(Newswire.net — January 15, 2024) — A personal injury loan can be a tremendous help when you are awaiting compensation from your lawsuit. Also known as pre-settlement funding, legal funding, or lawsuit loans, these options give you access to the money you may be awarded from the liable party.
Since lawsuits can take months or even years to resolve, it can mean that plaintiffs wind up in a state of financial ruin. Your credit score may suffer as you try to keep up with your monthly bills and the added expenses from your injuries that were caused by a negligent person’s actions.
You may be considering a personal injury loan to keep your family housed and fed. Ohio pre-settlement funding is an excellent option if you need money immediately for financial relief. Here is how you can get a personal injury loan to reduce your burden.
Choose the Right Legal Funding Company
Choosing the right personal injury loan company is the first step in getting this legal funding. Make sure that the one you choose is compliant with Ohio state laws and provides fair terms. You don’t need your attorney’s permission to apply for a lawsuit loan, though you should certainly consult them for their legal expertise on the matter. They can also ensure you pick a reputable legal funding provider.
Make Sure You Have an Active and Valid Lawsuit
You must meet certain eligibility requirements to be approved for a personal injury loan. This means that your lawsuit should already be filed with the courts. You do not need to wait until your trial date, but the initial paperwork to start your lawsuit must be on record.
You Need an Attorney
Legal funding companies will assess how strong your case is based on what your attorney thinks. If you do not have an attorney, you won’t be approved for this funding.
Have the Right Type of Lawsuit
Your lawsuit needs to be a personal injury lawsuit, such as a car accident, truck accident, or slip and fall case. You can find out from the lawsuit funding company which types of cases they offer legal funding for.
Your Attorney Expects a Settlement or Judgment
A personal injury loan depends on your attorney feeling strongly that the evidence will result in a settlement or a verdict in your favor. It’s not like a bank loan as it is non-recourse, though the funding company is taking a huge risk. If the amount you’re seeking in compensation is large and your case is strong, you’ll be more likely to get approval on this loan.
Benefits of Personal Injury Loans
If you are struggling with your finances because of your injuries, a personal injury loan can be a lifesaver that gives you money immediately. You can then use it to take care of all those bills that have been piling up.
Always ask your attorney for legal advice regarding this type of funding first to consider the pros and cons of your situation. You may find that it’s the best way to keep your finances under control while you heal.