What options are there?
How do you calculate a personal injury settlement? If you suffered an injury in an accident you are likely pursuing personal injury lawsuit settlement. If so, you probably have a lot of questions on your mind and aren’t getting answers. Here’s what to know about the timeline & costs of Lawsuit Loans and Pre-Settlement Funding.
Every personal injury case is different but it’s important to know the following: Can you receive lawsuit loan & pre-settlement funding? Is a lawsuit loan needed for your case? Is it worth it? What medical expenses or other costs do you have? These are all valid questions that can help address numerous concerns in situations like these.
This article is to help you make the best and most informed decision. There are always unique circumstances around a personal injury case. Your attorney will represent you and fight to get you your money. However, you can get a better idea of what to expect. Here are some things to think about:
What Are The Expenses?
It’s hard to know just how much you can get from a personal injury settlement. It’s also hard to know how much it’ll cost you as personal injury cases usually aren’t resolved overnight. Additionally, the Covid-19 pandemic has made the timeline even more stressful. Many things go into the overall cost of a personal injury lawsuit settlement.
First, determine the value of your settlement. Talk to your attorney and put together an amount. Figure out what would be acceptable for you. This applies to a number of different situations. This includes slip and fall, bodily injury, or any personal injury case. From there, consider what the damages are. If an injury causes you to miss work, keep track of any costs involved. Keep records of medical expenses. Know what other damages there are. This includes trauma or pain that you may not have sought out treatment for.
Pain and suffering can be difficult to determine. Be realistic and honest about the impact of the injuries suffered. Examples are any physical injury or limitations, mental pain and suffering, emotional or psychological trauma. Obtain hospital records and show proof of how much work you missed. Note if you needed physical or mental therapy following the accident. Keep records of related expenses for future pain and suffering. An example of this would be treatment of a permanent injury.
If you are out of work because of an injury, think about your lost earnings. Were you unable to work following your accident? How long were you out of work? It’s important to get a value so you receive money for lost or unpaid income. Calculate lost income using your salary, pay stub or hourly rate. Also think about legal fees, court expenses and anything else you need help with.
Next Steps: Thinking More About Lawsuit Loans & Pre-Settlement Funding
Pre-settlement funding options like lawsuit loans and cash advances are helpful when personal injury cases take a long time. Knowing your financial situation helps you get the best loan. A lawsuit loan is beneficial as it provides a consistent, guaranteed cash flow so you can focus on your recovery. It helps to fund additional medical expenses following your accident or injury and can ease the financial stress of not being able to work.
Be sure to discuss your case with your attorney and get an idea of the expected settlement and make sure that the loan is risk-free or minimal risk. Lawsuit loans can be problematic, so it’s important to understand interest rates. Weigh the pros and cons of pre-settlement funding and how it can affect you. Personal injury cases such as car accidents, slip and falls and more lead people to look for attorneys and usually involve loans or advances. Here’s some context for how injury claims do or don’t apply in 2020.
These loans often involve extremely high interest rates. Avoid this by finding a litigation funding source that is trustworthy and, if possible, requires compensation only if you win your case or reach a favorable settlement agreement.
So, is pre-settlement funding like a lawsuit loan right for you? Not everyone needs a loan nor does everyone qualify. It can take several attempts to get a loan. Your case must be strong. They need to believe you will win. You should make sure the lender is trustworthy too. Bottom line: be vigilant about getting a loan.
Having a good lawyer is the first step. While your lawyer fights for your case, you want to make sure you have access to money you need. Consider a couple of things when making your final decision. Will you still have to pay back the loan if you lose your case? Does the loan give you flexibility while your case is in progress? Can you continue living your life without having to worry about money? Legal funding can be a strong ally in a time of distress. But it can be a burden if you aren’t careful. Make the decision that is in your best interest. Know your situation and needs and find what works for you.