If you were uninsured and got injured, Pre-Settlement Funding Can Help
An injured client is often in a tough financial situation. Any financial difficulties they had before will only be exacerbated now. One challenge attorneys often see is with medical insurance. Premiums have gone so high that many people choose not to be insured, instead relying on staying healthy and avoiding injuries that may require medical care.
There is never any guarantee a personal injury won’t take place. Car accidents, slip and fall cases, and equipment mishaps occur when they’re least expected. The injuries that result can require anything from minor medical treatments to surgery, hospitalization, and long-term rehabilitation. If a personal injury client does not have medical insurance, there are few financial options to carry them through. They may spend all their savings or even their retirement accounts, pull equity from their home mortgage, or pay with credit cards.
A client can therefore run into additional trouble by draining their bank account and racking up credit card debt.
How Lawsuit Funding Can Help
Whether a client has health insurance or not, pre-settlement funding makes all the financial choices mentioned above unnecessary. Pre-settlement funds can be used to pay for medical services. Any accident-related medical treatment can be paid with this cash, well before the case reaches a settlement. This completely avoids financial stress while recovering from an injury, which can pose enough hardship on its own. Clients can afford to pay doctors’ bills, which is important for continuing their treatment and acquiring medications and supplies.
Getting Approved for Legal Funding Is Simple
The application process can be completed online. Then it takes only about 24 hours to be approved. At FCA Legal Funding, which provides legal funding in Los Angeles, we get in touch with a lawyer as soon as the client submits their information. Once we review the case, our underwriter determines an amount to offer. There are no hidden fees and no middle man; plus, payback of the advance is dependent only on the length of time to settlement. Even better; if there is no recovery, the client doesn’t pay anything!
FCA Legal Funding offers even more options, including an accelerated settlement. We can pull funds from your future recovery using the reverse mortgage principle. Clients can therefore pay large medical bills without going into debt. Existing cash advances can be refinanced as well, extending the repayment term and lowering fees, while shifting the risk to our firm for attorneys who have self-funded their clients’ cases.
For clients who accept a settlement funding offer, non-recourse funding is repaid only when the case wins, using the proceeds of the monetary damages awarded to them. Nothing is paid out of pocket so pre-settlement funding, unlike a loan, will not add to their already strenuous financial burdens. Immediate funding means no delay in medical treatment and a chance to stay on solid ground in terms of their finances and health.