Injuries or medical complications can throw a wrench into everything. It doesn’t matter whether the injury is due to medical malpractice or a car accident—you can secure compensation with a personal injury claim. Unfortunately, while you may get your settlement money eventually, that doesn’t do you any good in the moment. Read on to learn how to receive funding while waiting for a settlement.
What Is Pre-Settlement Funding?
Not everyone knows what pre-settlement funding is, and that’s okay—it can seem confusing at first. After you suffer an injury and start a lawsuit, you’re stuck in limbo. While you wait for settlement money, your expenses continue to accrue.
Pre-settlement funding acts as an advance on the money you think you’ll receive from your lawsuit. There are a few ways to receive this money, which we explain below.
Talk With Your Attorney
The attorney handling your case likely has a lot of experience with people in your position. They’ll have some ideas as to where you can secure financing. They’ll likely point you toward a pre-settlement loan or suggest that you reach out to family and friends.
Look Closely at Your Health Insurance
Many people stow money in their health insurance policies and don’t realize how much they’ve saved until they check. Now may be the perfect time to look into your policies and see whether you can dip into them as you wait for your settlement to pay out. If you’re confused when you look at your health insurance, reach out to a health insurance agent for assistance.
Take Out a Pre-Settlement Loan
Pre-settlement financing is one of the best options available to you. These loans are created to ensure that victims of serious injuries aren’t forced to wait on payments for months or years. Once your settlement is successful and you receive the capital, you can pay off your loan and move on with your life.
Now that you know how to receive funding while waiting for a settlement, you can look into your health insurance and consider a pre-settlement loan to lighten the load on your shoulders.
