Ohio pre-settlement funding for workers’ compensation provides injured workers with cash before their lawsuit settles. Unlike a bank loan, pre-settlement funding only needs to be repaid if the case is won. In contrast, a bank loan has fixed repayment schedules and accrues interest regardless of the case outcome. Pre-settlement funding is risk-free for the borrower, while bank loans involve a financial obligation regardless of legal success.
Do You Need Workers’ Comp Pre-Settlement Funding?
A person might need pre-settlement funding for a workers’ compensation case if they’re facing financial challenges while waiting for their claim to be resolved. Common reasons someone may be eligible for pre-settlement funding include being unable to work due to injury, resulting in a loss of income, or dealing with medical bills that aren’t fully covered. If the claim is delayed, the worker may struggle to pay for everyday living expenses like rent, utilities, or groceries. Pre-settlement funding can provide cash relief in these situations, helping injured workers manage their financial obligations while their case is in progress.
How Workers’ Comp & Workplace Negligence Pre-Settlement Funding Works
The pre-settlement funding process starts by requesting the funding, where the injured worker submits their case details for review. If approved, they’ll receive the funding within a couple of days, whereas other loans can take longer and require extensive documentation. Repaying the funding only occurs if the case is won, with repayment coming directly from the settlement, whereas a bank loan requires monthly payments regardless of the case outcome.
Ohio Pre-settlement Funding for Workers’ Compensation in Ohio
Ohio’s workers’ compensation system benefits both injured employees and their employers. However, workers in Ohio need to report their injuries to their employers promptly. Under Ohio state law, the statute of limitations allows workers one year from the date of the injury, or two years for claims related to occupational diseases, to file a claim for benefits. Claims made after this deadline will be denied, even if they’re legitimate.
Are you involved with a workers’ comp claim and need help with pre-settlement funding? Oasis is here to help!
Covered Types of Workers’ Comp
An employee may be eligible for a lawsuit claim, and thus pre-settlement funding, in several workplace injury or illness scenarios. Since these occur in the workplace, they’re different from a personal injury.
Injuries and illnesses that typically qualify for workers’ comp include:
- Fractures from falls
- Back strains
- Carpal tunnel syndrome from repetitive motions
- Stress-related conditions like anxiety or depression resulting from work-related factors
Occupational illnesses such as lung diseases from exposure to toxic substances would likely qualify for workers’ comp benefits, making them eligible for pre-settlement loans as well.
How Does Pre-Settlement Funding Work?
Pre-settlement funding provides financial relief to Ohio workers injured on the job as they await workers’ compensation claims to settle. The process typically follows five main steps.
Step 1. Applying for Pre-Settlement Funding
You initiate your journey by contacting a reputable funding company, such as Oasis Financial. We’ll guide you through the application process, focusing on essential documentation and any stipulations related to your specific situation. Applying for pre-settlement funding is a quick and easy process that weighs the strength of your case, including factors such as the potential amount of your lawsuit settlement.
Step 2. Case Evaluation
Your funding company will thoroughly review your pre-settlement funding application. They’ll consider the severity of your injury or illness and analyze your case’s strength and potential compensation to determine pre-settlement funding eligibility.
Step 3. Funding Approval
Getting your application approved is a fast process. Oasis Financial prides itself on quick evaluations, with decisions often being made within 24 to 48 hours.
Step 4. Pre-Settlement Funding Agreement
After your application is approved, the last step before funds are disbursed is for Oasis Financial to secure signatures from both you and your attorney. This finalized pre-settlement funding agreement outlines the terms, conditions, and repayment details. Once all documents are signed and finalized, the funds are released.
Step 5. Pre-Settlement Funding Process
Oasis Financial typically delivers funds within 24 to 48 hours post-approval or often the same-day, ensuring you receive essential financial support without delay. Funds are typically paid via Western Union, direct deposit or check.
Is There a Pre-Settlement Limit?
Oasis sets pre-settlement funding limits. The limits depend on case value, taking the following factors into consideration:
- Strength of the case
- Possible settlement amount
- Severity of injuries
- Present and projected medical expenses
- Anticipated legal fees and court expenses
- Lost wages, both current and future
- Available insurance coverage
- Expected length of the case
- Any prior funding received, if relevant
Can I Take Out More Than One Funding?
Although it’s possible to obtain multiple fundings, each will depend on the funding company’s evaluation. You may require additional pre-settlement fundings if:
- The case is dragging on longer than expected
- Initial financial estimates were inaccurate
- Unanticipated medical costs arise
- There is a sudden, additional loss of income
Pre-Settlement Funding in Ohio FAQs
Pre-settlement funding provides many advantages to a plaintiff but there are still factors to consider before taking out a pre-settlement funding in Ohio.
What are the Risks of Pre-Settlement Funding?
Pre-settlement funding is classified as non-recourse, meaning you won’t be required to repay it if your case is unsuccessful. This structure minimizes your financial risk.
Non-Recourse Obligation
Non-recourse means that if your lawsuit doesn’t result in a settlement, you don’t owe anything.
What Is the Probability of Defaulting?
Oasis only collects fees if your case is won, so you aren’t at risk of default.
Choosing the Right Pre-Settlement Company
When looking for a pre-settlement funding company, opt for one with a clear process, no hidden charges, and quick approval times.
Why Choose Oasis Financial?
With over 25 years of experience, Oasis Financial has assisted more than 350,000 individuals and families in securing the financial support they need during critical times. As a leader in the industry, we are dedicated to offering compassionate and personalized customer service.
Does Oasis Serve Your State?
Oasis only provides funding for Workers’ Compensation cases in Illinois, Missouri, New Mexico, Ohio, and South Carolina.
We provide pre-settlement funding in the following states:
Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming
Work with Oasis Financial
Pre-settlement funding provides crucial financial relief for individuals involved in workers’ compensation claims in Ohio. If you need pre-settlement funding in Ohio, our simple application process requires no upfront costs.
Visit our FAQ page for more information on workers’ comp and other types of cases or reach out to one of our dedicated customer service representatives through our application page to begin your pre-settlement funding process.
The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. No attorney-client or confidential relationship is or will be formed by use of the site. Readers of this website should contact their attorney to obtain advice with respect to any particular legal matter. No reader, user, or browser of this site should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction.
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 SC and CO 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.