Can I receive pre-settlement funding for a slip and fall case?
Slip and fall cases are some of the most common types of personal injury cases, and represent a frequently used tactic for pursuing compensation for damages suffered as a result of someone else’s negligence. But if you are considering taking legal action for a slip and fall case, money can be tight and a large number of up-front expenses may be required. That’s why many individuals and families turn to pre-settlement funding to get them through the process and help with their financial burden.
Pre-settlement funding is a form of non-recourse loan that is provided to the plaintiff of an ongoing lawsuit on the basis of expected future settlement or award value. In other words, the lender has a stake in the case’s outcome and will either be repaid out of the settlement payment or will not receive payment at all if the case is not successful.
In the case of slips and falls, pre-settlement funding can be used to pay for medical bills, compensatory damages awarded for pain and suffering, legal fees and more. For example, if you were injured in a slip and fall, the funds could be used to pay for medical treatment, home modifications, lost wages and more. Most pre-settlement funding companies will set a cap on the amount of money that can be borrowed so that your current financial situation remains secure even as you pursue a resolution in your slip and fall case.
The application process for pre-settlement funding is relatively straightforward. Generally, a plaintiff will fill out a brief form that asks for an overview of the case and the damages that were suffered. Most lenders will then examine the strength of the case and the potential settlement amount and make a decision, often within a few days.
If you have a valid slip and fall case and have already filed a claim with an insurance company or other responsible party, pre-settlement funding can be a great way to pay for expenses associated with the case while waiting for your settlement to be paid. However, it is important to note that pre-settlement funding is not a risk-free option, and any loan taken out must be repaid even if the case is unsuccessful.
Also, pre-settlement funding is a form of high interest loan with rates that can vary greatly depending on the particular company. It is always important to read the fine print of any loan agreement carefully and make sure any loan taken out fits within your budget in the long-term.
Overall, pre-settlement funding can be a helpful and practical tool for those considering a slip and fall case. It can eliminate the financial stress of covering up-front medical costs, legal fees and more, but it’s important to understand the terms of the loan before entering into any agreement.
