Approval for a personal injury lawsuit loan isn’t dependent on your employment status or income. Many personal injury plaintiffs are out of work. They rely on a cash advance to get by until their attorney reaches a settlement with the defense or an insurance company.
A lawsuit loan is an effective way to access funds when money is tight, and is a sound alternative to using credit or borrowing cash from friends or relatives. Even if you didn’t have a job before your injury, you can still qualify for a pre-settlement loan. However, many people struggle to get by regardless of employment or earnings. About 61% of Americans live paycheck to paycheck, according to a LendingClub report released in February 2023.1
You Can Qualify for a Personal Injury Lawsuit Loan Whether You Have a Job or Not
Banks and credit lenders have strict requirements for borrowing money. The application process for a traditional loan may include a deep look at your employment history, current income, and credit report. But a lawsuit funding company won’t ask you for proof of employment or ask questions about your finances. They’re mainly interested in the facts of your case and the attorney representing you.
Whether you have a job or not won’t affect:
- Getting Approved for a Lawsuit Loan: To qualify, you need to show you were injured due to someone else’s negligence, have hired an attorney, and they approve of you receiving funding. The lender will also look at the expectations of receiving a cash settlement at the end of the lawsuit. Experienced lawsuit loan companies have expertise in everything from car accidents to slip and fall injury cases, so they can determine a case’s merit based on the facts your attorney provides.
- How Much the Funding Company Offers: Your job status has no impact on the factors a personal injury lawsuit loan company looks at. These include the severity of your injuries, expectations of a full recovery, pain and suffering, current and future medical costs, and how the accident happened. The more severe your injuries and the longer the recovery and expected impact of the incident, the more funding you can receive. The lender will provide you with a written offer; you can accept as little or as much of it as you need.
- Whether You’re Required to Repay: We don’t expect you to pay anything out of pocket. There are no upfront fees. We’re paid back in a lump sum out of the settlement amount when you receive it, plus interest and fees. You don’t have to budget for monthly payments and your lawyer handles the entire process. They’ll send us a check for the amount we’re owed. Once your loan, medical lien, and (if applicable) back taxes or child support are paid, you’ll receive the remainder of your settlement. There’s no pressure to land a job before you’re fully healed.
What Happens If I Lose My Case?
As meritorious as they seem, some legal cases lose. We carefully evaluate each case to determine its chances of winning. Most do, but we know we’re taking a risk every time we approve an application. Defendants can withdraw their settlement offers or a jury verdict can go against you. But a loss won’t cause further financial strain; you won’t have to pay us back. Your settlement is the collateral, so we can’t collect if you don’t receive one or the case settles for less than you owe.
Apply for a Personal Injury Lawsuit Loan Today
If you’ve been injured in an accident that wasn’t your fault, we can approve you for a non-recourse cash advance, even if you don’t have a job. At Fund Capital America, we fund all types of personal injury claims to cover your medical care and living expenses. Each application is evaluated on an individual basis. Approval depends on the facts of the case and its chances of winning, not your employment or income. To get started, apply for a personal injury lawsuit loan online or call 855-870-2274.