When a person becomes a victim of a personal injury accident, often times they have to suffer through two major difficulties.
The first is the most obvious...
physical recovery.
And, depending on the extent of the accident, victims may have to spend months in casts, wheelchairs and even the hospital.
This leads to the second difficulty; being out of work during the recovery process.
During this time, a victim has few financial options.
If they're lucky, they might be able to collect worker's compensation...
but with the way insurance companies are, that's not a guarantee.
So, what else can a personal injury victim do to take care of their family's financial needs? Perhaps they could consider pre-lawsuit funding.
This is a type of cash advance where a lender takes a risk based on their belief that a personal injury case is bound to win.
If a settlement is reached, the victim must pay monthly payments to cover their advance.
However, no interest is charged, as pre-lawsuit funding is not considered a loan or a line of credit.
Sound like an interesting alternative? Well, believe it or not, pre-lawsuit funding is an option that is not commonly used for personal injury cases.
One of the reasons why is because it is relatively new.
Having been in existence for only 6 years, many personal injury attorneys aren't even aware of it.
Another problem is being able to acquire the loan.
Lenders are not going to risk giving out a cash advance on a case that is not likely to win.
The situation is even worse if some liability rests on the victim, (though not always).
So, if your case is not likely to win tens of thousands, lenders may reject your request for pre-lawsuit funding.
Still, it certainly doesn't hurt to try.
And if one lender rejects you, you and your attorney can always send your application to another.
Just have a Plan B in the event you're unable to acquire pre-lawsuit funding.
Maybe this plan could involve working from home, getting a roommate or even getting encouraging your teen to get a part-time job.
True, these options will require some sacrifices, but you have to do what you can to survive.
In conclusion, pre-lawsuit funding is an interesting alternative for personal injury victims who are suffering financially.
To get started with it, discuss the idea with your attorney.
They can do further investigation to connect you with pre-lawsuit lenders.
The first is the most obvious...
physical recovery.
And, depending on the extent of the accident, victims may have to spend months in casts, wheelchairs and even the hospital.
This leads to the second difficulty; being out of work during the recovery process.
During this time, a victim has few financial options.
If they're lucky, they might be able to collect worker's compensation...
but with the way insurance companies are, that's not a guarantee.
So, what else can a personal injury victim do to take care of their family's financial needs? Perhaps they could consider pre-lawsuit funding.
This is a type of cash advance where a lender takes a risk based on their belief that a personal injury case is bound to win.
If a settlement is reached, the victim must pay monthly payments to cover their advance.
However, no interest is charged, as pre-lawsuit funding is not considered a loan or a line of credit.
Sound like an interesting alternative? Well, believe it or not, pre-lawsuit funding is an option that is not commonly used for personal injury cases.
One of the reasons why is because it is relatively new.
Having been in existence for only 6 years, many personal injury attorneys aren't even aware of it.
Another problem is being able to acquire the loan.
Lenders are not going to risk giving out a cash advance on a case that is not likely to win.
The situation is even worse if some liability rests on the victim, (though not always).
So, if your case is not likely to win tens of thousands, lenders may reject your request for pre-lawsuit funding.
Still, it certainly doesn't hurt to try.
And if one lender rejects you, you and your attorney can always send your application to another.
Just have a Plan B in the event you're unable to acquire pre-lawsuit funding.
Maybe this plan could involve working from home, getting a roommate or even getting encouraging your teen to get a part-time job.
True, these options will require some sacrifices, but you have to do what you can to survive.
In conclusion, pre-lawsuit funding is an interesting alternative for personal injury victims who are suffering financially.
To get started with it, discuss the idea with your attorney.
They can do further investigation to connect you with pre-lawsuit lenders.
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