Every year in U.S, almost 31.5 million require immediate Doctor’s attention. More than 4.5% personal injury cases go to Trial. 95% to 96% cases are settled pre-trial. Based on the personal Injury facts, more than 17,000 cases are recorded in “Slip and Fall” Accident category, 3 Million injuries are recorded in “construction accidents” and over 6 Million accidents occur due to car collisions every year in U.S.
It is often difficult for personal injury claimants to obtain personal loans through banks in order to finance their claims. Typically, banks see these loans as too risky since it is difficult to predict how a jury will see the facts of the case and what kind of compensation it may grant.
If you are a personal injury plaintiff, then it is important that you consider all your financing options before deciding which the best procedure for your claim is.
The Basics of Pre-Settlement Funding
Pre-settlement funding can provide you with cash while you wait for a settlement, no matter what the size. It can take several years for plaintiffs to issue verdicts or to agree on a parties’ agreement. If you are seeking compensation of damages, you will not be worth the long wait and here Pre-settlement financing option can help you in your personal injury lawsuit. When your settlement arrives, and the check clears, they receive the portion they purchased.
Compensation for Personal Injury
The party that wins a personal injury claim is entitled to receive money from the defendant. This money is called compensation. There are two categories of compensation: damages and punitive damages. The compensation for damages tries to compensate the victim for the loss suffered and restore the situation he was in before the injury. On the other hand, punitive damages have the purpose of punishing the defendant for his actions to avoid repeating the behavior that caused the injury.
How long does it take to get a settlement loan?
Usually, it takes between 3 to 5 weeks to complete the settlement procedure (this differs on a case-by-case basis).
How Can I Get Pre-Settlement Funding?
In order to get pre-settlement personal injury loan, you need to follow these steps:
- Step 1: Contact a Well-Reputed law-suit Funding Company.
To start the procedure, you can contact the company that you would like to get pre-settlement funding. They’ll ask you a few questions to acquire a little bit more about you.
- Step 2: The Company will contact your attorney.
After the initial phone call, the pre-settlement funding company will get in touch with your attorney and evaluate your case. Your lawyer may be able to provide the essential data.
- Step 3: Your lawyer will accept an agreement.
If your case is eligible to the criteria, the pre-settlement funding company will forward a contract to your lawyer.
- Step 4: You and your lawyer will review and sign the contract.
If you and your lawyer choose that the contract works for you, you can then mark the document and send it back to the funding company.
- Step 5: Receive your cash.
Once the pre-settlement funding company obtains the signed contract, they will forward your cash to you or your attorney. With the funding in hand, addressing your needs before your case’s resolution becomes that much easier. If you are a plaintiff and currently involved in a personal injury case, check this resource to borrow from your lawsuit.