Summary:
- A lawsuit settlement loan can give a personal injury victim a cash influx to pay for medical bills and daily costs
- Anyone who suffers a personal injury accident, such as a truck, motorcycle, or car accident, can apply for a lawsuit settlement loan
- Personal injury victims can apply for a loan and pay back the money once they receive a settlement from the at-fault party
- Lawsuit settlement loans can have high interest rates
Personal injury accidents, such as car, truck, and slip and fall accidents, can lead to someone experiencing significant damages. These can include economic damages like medical bills, lost wages, and property damages. Victims of personal injury accidents can file for lawsuit settlement loans to help pay for costs incurred while waiting for a personal injury settlement.
It can take months or years to receive a settlement or court award for personal injury damages. People can burn through their savings while paying for medical and daily expenses. A lawsuit settlement loan can give people a cash influx that can help pay for the costs of their damages, which they can pay back after receiving a settlement.
What is a Lawsuit Settlement Loan?
People can suffer personal injury accidents due to the negligence of another party. They can file personal injury claims to hold them accountable for their reckless behavior and seek compensation for economic and non-economic damages. However, a personal injury lawsuit can take a long time, and victims can incur significant financial costs.
Filing for a lawsuit settlement loan can help alleviate the stress of bills associated with your personal injury accident. A lawsuit settlement loan can provide cash to a personal injury accident that can help them financially while they await a personal injury settlement or award. Once they receive compensation from the liable party, they can repay the loan.
Lawsuit Settlement Loans Can Help Pay for Economic Bills
Part of the reason someone would file for a lawsuit settlement loan is to help with the economic damages caused by a personal injury accident. Victims of personal injury accidents can suffer severe injuries, such as spinal, facial, and back and neck injuries. These injuries can require medical treatment, leading to them needing to pay medical bills.
This can prove difficult if someone takes time off work to recover from their injuries and experiences lost wages. The quick cash influx provided by a lawsuit settlement loan can help pay for economic costs associated with their injuries and allow them to pay for daily costs they cannot afford without steady wages.
What Personal Injury Cases Qualify for Lawsuit Settlement Loans?
Anyone who suffers a personal injury accident can file for a lawsuit settlement loan. Personal injury accidents can include motor vehicles, poor medical care, and dangerous products. Victims can use lawsuit settlement loans to pay for their expenses, including medical bills, mortgage payments, and food costs, while waiting for a settlement from the liable party.
The following are some personal injury accidents someone who files for a lawsuit settlement loan can suffer:
- Car accident
- Bus accident
- Truck accident
- Bicycle accident
- Motorcycle accident
- Boat accident
- Pedestrian accident
- Slip and fall accident
- Dangerous product accidents
- Medical malpractice
- Nursing home abuse
What is the Process for Filing for a Lawsuit Settlement Loan?
The process for receiving a lawsuit settlement loan can be quick and easy. First, you should contact a local lawsuit settlement loan provider to apply for the loan. They will review the details of your personal injury lawsuit during a risk assessment to determine the value of the loan.
How much you receive for a lawsuit settlement loan depends on what their assessment estimates the value of your settlement to be. Once approved, you can receive funds that can equal a percentage of the estimated value of your eventual settlement. After you receive your settlement from the at-fault party, you can pay back the money to the loan provider.
Contact The Russo Firm for Help With Your Personal Injury Claim
At The Russo Firm, our personal injury lawyers have significant experience helping victims recover compensation for medical bills, property damage, and pain and suffering. They can use their court and settlement negotiation experience to put you in the best position to recover compensation for damages through a settlement.
We understand the pressure caused by an unexpected personal injury accident and wish to help relieve stress by assisting with your financial recovery. Contact us for a free personal injury consultation today at (561) 270-0913 or leave a message on our online contact page.
Frequently Asked Questions About Lawsuit Settlement Loan
How Do Lawsuit Settlement Loans and Funding Agreements Differ?
Another way to receive cash before earning a settlement from a personal injury lawsuit is advance funding. This funding provides upfront cash structured as an advance on a future settlement. Insurance companies can deny, delay, or devalue settlements, making this option appealing to personal injury victims.
The difference between a lawsuit settlement loan and a fund agreement is how the loan provider receives compensation. With a settlement loan, the provider gives money that the personal injury victim will repay once they receive their settlement. With advance funding, the loan company agrees to receive a percentage of the personal injury settlement.
Do Lawsuit Settlement Loans Have High Interest Rates?
One thing personal injury victims must consider before applying for a lawsuit settlement loan is the interest rates applied to the loan. These loans can increase in value by a certain percentage for the amount of time it takes to pay them back. That means once you receive your settlement, you must repay the original value plus whatever interest occurs on the loan.
Before accepting a loan, you must speak to your loan provider about what interest rates apply. Interest rates for lawsuit settlement loans can range from 27 to 60% per year the loan is outstanding.
Should You Consult With a Personal Injury Lawyer Before Receiving a Lawsuit Settlement Loan?
Before accepting a lawsuit settlement loan, you should consult with a personal injury lawyer. They can help determine the value of your case and help decide whether you will receive enough compensation from a personal injury settlement to make the loan worth it.
They can also help with the process of recovering compensation from a settlement. They can use their experience and expertise to calculate damages, determine liability, collect evidence, and negotiate a fair settlement.
