There are many expenses that come with a personal injury claim. Some of these include medical bills, lost wages, and legal fees. One expense that is often overlooked is the cost of paying for medical services out-of-pocket during the duration of your claim. This can be especially difficult if you are not currently employed or have insurance coverage through your spouse’s employer.
Here at Certified Legal Funding, we provide low-cost cash advances and pre-settlement accident lawsuit funding to accident victims while they wait for pending litigation or negotiations as a result of vehicle accidents or other personal injury claims. Today, we are comparing pre-settlement funding and its most popular alternatives.
Legal finance loans vs. bank loans
The first type of funding that comes to the minds of most people is the traditional bank loan. If you are an adult American, chances are that you already have or at least had some sort of bank loan at a certain point in life. That is simply the reality of the world we live in. So, you probably know that applying for a bank loan requires a lot of paperwork and the approval process can be a lengthy one.
Legal finance loans, also known as legal settlement loans or personal injury funding, were designed with accessibility in mind. That means the application process takes less than a few minutes, and you can receive your money in less than 24 hours after your application is approved. We will do most of the heavy lifting with your personal injury attorney, so you can focus on recovery instead of paperwork.
Another major advantage of personal injury funding is the fact that you are not required to repay them if you happen to lose your case. The traditional bank loans, on the other hand, require you to pay back the money and the interest rates regardless of the outcome of your case.
Family and friends
The second most common alternative to personal injury funding is the so-called “family and friends” fund. Borrowing money from your friends or family might initially sound like the safest option. However, the downside is obvious, as borrowing money from the people you know can damage your relationship.
For example, if you do not win your case or are awarded an amount that does not cover the amount borrowed, you might end up unable to repay the money. This, in turn, is bound to put a lot of stress on the relationship and the entire family.
Pre-settlement funding is the best way to cover all of your expenses during a personal injury claim. Here at Certified Legal Funding, we have helped thousands of victims obtain relief when medical bills, living expenses, and other expenses pile up prior to settlement.
If you are curious how personal injury funding can help you cover your expenses while you wait for compensation, or you simply have more questions about the alternatives, give us a call today. Our team is here to answer your questions at (800) 922-7439 and even guide you through the entire application process over the phone.