verification and maybe pay upfront costs. Lawsuit loans depend on the substance of your case. You don’t have to do any further self-proving.
You Don’t Need to Worry
You need to relax and concentrate on healing after you are injured. A lawsuit loan makes this possible by giving you money to settle your bills and medical expenses.
How Do You Choose a Lawsuit Loan Company?
Check Online Reviews
Read reviews to see what past clients say about specific lenders. Don’t dismiss lenders based on a few negative reviews only, as anyone can get negative reviews at some point.
Level of Service
Consider if the lenders are willing to work closely with you and your injury lawyer. The lenders should communicate well and reply to phones and emails on time.
Easily Approachable
The medical financing lenders should be willing to answer any question you might have. You should be comfortable and happy working with them. Make sure there are clear terms in the agreement between you and the lenders.
