According to the latest report from the Bureau of Justice Statistics, approximately 56% of all civil trials are awarded to the plaintiff. This is part of the reason why settlement funding is so common.
So what is settlement funding and do you qualify? Read on to learn more about how settlement funding works and if it is right for you.
What Is Settlement Funding?
If you are injured often time the only course of action to cover your medical expenses is to sue the company or individual that caused the accident.
While these cases often favor the injured, it can be a long time before you see any money from the case.
Settlement funding is an advance on the money you are expected to get at the end of the trial. It allows you to cover medical bills, living expenses, etc in the time between when the case is filed and the trial is offer and the settlement issued.
7 Benefits of Settlement Funding
Settlement funding is not right for everyone if you have questions about your case talk to your attorney. Here are some of the benefits of settlement funding.
1. Use the Money for Anything
You can use settlement funding for living expenses, medical expenses, or any other expense you incur. It is your money to spend how you would like.
2. Credit Score Is Not an Issue
Settlement funding is based on the size and potential success of your case. Your credit score or debt ratio is not a factor on whether or not you qualify.
3. It is Not A Loan
Settlement funding is not a loan; it is your money and does not have to be repaid. The company is taking a risk on what they expect you will get and giving you the money upfront. Pre-settlement funding can help you now.
4. The Money Arrives Quickly
If you are approved, you can expect to receive your funds within hours up to a few days after your application is approved.
5. It Reduces Settlement Pressure
The other side wants you to “need” the money. As a result, they will offer lower amounts in hopes that you will settle quickly. This relieves financial pressure and allows you to get the settlement you deserve.
6. Reduces Stress
Let’s face it, it is stressful to be in the middle of a lawsuit and to have financial challenges on top of that can be overwhelming. A settlement loan helps to eliminate some of those stresses.
7. Allows Your Attorney to Fight for You?
If you have been seriously injured and you can’t work, you can’t pay your bills. This can lead to eviction and other legal issues. Having the money you need will allow your attorney time to work on your injury case and not be forced to help with these other issues.
Bottom line, not all cases qualify for settlement funding but for those that do, this can be a great option. Talk with your attorney to understand if your case qualifies for settlement funding. They can help you determine the right course of action for you.
Do You Let Your Weird Light Shine?
People are strange or so the saying goes. Settlement funding can let you maintain your wild and wacky lifestyle while your case works its way through the court system.
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