Why Pre-Settlement Funding is Critical for Slip and Fall Lawsuits
If you have been injured in a slip-and-fall accident due to a property owner’s negligence, you could qualify for pre-settlement funding. This type of legal loan is based on the outcome of your case, and you only repay it if your lawsuit is successful.
You can avoid maxing out your credit cards or calling on family members for help by taking advantage of this financial option.
Time is of the Essence
Slip and fall accidents can be devastating. They can leave you seriously injured and unable to work. They can also result in substantial medical bills and expenses. If you cannot work and have no way to pay for these costs, you may be at risk of missing payments or falling behind on your bills.
If you’re in this situation, pre-settlement funding for slip and fall lawsuits can help. This type of financial support is offered to accident victims waiting for their cases to settle. The amount of the lawsuit advance depends on the severity of your injury and the evidence that exists to prove the property owner’s negligence. The company will buy a portion of your expected settlement, and once you win your case, you will pay them back.
The main advantage of this type of lawsuit funding is that it’s a non-recourse loan. You will not have to repay the lawsuit advance if you lose your premise liability case. In addition, reputable lawsuit funding companies do not charge any upfront fees or commissions.
In addition to being a non-recourse loan, pre-settlement funding is quick and easy. You can qualify for this type of financing without providing a credit score or proof of income. The funding company will only consider your personal injury case and how likely it is to be successful.
You Need Money Now
When an accident happens, it can be devastating to your financial stability. Medical bills are often high, and it can be challenging to keep up with regular payments on rent, utilities, and other daily expenses. This is especially true when your injury prevents you from working. Many plaintiffs are forced to use credit cards or borrow money from family and friends to make ends meet. This can be dangerous, leading to excessive debt and even bankruptcy if not paid back promptly.
The other problem is that insurance companies know you are financially vulnerable, so they usually try to settle your case as quickly as possible with a lowball offer. This is unfair to you or your attorney, and you must continue fighting for a fair settlement. Getting legal funding in New York can help you avoid accepting a lowball settlement and give your attorney time to negotiate a much better offer.
When you apply for pre-settlement funding, the lender typically evaluates your case and how much money you anticipate receiving from the settlement. They usually do not consider your financial situation or your credit score. Unlike lawsuit loans, pre-settlement funding is non-recourse, and you will not be responsible for repaying the loan if your claim is lost. In most cases, you can receive funds within 24 hours of approval.
You Need to Pay Your Medical Bills
The size of a settlement is primarily determined by the amount of medical expenses incurred. Detailed medical bills backed by a doctor’s testimony are often used as evidence to demonstrate the extent of your injuries. Other damages include pain and suffering and loss of enjoyment of life. These are harder to quantify but are usually included in a settlement, especially if the injury is permanent.
Property owners and managers may also be liable for failing to warn of hazardous conditions on their property adequately. This is essential to prove in a slip-and-fall case since it is the legal basis for negligence. To demonstrate this, you must prove that the defendant had notice of the dangerous condition through either direct or constructive notice.
The defendant will try to minimize their liability by claiming that they shared some responsibility for their injury. This is known as comparative negligence and can decrease the amount of your settlement. For example, if you stepped on an orange cone that was placed to mark a danger and slipped on it, the defendant could argue that you are 40 percent responsible since you should have seen the cone. Fortunately, the major credit reporting agencies announced in 2022 that they would eliminate negative marks on a person’s credit report when those debts are settled through legal proceedings.
You Need to Pay Your Attorney
Sometimes, a severe slip and fall can result in permanent injuries that prevent the victim from returning to work. This can lead to massive medical bills and a loss of income. Victims may struggle to pay their bills, even with health insurance assistance.
Lawsuit funding can give injured parties the financial support they need until their case settles. This type of funding is based on the issue’s merits rather than on the plaintiff’s credit or economic history. Pre-settlement funding companies usually take the time to review the details of a case and consult with attorneys before offering an advance. This helps to ensure that the applicant is provided a maximum amount based on the potential settlement value of their case.
It can also help the plaintiff to hold out for a more significant settlement offer. This is important because a large settlement can pay for past and future medical treatment costs, lost income, and other damages that significantly impact the quality of life.
The application process for lawsuit funding is easy and quick. A cash advance can usually be received within 24 hours after an attorney submits all required information to a lawsuit funding company. It is essential to find a reputable and experienced lawsuit funding company. Make sure to research the different options and compare the terms and conditions of each funding company.
