Did you suffer a debilitating accident that was someone else’s fault? If so, then you’re probably stuck in the limbo of waiting for your settlement to come through. Your living expenses, on the other hand, aren’t so patient. Things like rent, medical bills, and grocery costs pile up. Not only that, but you’re injured, so you can’t work to earn any income. This situation can be very frustrating and daunting. Fortunately, there are steps you can take to avoid financially going under. Here’s how to cover living expenses while waiting for a settlement.
Talk To Your Attorney About Pre-Settlement Funding
Pre-settlement funding refers to a cash advance that you receive before your settlement is final. That way, you can use that money to cover your urgent living expenses. There are lots of companies that offer pre-settlement funding out there. If you’re using an experienced attorney, they should know some reputable companies to use as well as the eligibility requirements for funding.
Apogee Capital Partners’ processes are comprehensive for both attorney and personal injury victims. With over 50 years of legal experience, we’re a popular and reliable option for pre-settlement funding.
Weigh Your Options
You should consult long and hard with your attorney to determine if a lawsuit loan is right for you. Bear in mind that not all lawsuit loan companies will have your best interests in mind. Here are a few things to watch out for.
- Application fees are common in the Financing agreements. When choosing a lawsuit loan company, if their fees are in excess of $1,000 it may be a red flag. The most reliable funding companies may even waive the funding application fee on smaller advances or repeated case advances.
- Check the application for “closing costs” or “broker costs”. These costs should be less than 10% of the total amount funded. This is an item to try and negotiate with the broker and can lead to significant savings. A good closing rate percentage is 7% on the total fundings.
- Check to see the monthly interest rates. Many companies will say they offer non-compounding rates. This is “smoke and mirrors” as their stated interest multiples are often higher than compounding rates.
- Ask your attorney to give you an expected settlement timeline. After obtaining the timeline, compare the payoff tables from multiple companies. The payoff tables are the true indicator and will compare apples to apples with competing contracts.
- Finally, be wary of companies promising more than 20% of you settlement. Remember, the idea is to cover your basic living expenses, not go crazy on spending sprees.
Apply for Pre-Settlement Funding
Once you find the ideal company that you and your attorney agree on, it’s time to apply. As we stated before, you should see a company that does not charge for an application. Ideal companies will have a streamlined application process and quick approval. If you choose the right company, you can get started within 24 hours of applying. If you’re struggling with your living expenses due to a personal injury, pre-settlement funding is what you need.
It’s important to know how to cover living expenses while waiting for a settlement to avoid going into financial debt. Apogee Capital Partners, LLC is a top litigation finance firm. We have an excellent pre-settlement funding program to benefit personal injury victims and plaintiffs. Apply today so you can comfortably cover your expenses while in recovery.