While traditional lawsuit loans help in certain situations while waiting for your settlement, medical emergencies may leave you struggling financially regardless.
Even when you have health insurance, certain types of treatment might exceed your coverage or not be covered at all.
If you cannot pay for your treatment after receiving it, a medical lien might be taken out by the hospital or healthcare provider on your personal injury lawsuit.
A medical lien, much like other liens, entitles the hospital to a portion of your settlement to pay for your treatment. However, once the provider places a medical lien on your personal injury lawsuit settlement, they might refuse to give you further treatment until you pay to remove the lien.
If you ever find yourself in this situation, medical lien funding may help you continue to get the care you need.
How Does Medical Lien Funding Differ from Other Pre-Settlement Lawsuit Loans?
Medical lien funding, much like pre-settlement lawsuit loans, is a cash advance given to plaintiffs for a portion of their settlement. However, they differ slightly from traditional lawsuit loans.
A company that provides medical lien funding usually purchases the lien from the hospital or healthcare provider who installed it on your lawsuit. The funder then pays the provider for your ongoing care, using a portion of your settlement as collateral.
However, this type of personal injury lien funding shares some aspects with traditional lawsuit loans. Much like regular legal funding, medical lien funding must be paid back with interest using a portion of the settlement. In addition, if you do not win your lawsuit, you don’t have to pay the medical funding agency back.
How Do I Qualify for Personal Injury Lien Funding?
To be considered for medical lien funding, you must have an active lawsuit over an accident that’s not your fault. You must also have an attorney retained for your case.
Need Help While Waiting for Your Settlement? Consider Legal Funding from Ally Lawsuit Loans
When you suffer injuries in an accident, you might have trouble paying for things while you recover or receive treatment. If you need help staying financially afloat while you wait for your personal injury settlement, pre-settlement funding from Ally Lawsuit Loans can help.
Our pre-settlement lawsuit loans help plaintiffs pay for many kinds of expenses while waiting for their case to settle, including medical bills, rent, groceries, or other living expenses. Most importantly, our loans are risk-free, meaning you don’t pay us back unless you win your case.
If you would like to ask questions about personal injury lien funding or would like to apply for a pre-settlement lawsuit loan, give us a call today at 844-545-6246. We guarantee the lowest interest rates in the industry and send cash to approved applicants within 24 hours.