Can I use pre-settlement funding for other expenses besides legal fees?
When it comes to pre-settlement funding, it is often understood that this type of funding is dedicated specifically to covering legal fees associated with an ongoing personal injury case. While that is the primary reason why people pursue pre-settlement funding, there are other expenses that can be covered with this type of financing.
Pre-settlement funding is a type of financing provided in exchange for a percentage of the settlement amount that may become available to you following a successful personal injury lawsuit. This type of financing is often necessary for individuals who may have suffered serous injuries and are unable to work. The funds can be used to bridge the gap between when the accident occurred and the eventual outcome of the legal case.
When considering pre-settlement funding, it is important to understand the full scope of what is available. While legal fees are certainly the primary expense covered by this type of financing, there are other expenses that can be handled by pre-settlement funding. These include living expenses such as rent, mortgage payments, and utilities, medical bills, car payments, and even helping pay for educational expenses.
Living expenses are an important consideration when dealing with a serious personal injury. These expenses can quickly add up, especially if you are unable to work due to your injuries. If you are unable to pay rent, mortgage payments, or utilities, pre-settlement funding can help you get through until your case is settled.
Medical bills are another expense that can be taken care of with pre-settlement funding. If you are unable to work, medical costs can be prohibitively expensive. With pre-settlement funding, you can cover these costs until your case is successfully resolved.
Pre-settlement funding can also be used to cover car payments or to help pay for educational expenses. Without the ability to earn a living through employment, having a reliable mode of transportation or being able to continue your education is often out of reach. However, pre-settlement funding may be able to bridge the gap until your case is resolved.
When applying for pre-settlement funding, there are typically no credit checks or background checks. This means that if you are unable to work, your ability to obtain financing is still possible. Additionally, pre-settlement funding can be made available in a very short amount of time. Depending on your specific circumstances, you can often receive the funds within 48 hours.
It’s important to remember that pre-settlement funding should only be considered if you are unable to work or are financially strained due to a serious personal injury. There are a variety of expenses that can be handled by pre-settlement funding ranging from legal fees to living expenses. With the right information and understanding of what is available, you can use pre-settlement funding to get through your circumstances until your case is resolved.
