A personal injury loan is an amount of money that you may get when your case is pending. Another name for this loan is pre-settlement funding. Commonly this loan is given to people who had an accident or didn’t have a source of income. So, they may cover different life expenses and medical costs with this funding money. In simple words, the victim may borrow this money against the lawsuit.
Though personal injury cases take much time and money. Obviously, an injured person doesn’t have much money to cover the expenses of this case. The situation becomes worst if an individual is not able to work and earn money. Here come the injury loans that help individuals to cover all their expenses. So a victim may maintain a healthy lifestyle by having these funds.
How do Settlement Loans Work?
After applying for the loan, the provider checks the strength of your case. He also checks the chances of winning the case. Commonly the provider checks different things to evaluate the case strength.
These include proofs, witnesses, medical history and other information. Suppose the provider considers you the right candidate to get the loan. He offers you the settlement money. Commonly the percentage is between 10-20%. But it may vary based on your case.
What Happens If You Sign the Agreement?
When you sign in an agreement and agree with all terms and conditions, the provider releases the amount of funds. So, you may use this amount to pay medical bills, utility bills and credit bills.
Not only this, but you may also invest thing money in costs related to injury and other expenses. This funding is different from traditional loans. In traditional loans, you have to pay monthly until the case settlement. It means you can’t cover different life expenses monthly.
Keep in mind that a person don’t have to repay the funds when you lose the case. While if you win the case, you have to repay the fund cost.
Types of Personal Injury Eligible for Loans:
Personal injury loans are available for many injury cases. But this fund is not limited to the following:
- Auto accidents
- Slipup and falls
- Medical negligence
- Product obligation
- Workers’ reward statements
Among the above-mentioned cases, the most common is the car injury case. The reason is that car accidents cause severe injuries. So, a victim needs many medical treatments and therapies. It results in the waste of more money. The slipcases are also common in many public places.
While in the case of medical abuse cases, the medical staff don’t focus on the victim. On the other hand, product obligation cases involve damages that occurred due to defective products. Lastly, the worker’s reward cases involve the injury of a worker at the worksite.
Whether you have suffered from a medical issue or met an accident, these funds may help you to meet all the daily expenses and other medical costs. So, you may maintain your lifestyle by having this loan in your hand. The loan may help you until the settlement of the case.
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