If you’ve been injured and someone else is at fault, you may be able to file and win a lawsuit. Receiving a settlement can help you get back on track after an accident by covering medical bills, lost wages, and any other charges you may have incurred. However, routine expenses and medical bills while waiting for a possible settlement can add up, especially if you are unable to work due to your injuries.. Fortunately, there are many financial companies that offer pre-settlement funding that can help you cover those types of routine personal expenses while waiting for your settlement.
How do accident loans work?
First, accident loans can be a misleading term. In actuality, the help you are seeking is pre-settlement funding, which in some cases does come in the form of a loan. In most cases, you are assigning a portion of the pending proceeds from your legal claim. The process of getting an accident loan or pre-settlement funding is fairly simple. First, you’ll need to fill out an application, which you can usually do online. The provider will then look into the details of your case, with the help of your attorney, to determine whether you qualify and how much funding you will qualify for. Once you’ve been approved, they will transfer the money to you via a wire or a check. Then, you can use the money to pay for any relevant expenses, such as medical bills and rent. Once your case is settled, you will repay the funding company along with any fees. One repayment option, and the one most chosen, is to direct your attorney to payback directly from your settlement.
When should I consider filing a lawsuit over an accident?
There are a number of instances in which you may want to consider filing a personal injury lawsuit. Some of the most common include:
- Car accidents. If you were seriously injured in a motor vehicle accident that wasn’t your fault, you may be able to pursue a bodily injury settlement in addition to an insurance payout. In this instance, the lawsuit would cover medical care as well as property damage from the incident.
- Injuries on public property. If you were injured as a result of a poorly maintained public property, you may have a case for a lawsuit. This is also true if you were injured in a retail store, restaurant, or any other private property that is licensed for public use. Some common instances of this are falling on poorly maintained stairs or floors, or injuries resulting from ceiling collapses.
These are the two most common reasons to file an injury lawsuit, but there are many other cases which may qualify. If you have been injured in any way at the hands of another party, it’s worth talking to a lawyer to get their perspective on the situation. You might be surprised by how much legal power you have as the injured party. If needed, pre-settlement funding is one way to help cover your medical costs and any other financial challenges that come up in the short term as you deal with the fallout from the injury and wait for your settlement.
Oasis provides pre-settlement funding, also known as consumer litigation funding, to its customers through different products depending on their state of residence or cause of action. Many consumers will be provided pre-settlement funding in the form of a purchase agreement, which assigns a portion of the pending proceeds from their legal claim. Other consumers, such as those in CO, IL, MN, MO, SC, WI and some OK residents, will be offered a funding in the form of a pre-settlement loan, sometimes referred to as a lawsuit loan. These transactions have important differences, therefore, consumers should carefully review and be aware of the type of transaction that is offered to them by any funding company.