Personal injury victims are generally entitled to compensation from the negligent party who caused their damage.
This can be in the form of economic damages which cover all financial losses, or non-economic damages for pain, suffering, and other losses that are not monetary.
If you are in this unfortunate situation, you may want to look into taking out a personal injury lawsuit loan on your case.
While you wait patiently for your settlement or litigation, the bills may be piling up. This is especially true if the injury has left you unable to work at full capacity.
What Is a Personal Injury Lawsuit Loan?
A personal injury lawsuit loan is an advancement on your settlement to help get you through to the completion of your case. Here are five reasons to consider a personal injury lawsuit loan.
Cover Medical Expenses
Aside from your normal day-to-day living expenses, you now have medical bills from your accident to contend with. These may become overwhelming and you may find yourself scrambling to do something about these bills before collection calls begin.
A personal injury lawsuit can help cover the costs you have already incurred as well as future treatment costs. According to The Commonwealth Fund, 79 million Americans struggle with medical debt. You don’t want to receive subpar medical attention because of financial pressures that are out of your control. Getting a loan for your lawsuit can help keep you afloat and get the medical attention you need.
Grant More Time to Ensure a Fair Settlement
When you need money to get by, even a low settlement can seem better than nothing at all. But taking a low settlement out of desperation is not a good idea.
Once you take that offer, you can never go back to get more money if you still need ongoing medical care.
Instead, taking out a personal injury lawsuit loan allows you to pay your bills while your attorney continues to put pressure on the negligent party to pay what you are owed for your injuries.
Don’t settle for less than what you deserve.
Assist with Costs of Living
If you sustain a severe injury, you are likely in pain. As if that wasn’t bad enough, many personal injury victims find themselves unable to work.
This could be a temporary or permanent situation. According to the Council for Disability Awareness, almost half of US adults indicate they can’t pay an unexpected $400 bill without having to take out a loan or sell something.
If you can’t work, you can’t pay your rent, purchase food, or buy fuel for your car.
Getting some relief until your settlement arrives can mean the difference between having food on your table, or not.
Low or No Risk
There are several types of personal injury lawsuit loans.
So it is important that you find the one that is right for you. Some lenders may charge over 100% interest on the loan. Others may charge a reasonable percentage.
Still, others may bear the risk themselves by only requiring you to pay back the injury loan if your attorney succeeds in getting you recovery.
- Easy Approval Process
The personal injury lawsuit loan approval process is often more about the case and less about your credit score.
If you have a less-than-perfect credit score, you may still be eligible for a personal injury lawsuit loan to cover your expenses until your settlement is complete.
Is a Personal Injury Lawsuit Loan Right for You?
Generally, you should not take out a loan of any kind unless you need the money to cover a specific expense.
If you are out of work because of your personal injury accident, or unable to cover unforeseen medical bills, you should consider a personal injury lawsuit loan.
This money can get you through until your settlement comes through. It can also provide peace of mind as you focus on recovering.
I was in such a bind after my accident. Bills were piling up like crazy and I was about to get thrown out if my house. Thank God for Ally Lawsuit Loans. They hooked me up with a loan super fast.“
DENISE W.
