The Top Reasons to Consider Pre-Settlement Funding
The pre-settlement funding industry has presented a way for victims of accidents to receive monetary compensation quickly and easily. Pre-settlement funding has become an increasingly popular option for people involved in personal injury claims, civil rights cases, and other types of litigation. Pre-settlement funding affords victims the opportunity to receive financial relief before the resolution of their case.
This type of cash advance is an important financial resource for those involved in the legal system. So, if you’re considering pre-settlement funding, here are the top reasons to keep this option in mind.
1. Get Financial Relief in a Timely Manner
Litigation is a long and arduous process, with cases lasting anywhere from a few months to several years. During this time, victims may face mounting medical expenses and lost wages due to their injury or illness. Pre-settlement funding can provide financial relief in a timely manner, allowing victims to meet their monetary needs during the long wait for their lawsuit to be resolved.
2. More Flexible than Traditional Loans
Traditional loan options typically require borrowers to prove a steady income and put up collateral. This is not the case with pre-settlement funding. Your lawsuit can serve as the collateral and prospective lenders are far more likely to approve you due to the fact that they will only receive repayment if you win your case.
3. Helps Avoid Bankruptcy
An unexpected legal battle can be a financial burden and can leave victims vulnerable to bankruptcy. With pre-settlement funding, victims can avoid the financial strain and stress of the lawsuit, while still meeting their monthly expenses.
4. Access to Professional Representation
The financial burden of pursuing a legal claim can often limit victims from obtaining quality representation. With an advance, victims can access attorney fees in a timely manner, allowing them to have access to the best legal team without putting papers on their filing bankruptcy. With a good lawyer’s help, victims’ chances for a favorable outcome greatly increase.
5. No Risk to Your Credit Score
Pre-settlement funding presents no threat to your credit score. As there is no repayment necessary if you don’t win your case, there is no risk of default, which means that your credit score won’t suffer.
6. Receive a Lump Sum Payment
Pre-settlement funding is typically provided as a lump sum payment that can be invested into covering important costs that arise as a result of your injury, such as medical bills, pain and suffering, lawyer fees, and lost wages.
7. Full Legal Representation
When you choose to work with a pre-settlement funding company, you will have full legal representation and will not have to navigate the complexities of the legal process alone. Pre-settlement funding companies offer professional legal guidance and can help identify any potential issues and provide advice to ensure you receive maximum value from your case in the least amount of time.
Conclusion
Pre-settlement funding is a viable option for those who have suffered an injury or illness due to another’s negligence. With this advance, victims can access financial relief quickly and easily, while avoiding a negative impact on their credit score. Furthermore, victims can receive full legal representation and assistance in identifying potential issues with their case. All in all, pre-settlement funding can be a beneficial resource for victims who are navigating the legal system.
