If you’ve sustained a personal injury, you may wonder if you can get an advance on your settlement check. Medical bills and other expenses can strain your budget, especially when rent, utilities, and other bills keep piling on. On top of that, many personal injury victims are unable to work and have little or no income to draw from. Fortunately, there are options if you find yourself in this situation. Victims can receive financial support after an accident through pre-settlement funding, which provides an advance on their settlement check. Keep reading to discover how to get money while waiting for your settlement.
Why You Need Money Now
Personal injury victims often suddenly find themselves with extra expenses. These may include ambulance and emergency department fees and the cost of ongoing medical treatment, physical therapy, and modifications to your home if you become disabled. Physical and mental pain and suffering can exact a toll that drains your finances. If a loved one lost their life in the accident, you’ll have to pay for burial costs as well.
How To Obtain Money While Waiting for a Settlement
You can obtain money in various ways while waiting for a settlement, including asking a friend, using an organization, or contacting your health insurance. If these methods aren’t successful, you can also apply for a settlement advance.
Ask Someone For Help
Try talking to a family member, friend, neighbor, or colleague. You never know who may be able and willing to assist you financially. However, there’s always a chance they may not offer help, whether due to their financial obligations or your questionable loan history with them. In such instances, a pending settlement or proof your case is going to court can convince them you’ll pay them back.
Use Your Health Insurance
If you’ve been paying health insurance premiums on time, your insurer’s policy could cover all or most medical care costs, which can certainly help when you’re tight on cash. Check the documentation for your policy if you’re unsure what’s covered, or call your health insurance agent to see if your policy covers injuries like the ones you sustained in an accident.
Seek Funds From A Charity
Numerous charitable organizations help people in need, including personal injury victims. Hospitals and medical practitioners can connect you to such charities. You can also find them online by searching for those that provide funding to personal injury patients.
Check Out Settlement Loans
Some lenders specialize in providing loans against pending settlements. You must have an ongoing lawsuit or settlement case in court. However, loans come with high interest rates and other fees, so be sure to know all the terms before accepting this kind of support. Plus, you’re usually required to pay the loan right away regardless of whether your case wins, unless the creditor agrees to waive your obligations should you lose the case or don’t receive payment.
Apply for Pre-Settlement Funding
Settlement or litigation funding is a cash advance that does not require collateral or credit. But rather than financing litigation directly, it provides the cash you need for everyday expenses. It essentially borrows the proceeds from a future settlement and is backed by your legal claim.
If you’re involved in one of the following cases, you’re likely eligible for pre-settlement funding:
- Automobile accidents
- Assault and battery
- Wrongful death
- Medical malpractice
- Sexual harassment
- Property damage
Qualifying for funding is relatively simple and comes with basic requirements. When you apply, the lending company will assess the strength of your case, the likely outcome, and the estimated settlement.
When your case settles, you’ll repay a previously determined amount. Most companies offer a 10% settlement advance of your estimated compensation. When searching for pre-settlement loan, look for funding companies that require no upfront payments, offer term-based paybacks, and don’t require repayment if you don’t win.
Contact Fund Capital America
If an ongoing lawsuit is bleeding your pockets dry in Los Angeles, contact our team at Capital America to get settlement money now. If we approve your request, you’ll pay nothing out of pocket for pre-settlement funding. Approvals can happen as soon as the same day, and our application process is simple. Just provide us with some basic details, and we’ll speak with your attorney about your case, and then make you an offer. A personal injury settlement can take some time, but we’ll ensure you have much-needed cash in the interim.
To learn more about our programs and the cases we fund in California, continue browsing or call 855-870-2274 for assistance. You can also apply online today.
Frequently Asked Questions
Are there any risks involved in getting money before my settlement is finalized?
Receiving cash for a settlement before its finalization involves some risks. Many pre-settlement funding options come with high interest rates that can make a big impact on the amount of money you receive if your case takes an extended amount of time to settle. In addition, if you receive a smaller settlement than expected, you may have less left over after paying back your loan.
What happens if I lose my case? Do I still have to repay the pre-settlement funding?
Most companies will not make you repay the pre-settlement funding if you lose your case. At Fund Capital America, we offer non-recourse loans, meaning we will not seek repayment if you don’t receive a settlement. Our team evaluates the strength of your case before providing funding and assumes the risk based on its strength.
Can I receive pre-settlement funding for a class action lawsuit?
Yes, you can receive pre-settlement funding for a class action lawsuit. Most companies will offer financing of up to 20% of the anticipated settlement as a lawsuit advance. Contact us today to learn more about how you can receive pre-settlement funding in California for your class action lawsuit!
