When you are involved in a personal injury lawsuit, the last thing you want to worry about is money. Pre settlement funding can help take the financial stress off of you so that you can focus on recovering from your injuries.
This article will explore the benefits of pre-settlement funding.
Pre-settlement Funding Is Fast and Easy
This type of funding works quickly, so you can receive your funds within 24 hours in some cases. This means that you don’t have to worry about bills piling up while waiting for the outcome of your lawsuit.
All we need from you to get started are a copy of your complaint, medical records and bills related to the injury or incident, financial hardship documentation, and some information about yourself.
No Credit Check Is Required
If you have a poor credit rating, this is not a problem. Your credit score will not affect your application for pre-settlement funding. Decisions are based on the merits of your case and its strength in court, as well as other factors.
You should also keep in mind that there are no up-front costs or monthly payments with this type of funding, so you can apply without worrying about being responsible for any fees if your application is denied.
Cash Advances Are Available Until the Lawsuit Is Settled
If you are awarded several funding advances, they can continue until your case is settled. This means that you don’t have to worry about having enough money while waiting for the lawsuit to conclude. You may also be able to receive additional funds if necessary before the conclusion of your case.
The amount of funding available depends on how much compensation is likely in a successful outcome for your lawsuit, as well as other factors related to the strength and validity of your claim in court or when settling out of court with an insurance company or another party involved in the legal proceedings.
Pre-settlement Funding Is Not Loan
This is important to note because it means that you are not responsible for any interest payments or fees. The only time you may be asked to repay the advance is if your case settles successfully for an amount that covers the cost of the funding you received.
Pre-settlement funding should never be considered a loan, and there should be no associated interest rates, monthly payments, or other obligations.
You Can Use the Money for Any Purpose
The money from a pre-settlement advance can be used for any purpose you choose. This includes medical expenses, household bills, car repairs, and anything else you may need it for.
It’s important to note that the money is yours to use however you see fit. You are not required to provide a justification for how you spend it. This also means that the money does not have to be used only for expenses related to your injury or the lawsuit itself.
Your Lawyer Can’t Take Cut of The Money
A pre-settlement funding advance is yours to keep. This means that your lawyer cannot take a cut of it, and you do not have to tell them how you used the money.
While they may want to know if there are any expenses related to your case so they can advise you accordingly, this is not a requirement when applying for or receiving an advance payment from pre-settlement funding.
The Money Is Tax Free
Any pre-settlement advances you receive are not considered taxable income. This means that they will not be taxed when you file your taxes and can be used without having to pay any tax on them.
It also makes it possible for you to use the money for anything without worrying about paying taxes on what was received as an advance payment through pre-settlement funding.
It Gives You Peace of Mind
This type of advance payment can help take some of the financial burden off your shoulders while you are going through a lawsuit. It can also help reduce stress and allow you to focus on your case without worrying about how you will pay your bills or other expenses.
This peace of mind can be crucial during a difficult time, and it’s one of the reasons why so many people choose to apply for pre-settlement funding when they are involved in a legal dispute.
With all the benefits listed above, it’s easy to see why so many people choose pre-settlement advances over other forms of loans when they need money during their lawsuit.