4 Ways Settlement Funding Can Help Your Budget

When it comes to medical visits for accident injuries, the average emergency room visit is around $3,000, with continuing hospitalization costs of almost $60,000.

After an accident, medical bills, property damage, and missed work can take a significant toll on one’s pockets.

If your bills are adding up and your case is delayed, settlement funding can help hold you over until you receive the compensation from your lawsuit.

If you’re short on cash and waiting for a settlement, keep reading to learn 4 ways that pre settlement funding can help your budget.

1. Catch up on Unpaid Bills

What is a settlement fund?

A settlement fund is an advance. While your case is pending, a settlement loan provides a way for you to pay your bills and live your life. The advance is an amount that is equal to or less than your expected settlement.

Whether it’s medical bills, property damage, or missed work, bills add up quickly after an accident, especially when injuries are involved.

If you need to pay to fix your vehicle or to get to and from work after an accident, not having enough cash can be both daunting and detrimental to your life.

A settlement fund can help alleviate that stress and tide you over until your case is finalized.

2. Provide Litigation With More Time

If you’re waiting for your settlement or judgment to provide income or help you pay off bills, it can be tempting to accept the first offer made by an insurance company or the other party involved in your case.

When you opt to take advantage of a money market settlement fund, you provide your lawyer with more time to obtain a fair result in your case. While the goal isn’t to drag out litigation, sometimes more time enables an attorney more time to negotiate with the defendant.

If you have to go to trial, life settlement funds can help you live your life while you wait for a judgment on your case.

3. They Aren’t Dependent on Credit

Typically, you don’t need excellent credit to qualify for settlement funding. Some settlement loan companies don’t even run credit checks. Instead, they’ll focus on whether or not they think your case will succeed, which they’ll discuss with your lawyer.

They’ll ensure that they don’t loan you an amount more than the award your lawyer expects you’ll receive.

4. You Can Pay Bills Quickly

Accidents are stressful and exhausting. More often than not, accident victims end up feeling overwhelmed by bills and costs associated with the accident.

Many settlement lenders approve funding within days, and some within hours. Getting a settlement fund is quick and easy, so that you can catch up on bills quickly while you wait for your case to finish.

Ask Your Lawyer if Settlement Funding Is Your Best Option

After an accident, it can be stressful to wait for the compensation you deserve, especially when you have mounting bills and living costs. Settlement funding can help alleviate that monetary stress while you wait for a judgment on your case.

Before you take out a settlement loan, ask your lawyer if they think settlement funding is the best option for your financial situation.

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