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According to statistics from the World Health Organization (WHO), about 37.3 million fall-related incidents that require medical attention occur every year. Slip and fall accidents often occur due to uneven surfaces, wet or slippery floors, poor lighting, spilled liquids, newly waxed floors, cluttered walkways, and more. Unfortunately, the accident may result in physical injuries, mounting medical expenses, reduced productivity, or an inability to work.
Furthermore, whether the slip and fall accident occurred on a private property, retail store, or public place, you’re within your rights to hold the negligent party – property owner, business owner, or government agency – liable and seek financial compensation through an insurance claim or lawsuit. In addition, you can apply for a slip and fall lawsuit loan to cover your living expenses, bills, and achieve financial relief before your case settles.
However, just like with any other financial decision, it’s crucial to understand the pros and cons of slip-and-fall lawsuit loans before deciding if they’re the right choice for your situation. In this post, we will explore some of the benefits and drawbacks of getting legal funding for slip and fall lawsuits:
Pros of Slip and Fall Lawsuit Loans
Here are some of the benefits of taking a slip and fall lawsuit loan:
Access to Immediate Funds
Slip and fall cases can take several months or even years to resolve. This often leaves plaintiffs struggling financially and unable to make ends meet. Thankfully, a slip and fall lawsuit loan can provide you with immediate access to funds you need to cover essential expenses like medical bills, rent, utilities, food, home loans, and groceries. Thus, you can achieve immediate financial relief, avoid depleting your personal savings, or avoid taking on additional debt – while your case is ongoing.
No Risk of Personal Liability
Another significant advantage of slip and fall lawsuit loans is their risk-free and non-recourse nature. Unlike traditional loans, you are not personally liable for repaying the settlement funding if you lose your case. If you’re unsuccessful in your slip and fall lawsuit, you owe nothing. The legal funding company assumes the risk. Hence, you only repay the advance if you receive a settlement or award. This saves you from any additional debt burden.
Strengthens Your Negotiating Position
Negotiating a settlement with the at-fault party’s insurance provider usually involves a lot of back and forth. Some insurers may offer you an absurd first settlement amount. With a slip and fall lawsuit loan, you won’t feel pressured into accepting an unfair settlement offer from the insurance company or defendant due to financial hardship. The cash advance gives you financial stability. Your attorney will have more time and leverage to negotiate from a position of strength and pursue the full compensation you deserve.
No Employment or Credit Requirements
Additionally, taking out a slip and fall lawsuit loan doesn’t require credit checks or income validation. Unlike traditional loans, the legal funding company will not consider your employment status or credit history when evaluating your application. You will be approved for the settlement loan based on the strengths of your slip and fall case and the potential value of your compensation. Thus, making legal funding accessible to victims with poor credit or limited income.
Helps Level the Playing Field
However, facing powerful defendants or insurance companies can be intimidating. These insurance carriers and large corporations often have huge resources at their disposal. Thereby putting slip-and-fall plaintiffs at a disadvantage. Thankfully, a slip and fall lawsuit loan can level the playing field and help you negotiate from a stronger position. It will provide you with the financial resources you need to retain a skilled attorney, hire expert witnesses, conduct thorough investigations, and build a strong case.
No Monthly Payments
With slip and fall lawsuit loans, you do not have to make monthly payments or worry about accumulating additional debt. You will only pay back the entire cash advance, plus fees and interest, from your final settlement or award if your case is successful. If you lose your case, you don’t have to worry about repaying anything.
Flexible Use of Funds
In addition, you can use your lawsuit loan funds as needed. Whether it’s paying for medical treatments, hiring expert witnesses, or covering daily living costs, you can use the cash advance to address your most pressing needs. The flexibility ensures that you can determine how to use your funds without being monitored by the legal funding provider. Nevertheless, it is always advisable that you spend your money wisely.
Cons of Slip and Fall Lawsuit Loans
Here are some of the drawbacks of slip and fall lawsuit loans:
Risk of Over-Funding
Though, legal funding can provide you with the much-needed financial relief while your slip and fall lawsuit is ongoing. However, there is a risk of over-funding your case. If you accept multiple advances or take out more than you truly need, the compounding fees and interest can significantly reduce the final amount you receive after repaying the loan – if you’re successful in your case.
Potential Impact on Settlement Negotiations
Essentially, the purpose of the lawsuit loan is to provide you with the immediate funds you need to settle bills and achieve financial relief. However, if the defendant or insurer knows that you’ve taken a lawsuit loan, they may perceive your financial situation differently. This could possibly affect their willingness to settle or their evaluation of your case. Hence, you should discuss this with your attorney to know your options.
Limited Regulation
The legal funding industry is not as heavily regulated as traditional lending institutions. This can lead to different practices and a lack of standard protections for consumers. It’s essential to thoroughly research the legal funding provider and carefully review the terms and conditions of any agreement.
Conclusion
Slip and fall lawsuit loans can be a valuable resource for plaintiffs facing financial hardships during lengthy legal proceedings. Legal funding can provide you with immediate access to funds, strengthen your negotiating positions, and offer a risk-free alternative to traditional bank loans.
However, it’s essential to carefully consider the potential drawbacks, such as the risk of over-funding, limited industry regulation, and likely effects on settlement negotiations. Hence, ensure that you consult with your attorney to weigh the potential benefits against the costs and risks. With this, you can determine whether taking out a slip and fall lawsuit loan is right for you.
Contact Us Today to Apply for a Lawsuit Loan
If you were injured in a slip-and-fall accident, applying for legal funding can help you achieve financial relief before your case settles. Contact us at High Rise Financial today or call us at (866) 407-6404 to get non-recourse settlement funding.