5 Situations Where You Need Pre-Settlement Funding
Do You Need Pre-Settlement Lawsuit Funding?
When someone’s caused your harm or injury through a car accident, medical malpractice or general negligence, you have the legal right to take the individual or company to court and to seek compensation to cover your medical bills, pain and suffering and other financial losses that are a direct result of the injury. Even if you do win the money you deserve, it can take some time before you see the reward.
Pre-settlement funding is a cash advance against your lawsuit that provides you with the money you need to cover bills and expenses while you wait for the results of the trial. Offered by companies such as Cherokee Funding, you only need to pay back the funding if you end up winning your case. Not everyone needs pre-settlement funding, but it can be a helpful thing if you find yourself in the following situations:
1. You Can’t Work Due to Injuries
Some injuries are severe enough that they keep you from working, even after you’ve had treatment and have had time to heal. If you’re not able to work and have no other means of income, pre-settlement funding allows you to keep up with your bills. You’ll be able to keep a roof over your head, the lights turned on and the kitchen pantry stocked.
2. Your Savings are Low
Financial experts usually recommend having several months of income tucked away in an emergency fund. If you fall on hard times, you’re then able to turn to your savings account to cover bills and other financial needs. But, not everyone has the means to build up a large “just-in-case” fund. You might have just started your career or recently had a major life change (aside from the accident) that depleted your fund. It might also be the case that you started out with sufficient savings, only to see the amount dwindle as your case drags on.
3. Insurance Isn’t Enough
Medical insurance is meant to protect you in the case of illness or injury. But, some insurance policies are better than others. You might have found out too late that your policy has super high deductible or won’t cover a specific treatment or medication or that it expects you to contribute a hefty co-insurance or deductible. Medical funding is a type of pre-settlement funding that pays your medical provider in the event of an accident. If you qualify for the funding, it goes directly to your doctor to cover your treatment and other medical needs.
4. You Can’t Get a Bank Loan
A personal loan may be helpful if you need money, but not everyone qualifies for one. Plus, the process of getting a loan takes some time and you have to pay it back, with interest, even if you don’t win your case. Cherokee’s pre-settlement and medical funding are not pre-settlement loans which makes it easier on both those needing cash for day to day life needs but can’t qualify for a bank loan.
5. The Insurance Company is Pressuring You to Settle
According to the American Bar Association, just a small percentage of personal injury claims make it to trial. That’s because many insurance companies pressure plaintiffs into settling, in part because plaintiffs are unable to pay their bills as their case drags on. Pre-settlement funding provides a financial buffer or safety net, so that you can afford to wait for a full and fair settlement or take your case to trial and pursue the award amount that you deserve.
If you’d like to learn more about pre-settlement funding, contact us at Cherokee Funding today. We’ll review your situation and case and let you know if you qualify. If you do qualify, you’ll receive the funding within 24 hours. Don’t let a fear of bills or pressure from your insurance company push you into settling for less you deserve. Give us a call now!
This article was submitted by Ken Hayes, COO, www.cherokeefunding.com