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When you have a slip-and-fall accident, it can turn your life upside down. You might get hurt and not be able to work. Thereby, leaving you with an overwhelming pile of medical and personal bills. If the fall was a result of another party’s negligence, it’s only fair to pursue damages and make them pay for the suffering you’re going through.
However, such cases typically take a long time to settle, and the bills won’t stop piling as the case is ongoing. That’s where pre-settlement funding, commonly known as lawsuit loan, comes in. With the right amount of funding, you can have enough money to take care of your personal, medical, and legal expenses while waiting for the case to settle. Here are some things to keep in mind if you’re considering applying for lawsuit funding for your slip and fall case.
Understand Lawsuit Funding
Lawsuit funding is like a cash advance. You get money now to help pay for your expenses while you wait for your case to settle. However, unlike regular loans, you don’t have to pay the money back until you win your case. And if you lose your case, you don’t have to pay the money back at all, as long as your contract doesn’t state otherwise.
Do You Really Need Funding?
Before getting lawsuit funding, you should ask yourself if you really need the money. A lot of plaintiffs are guilty of seeing lawsuit loans as free money, forgetting they’ll have to pay back once they get their settlement. Therefore, before you apply, look at your finances and see if there’s a way you can manage without extra funding. However, if you are struggling financially and you need immediate funds to meet your needs, then applying for lawsuit loan may be right for you.
How Much Money Do You Need?
If you decide you need lawsuit funding, think about how much money you need. Only ask for what you need to cover your essential expenses. Make a list of your expenses like medical bills, rent or mortgage payments, and other living expenses. This will help you figure out how much to ask for when applying for a lawsuit loan.
Do Not Apply for Too Little
On the flip side, you also do not want to apply for a lower amount than you’ll need. If this happens, you may end up pressuring your lawyer to settle quickly, ultimately accepting less than you deserve. Worse still, you may start scampering for another loan. Hence, you should carefully calculate how much you’ll need throughout the duration of the case before applying.
Find a Reputable Funding Company
Not all lawsuit funding companies are the same. Therefore, it’s important to research your options and go for a reliable settlement loan provider. Look for one that has good reviews and is transparent about their fees and interest rates. You can also ask your lawyer for recommendations. They might know which companies are trustworthy and have client-friendly terms.
Understand the Fees
Lawsuit funding companies charge fees for their service. These fees can vary from company to company, so it’s important to understand the specific terms of your contract before putting pen to paper. Ask the company to explain their fees in simple terms and try to calculate the exact amount you’ll owe if you win your case. Also note that while some companies charge a flat fee, others charge a percentage of the money you get from your settlement.
Talk to Your Lawyer
Your lawyer is an important part of your case. Talk to them before applying for lawsuit funding and carry them along every step of the way. They can help you understand if it’s a good idea and how it might affect your case. Your lawyer can also help you negotiate better terms with the funding company and help you understand the full contract.
Know the Impact on Your Settlement
Getting lawsuit funding can affect how much money you get from your settlement. The funding company will take their fees from your settlement, so you’ll get less money. You must also keep in mind that your lawyer may also charge a percentage of your settlement, depending on your initial agreement. This can help you decide if lawsuit funding is worth it.
Read the Contract Carefully
Before you agree to get lawsuit funding, read the contract carefully. Make sure you understand all the terms and conditions, and if there’s any clause you don’t understand, ask the funding company or your lawyer to explain it. Don’t sign anything until you’re sure you know what you’re agreeing to.
Think About the Long Term
Finally, think about the long term. Lawsuit funding can help you now, but think about how it may also help you – or affect you – in the future. All in all, it’s vital to ensure you’re making the best decision for yourself and your family, both in the short and long term. Talk to your lawyer and consider all your options before getting lawsuit funding.
Conclusion
Slip and fall accidents can be scary and stressful, especially when you’re waiting for a settlement. Lawsuit funding can help you get through this tough time, but it’s important to be careful. Make sure you understand what you’re getting into and only use lawsuit funding if you really need it. By considering all the points highlighted above, you’ll be better prepared to decide if lawsuit funding is right for you. Remember, it’s okay to ask for help, and lawsuit funding is one of the best types of help you can get while waiting for the outcome of your personal injury lawsuit.
Call Us Today to Apply for a Lawsuit Loan
If you were injured in a slip-and-fall accident, you may seek an affordable settlement loan to pay bills and achieve financial relief before your case concludes. Contact us at High Rise Financial today or call us at (866) 407-6404 for a one-on-one consultation. If you’re approved for the loan, your money will be available within 24 hours or less.