Must Have Tips When Applying for Settlement Funding
The anxiety and even devastation that pervades the aftermath of an accident, whether the problem was a result of personal injury on the job, medical malpractice, product liability or any of a large number of cases that fall under an umbrella of viable litigation, can be tempered with just a little knowledge about settlement funding. Far too often, people like you are forced to allow a potential claim to wither away because of the expense, and the fact that the legal process can be too time-consuming for you to be able to provide for your family, yourself, and juggle your other everyday responsibilities.
The Pre-Settlement Loan Lifeline
There is hope in the form of a cash advance that is unlike any payday loan you might have ever received. A settlement loan is unique because it has the properties of annuity, paying you a fixed amount of cash periodically (or all at once), without using your home or car or other personal effects as collateral; the only basis upon which it is provided is the eventual settlement of your claim against the culpable defendant.
While a pre-settlement loan can act as a life support line during the lengthy process of litigation, you should know that all the considerable benefits, such as lack of processing fees and short time to approval relative to other loans, may come at the cost of a high interest rate. This concern is easily defeated; however, by merely shopping around, because the loan type is competitive. There are settlement funding companies out there that even go so far as to offer best price guarantees, for a loan that, once secured, can be used for any personal expense whatsoever, with no stipulations. With that said, there are several things you can do enhance your chances of securing one during the application process:
- You must make sure that the intended defendant against which you are filing your claim is legally responsible, which may be different from him/her/it being “morally” responsible; such as a doctor who isn’t your primary or covered by your insurance treating you.
- Establish what kind of insurance the injuring party has; if there is none, then while you may still have a case; this affects what your eventual settlement will be. An insurance company backing the person can offer a lot more, which means your structured settlement loan could also reflect this.
- Lastly, be sure of the statute of limitations, because this usually isn’t very long in personal injury cases, whether it’s for medical, legal or work-related liability.
Jesse Dugan is a member of a professional tema of writers that publish articles daily throughout the web. Follow him on Twitter @JesseDugan.