Accidents do not only affect your physical well-being, but put a strain on your finances as well. Suddenly you have hefty hospital bills, and you cannot continue working, meaning loss of wages. If the accident resulted from the fault or negligence of another party, you should seek compensation for all the damages. However, the claim leading to compensation can take time before settlement.
A pre-settlement funding company in Nevada believes pre-settlement funding is an excellent way to ease financial pressure as you await compensation, but only if you choose the right funding company.
Advantages of Pre Settlement Funding
Personal injury cases can drag on for months and sometimes years. You can tell that it will be a very stressful period if relied on that money to sort out the economic damages resulting from the accident. Mostly, people may already have insurance to handle such situations or can opt for a personal injury lawyer to get the necessary compensation to safeguard their financial future. However, pre-settlement funding can prove to be beneficial when you don’t want to bear expenses after an accident from your pocket. Below are some major benefits of pre-settlement funding:
1. Your Credit Score Does Not Matter
Unlike traditional loans, pre-settlement companies do not look at your credit score to qualify you for the funding. The decision to fund you depends entirely on your claim. They will only give you funding if your claim is strong and promising.
What’s more, pre-settlement funding bears fewer risks than bank loans; you will not go into debt if you lose the case. Also, there are no monthly payments. This is unlike a bank loan, where you will be required to pay back the loaned money in addition to interests and other charges right away. Instead, the amount “loaned” to you, with interest, will be taken from your settlement only when it goes through.
2. Peace of Mind
Most accident victims are required to take some time off from work to nurse emotional and physical injuries. In unfortunate events, some accident victims suffer injuries that do not allow them to continue with the same line of duty.
With lost wages, you will be unable to pay for the hospital bills and house bills, putting you at the risk of losing your house, car, and other properties. Having a pre-settlement company agreeing to fund you at this desperate moment gives you peace of mind knowing that you can cater for bills while you are healing and finding your new normal.
3. Helps You Wait for Bigger Compensation
Financial pressure pushes many victims to settle for the first offer from the insurance adjusters. In most cases, the first offer caters to your hospital bills and property damage, leaving you with an unsecured future.
Instead of agreeing to the unfair settlement to settle your bills, consult with a pre-settlement funding company for money that will salvage the most urgent bills, then pursue your claim patiently for a hefty compensation.
4. Quick Funding
If the merits of your case match the requirements of the pre-settlement company, they will deposit your money within 24-48 hours. This is unlike a bank loan which takes longer because they must check your credit score, bills, and personal finances.
5. Saves Your Savings
When faced with a financial crisis, we either run to credit cards or savings accounts. You might have put aside a six-month emergency fund, but you will be surprised that the money will not be enough to carry you through as you wait for the settlement. Therefore, instead of depleting your savings, take pre-settlement funding against the injury claim and keep your savings safe.
Weigh Your Options
If you are in a financial crisis after an accident and cannot get help from family or bank loans, pre-settlement funding is the go-to. Pre-settlement funding is viable when appropriately utilized.
