When an injury or a permanent disability occur because of the negligence of others, personal injury claims provide the opportunity for the injured party to be compensated.
This can include compensation in the form of a settlement to cover legal costs, medical bills, loss of income, loss of property and for future costs that may be ongoing for a short or long period of time. In some cases, punitive damages, meant to punish the negligent party, may also be awarded through the courts.
However, this process can take months or years. In litigation, the case may even settle in your favor and then be appealed, further delaying payments. During this time, medical bills pile up, you may not be able to work and you still have all your living expenses to try somehow to manage.
A Pre Settlement Loan
There are special lending agencies that provide the option of a pre settlement loan. This is advanced funding based on the potential settlement of the case, but it is different in many ways from a traditional type of loan. It is also designed to be short term and ends when your case is decided by the courts.
With a pre-settlement funding option, you will not make repayments on the amount advanced, rather the company will receive payment when you receive the award. They will also take out the fees for the loan at that time, meaning you don’t have to worry about making payments now or in the future.
Top companies offering a pre settlement loan fund portion of the award after talking to your attorney. The transfer of the finances is handled through your attorney and can occur within days of the pre-settlement funding approval. Your credit score or past history of credit is not considered; rather approval is based on the merits of your case.
At Loan Query, we are able to assist you in finding the right pre settlement loan for your needs.
