What Is a Pre-Settlement Loan Company?
Road traffic accidents are arguably the common form of accidents globally, and compensation lawsuits that follow the accidents follow such cases. If you have experience with filing an accident compensation lawsuit, you will agree with the pain and agony of numerous court dates and the length of time it takes to get compensated. The scenario is made worse by the fact that as you undergo the pain and suffering before the courts, you are equally experiencing emotion and physical pain sustained from the accident.
While the lawsuits filed in courts are time-consuming, the litigation process in its entirety is expensive. Even in instances where proceedings conclude, it will take some time before the money is processed for you to have access to it.
This scenario has resulted in several avenues designed to fill in the gap and help victims get by as the court proceedings continue. One of the most common options is pre-settlement funding.
What Is Pre-Settlement Funding?
When you encounter a life-threatening and life-changing road traffic accident that comes with medical bills and other expenses, the experience usually causes a financial strain that is hard to handle. After filling the court case for compensation, the judicial process is in most cases tedious and takes ages to conclude. The medical bills and other bills will continue piling up as your life is at a standstill.
A pre-settlement funding loan comes in to relieve the insurmountable pressure from the piling bills and debts in form of hospital bills, other debts associated with the road traffic accident, and other long standing financial household obligations. The funding from the pre-settlement loan comes in handy before the actual settlement is passed and processed from the judicial system after the conclusion of the lawsuit.
There are several types of claims that you can seek and successfully get the pre-settlement loan:
- Road traffic accidents
- Occasional slip and falls
- Wrongful deaths
- Medical malpractices
Access to the pre-settlement loans depends on the type and nature of the filed lawsuit. Reports indicate that there has been a rising number of lawsuits filed following road traffic accidents.
The high number of lawsuits is reflected in the backlog of cases in courts, slowing down the process of each case. The judicial process usually takes a long time before a ruling is made. The need to find alternative funding to help the victims through as they wait for the compensation settlement is real.
Several firms will let you access such loans, which includes a pre-settlement funding company. The pre-settlement funding company should offer pre-settlement loans that are risk-free, meaning that you won't have to repay the funds in the instance that you lose the court case. The guarantee of winning a lawsuit is not always 100%, something that you should take into consideration.
If you have filed a lawsuit relating to accidents and you are experiencing financial challenges, check out pre-settlement funding companies to get a pre-settlement loan to keep you going.