Pre-settlement funding for workers’ comp and workplace negligence lawsuits is essentially a non-recourse funding that provides financial support while waiting for the settlement payment from the lawsuit. It’s not considered a loan and doesn’t require income verification, or collateral. Instead, the funding is based on your future award.
Since lawsuits can take several months or years to settle, workers’ comp pre-settlement funding is a type of funding that puts money in your pocket now to help cover medical and living expenses while your case is ongoing. Unlike a loan, pre-settlement funding offers non-recourse terms, meaning the claimant isn’t obligated to repay any of the money if the case doesn’t settle.
Do You Need Workers’ Comp or Workplace Negligence Pre-settlement Funding?
A pre-settlement funding is a financial tool that aids individuals navigating workers’ comp or workplace negligence cases, providing relief from the financial strain of utility bills, medical expenses, and other basic needs while awaiting settlement. The extended duration and uncertainty of workers’ comp cases can create financial stress, making pre-settlement funding a valuable solution for those in need.
How Workers’ Comp & Workplace Negligence Pre-Settlement Funding Works
When it comes to workers’ comp and workplace negligence pre-settlement funding, the process is straightforward. The first step is to apply for funding, a process that doesn’t involve an employment status check like a loan does. Once the application is approved, the funding is provided quickly and is available to use to cover financial needs during the case. Repayment is only required if the workers’ comp case is successful.
Workers’ Comp Vs. Workplace Negligence
Workers’ compensation is a system that provides benefits to employees who suffer work-related injuries or illnesses, regardless of fault. Workplace negligence, on the other hand, involves proving that an employer or third party was at fault for causing an injury or illness.
For example, if Jim slips and falls at work, resulting in a back injury, he will likely file a workers’ comp claim. On the other hand, if a delivery truck hit him while he was working, and it’s determined that the driver’s negligence caused the accident, it could be considered workplace negligence rather than a worker’s comp case.
Covered Types of Workers’ Comp
Workers’ compensation claims typically cover a range of injuries and illnesses that occur in the workplace, making them different from a personal injury. Injuries such as back strains, fractures from falls, carpal tunnel syndrome from repetitive motions, and even stress-related conditions like anxiety or depression that are a result of work-related factors are often eligible for workers’ comp claims.
Additionally, occupational illnesses like lung diseases from exposure to toxic substances would likely qualify for workers’ comp benefits, making them eligible for pre-settlement loans.
Have you been involved in an workers comp’ claim and need help with pre-settlement funding? Oasis is here to help!
Covered Types of Workplace Negligence
Workplace negligence incidents may include slip and fall accidents, faulty equipment leading to injury, exposure to hazardous substances, or inadequate safety protocols. Unlike workers’ comp claims, workplace negligence cases require the claimant to prove fault or negligence on the part of the employer or a third party.
Workers’ Comp (No-Fault) vs Workplace Negligence
Workers’ compensation cases operate on a no-fault basis, meaning the injured party is entitled to benefits regardless of fault.
In workplace negligence claims, demonstrating negligence or misconduct is crucial for the claimant to seek compensation for medical expenses, lost wages, and other damages. This important distinction places the burden of proving fault squarely on the claimant’s shoulders. Unlike workers’ comp cases, workplace negligence claims demand evidence and a clear demonstration of the other party’s responsibility for the injuries sustained.
The shift from a no-fault to a fault-based system requires thorough documentation and legal support to thoroughly back up the claimant’s case. Because of this, claimants in workplace negligence cases often require robust legal representation and the ability to present a compelling case to establish liability.
Is There a Pre-settlement Limit?
Oasis sets pre-settlement limits. The funding limits are largely dependent on the variables of the plaintiff’s case, which can include:
- Strength of case
- Potential amount of settlement
- Current and future lost wages
- Insurance coverage
- Extent of injuries
- Current and future medical bills
- Estimated legal fees and court costs
- Expected case length
- Any previous funding received, if applicable
Can I Have More Than One Round of Pre-Settlement Funding?
It is possible to receive multiple rounds of pre-settlement funding, but this depends on the details of your case and any recent developments, such as additional medical treatments or procedures.
A few reasons someone may need to take out additional pre-settlement funding may include:
- Miscalculation of financial needs
- The case taking longer than expected to settle
- Experiencing additional loss of income
- Having more medical expenses than anticipated
Pre-Settlement Funding FAQs
Pre-settlement funding provides many advantages to a plaintiff but there are still factors to consider before taking out pre-settlement funding.
What are the Risks of Pre-Settlement Funding?
Pre-settlement funding is categorized as a non-recourse obligation. This means you won’t be responsible for repaying if your case doesn’t win, making the financial risk for you very low.
What Is the Probability of Defaulting?
Since Oasis only collects fees if your case is won, you aren’t at risk of default.
Choosing the Right Pre-Settlement Company
When searching for a pre-settlement firm to work with, choose one that has a transparent process, no hidden fees, and a fast approval timeline.
Why Choose Oasis Financial?
For more than 25 years, Oasis Financial has helped over 350,000 individuals and families get financial assistance when they most needed it. As the industry leader, we pride ourselves on our compassion and highly personalized customer service.
Does Oasis Service Your State?
Oasis only provides funding for Workers’ Compensation cases in Illinois, Missouri, New Mexico, Ohio, and South Carolina.
The states in which Oasis provides pre-settlement funding include: 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 offers financial support and provides relief from financial pressure regardless of one’s financial situation.
Oasis Financial has a hassle-free application process that doesn’t require any out-of-pocket fees. Refer to our FAQ page for answers to common questions. For additional information or to get started on your application, connect with one of our dedicated customer service representatives through our application page.
We look forward to working with you! Better Days Start Today.
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.