Any accident that occurs can bring about a sudden change in your life! Not just that. It can create havoc in your finances as well. Just in case you become injured and cannot work, your medical bills will start to pile up. You will also have other bills like your mortgage or rent. Most people in such cases file a personal injury lawsuit. But that ends up being futile as people get stuck in the legal process. And it is here that the concept of pre-settlement funding can help.
Simply put, pre-settlement funding is a smart solution to assist people in easing their financial burden as they await their trial or a legal process to get completed. To know more about this, you can get in touch with a pre-settlement funding company.
Some of the advantages of pre-settlement funding include:
- Your credit score doesn’t matter in the application process
Unlike a conventional loan, an individual’s credit history has no role to play whether they qualify for the funding or not. The lawsuit details are primarily based on the company’s decision to provide the fund and how much. And if an individual has a strong case, chances are they will be eligible for funding.
- You can get an expert lawyer
Most often, people who get involved in an accident usually refrain from pursuing legal action. They are skeptical about the time required to resolve the case and the cost they have to pay to hire a lawyer. The pre-settlement funding will enable you to get an expert personal injury attorney that enhances your scope to win the case and get an increased settlement amount.
- There is no need to pay the lawsuit in advance
A lawsuit advance isn’t a loan; hence there is no need for you to repay, even when you lose. The company gets payment from the settlement instead of the individual. So they charge the interest for this funding is more than a regular loan. Hence, it’s the risk that the company takes for advancing the cash.
- You will get your cash quickly
The loans will take much longer to get sanctioned and funded. That is not the case with pre-settlement funding. And in the majority of cases, the funding company will sanction the fund between 24 to 48 hours after your application through debit card or check.
- Low-interest rates
Today, there are funding companies that offer reduced rates. These companies want to provide their client with the required financial cushion that they require so that they can move ahead in their lives.
Pre-settlement funding can enable you to assist your family and pay the bills as you wait for your legal case to get resolved. If a conventional loan from family members or a bank is not proving to be a great option for you, you can opt-in for this option. Today, several funding companies are available online. You can get in touch with these companies and share your queries to receive better guidance and arrive at an informed decision.