What Are the Benefits of Applying for Pre-settlement Funding?February 2, 2022
About 95% of lawsuits are settled before they ever go to trial. If you currently have an outstanding lawsuit claim, the process can seem daunting. You wait for months on end while your lawyer goes back and forth with the insurance company and the defendant’s attorneys.
Meanwhile, you stress about being able to feed your family, keep the lights on, and prevent your car from getting repossessed. There’s an answer to your struggles called pre-settlement funding.
Find out the benefits you could enjoy when you take out a lawsuit loan.
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Struggling to pay your debts while also paying for living expenses is stressful. You don’t need this additional stress on top of going through a lawsuit for injuries suffered. Emergency funds can provide you with the cash flow you need to reduce your money stress.
A pre-settlement loan is an influx of emergency cash that you can use for whatever your financial needs are. This reduces the amount of stress your experiencing and lets you focus on what’s truly important, your health and family.
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Stronger Negotiating Power
Insurance companies know that they have more financial resources; they try to use that to their advantage. The initial offer from the insurance company is low because they assume you are looking to resolve things quickly. When the initial offer gets declined, the insurance company switches tactics and delays the negotiation and case litigation process as long as possible.
With lawsuit funding, you put yourself in a better financial position. This gives you stronger negotiating power. When you can hold out, the insurance company is more likely to increase its settlement offer.
After an accident, people worry about how they will cover medical expenses in addition to their other financial responsibilities. Settlement funding can give you financial stability. Being able to fulfill your financial responsibilities ensures you don’t suffer greater harm.
Your settlement loan can help you continue payments to your car loan, student loan, mortgage, and credit cards. Keeping your payments current helps you maintain your credit score.
It can also help you pay for your living expenses. These are the simple day-to-day expenses like buying groceries or putting gas in your car.
Favorable Repayment Terms
Unlike other types of loans, you don’t have to repay your lawsuit loan right away. You’ll appreciate the settlement loan on lawsuit terms because you won’t have to worry about paying until you settle your lawsuit. While the interest rate is higher on lawsuit loans, many lenders will waive the repayment if you don’t win your case.
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Consider Pre-settlement Funding
If you’ve recently experienced an accident and are waiting for your lawsuit to settle or go to trial, then consider pre-settlement funding. The lender will evaluate your current financial need and your potential settlement value. You can then quickly secure your loan and start feeling the relief of financial assistance.
Check out our other articles on finance for more helpful money advice.
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