When you had been in a car accident or had a personal injury by falling or slipping at some store or your own workplace then you are allowed to file settlement lawsuits. The process of settlement can be time-consuming, and it may be exhausting because of so many things.
First off, you get plenty of medical bills and then the extra cost to live like that. It is no wonder that many people end up with debts. In those situations, so many people look for ways to get a loan to cover necessary expenses.
Well, you can get a loan before your lawsuit settlement money comes through but there’s a price for it. They are called a lawsuit loan or pre-settlement funding and even litigation financing sometimes. These settlement loans are not like your traditional loans. They are regarded as an advance that you take because your settlement is pending.
Who offers lawsuit funding?
Banks and your usual places like credit companies don’t offer loans on expected settlement. There are different companies that offer lawsuit funding.
Who is eligible for lawsuit settlement loans?
Lawsuit funding companies offer loans in the following cases.
• In case of personal injury that is caused through someone else’s fault
• Fall or slipping at a workplace
• Car accidents
• Injuries in the workplace
• Product malfunction
• Wrongful death/Medical malpractice
Here’s a look at how settlement loans work and some things to know before you apply for one.
What can settlement loans be used for?
If you are injured seriously and this injury has resulted in bed rest, then you can’t work. You have to take time to get well first and then come back for work. If that’s the case, then you won’t be able to earn, but the bills will still pile up. To pay off the bills, you will have some money, or else you will end up on the streets.
If you have been a victim of wrongful behavior and you are confident that you will get settlement money, then you can apply for settlement loans. Once you get the money, you can pay your rent, mortgage payments, medical bills, and many other expenditures. In short, you are allowed to use that money, however, you wish to.
What happens if someone loses the settlement case?
Usually, the funding companies do a deep dive in each case and only offer fund to those who have better chances of winning a settlement lawsuit.
But just in case you lose the settlement case, you may not have to return any money because the whole loan was based on your expected settlement money. Such companies consider these losses as part of their risky business. Some companies may ask for the remaining amount that was issued to you in case you lose the case. But it all depends on the company’s agreement.
Filing claims for settlements can be expensive because legal proceedings may require you to pay some money. If you want better resources to win, consult with Casemark Financial settlement loans. They can give you pointers on how you can process your case.
