South Carolina’s Workers’ Compensation Pre-Settlement Funding

Navigating a workers’ compensation lawsuit in South Carolina can be a long, stressful process—especially when bills start piling up. That’s where pre-settlement funding can help. Unlike a standard loan, pre-settlement funding provides you with cash upfront based on the potential outcome of your case. There are no monthly payments and, if you don’t win your case, you don’t owe the funding back. It’s a risk-free way to stay financially stable while waiting for your settlement, without the hassle of complicated loan applications.

Do You Need Workers’ Comp Pre-Settlement Funding?

Someone involved in a workers’ compensation case might turn to pre-settlement funding when financial pressures mount as they await the resolution of their claim. This can be especially true for those unable to work due to their injuries, leading to lost wages, or for individuals facing uncovered medical expenses. Delays in the claims process can make it difficult to keep up with essential costs like housing, utilities, or groceries. Pre-settlement funding offers a practical solution by providing much-needed financial support, helping injured workers stay on top of their expenses while their case unfolds.

How Workers’ Comp & Workplace Negligence Pre-Settlement Funding Works

The pre-settlement funding process in South Carolina starts by requesting the funding, where the worker submits their case details for review. If approved, they’ll receive the funding as a cash advance, typically within a couple of days, whereas 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 amount, whereas a standard loan requires monthly payments regardless of the case’s outcome.

Pre-Settlement Funding in South Carolina for Workers’ Compensation

South Carolina workers’ compensation laws provide benefits to employees injured on the job. Specific state laws regulate how claims are handled, ensuring that injured workers receive financial assistance for medical bills, lost wages, and other related expenses. Here’s an overview of key South Carolina workers’ compensation laws and regulations and how pre-settlement funding for workers’ compensation cases can assist in navigating this process:

1. Statute of Limitations
   • Injured workers must report the injury within 90 days and file a workers’ compensation claim within two years from the date of the injury. Filing outside this window typically disqualifies the claim, though rare exceptions exist, such as employer misconduct or cognitive disability​.
2. Medical Care Requirements
   • Employees must seek treatment from a doctor approved by their employer’s insurance provider. This is crucial for eligibility and compliance with workers’ compensation rules.​
3. Benefit Coverage
   • Workers’ comp covers necessary medical expenses, rehabilitation, and a portion of lost wages (usually around 66.67% of the worker’s average weekly earnings). Benefits may extend to dependents in the case of a work-related death.​
4. No Retaliation
   • State law protects employees from retaliation by their employer for filing a workers’ comp claim in South Carolina​.

Covered Types of Worker’s Comp

Certain workplace injury or illness scenarios may qualify an employee for a workers’ compensation claim and, by extension, pre-settlement funding. Unlike personal injury claims, these incidents arise directly from work-related activities or conditions.

Common injuries and conditions included in South Carolina workers’ compensation requirements for eligibility include:

• Fractures or sprains caused by falls or workplace accidents
• Back injuries from heavy lifting or improper ergonomics
• Repetitive strain injuries, like carpal tunnel syndrome, from repetitive tasks
• Work-induced stress disorders, including anxiety or depression stemming from job demands

Additionally, occupational diseases, such as respiratory issues caused by prolonged exposure to harmful substances, are frequently covered under workers’ comp in South Carolina. These qualifying claims may make injured employees eligible for pre-settlement funding to help manage financial obligations while awaiting resolution.

How Does Pre-Settlement Funding Work In South Carolina?

Pre-settlement funding offers much-needed financial support to employees recovering from workplace injuries while their South Carolina workers’ compensation settlement is being processed. The process generally involves five straightforward steps to ensure timely assistance.

Step 1. Applying for Pre-Settlement Funding

Applying for pre-settlement funding is designed to be as stress-free as possible, especially for those dealing with the challenges of a workers’ compensation claim. To prepare, gather documentation such as details of your workplace injury, evidence that supports your claim, and your attorney’s contact information, as they will play a crucial role in the process. Prior to applying, it is important  to first consult with your attorney to learn if pre-settlement funding is appropriate for you and your case.

To qualify for pre-settlement funding:

• You must have an injury claim. This means you’ve filed a valid workers’ compensation case related to your accident or illness.
• Your injury must be a result of the type of lawsuit you’ve filed. For workers’ comp funding, this means your injury or illness must be work-related, such as a fall or exposure to hazardous materials on the job.
• You must be a resident of the state where you apply for legal funding. For South Carolina applicants, this ensures you meet the legal residency requirement for state-specific funding.

In South Carolina, the process involves ensuring your worker’s compensation claim adheres to the state’s eligibility rules. As noted above, this includes reporting the injury within 90 days and filing the claim within two years.

Step 2. Case Evaluation

When applying for pre-settlement funding, the pre-settlement funding company evaluates your case to determine how much you can be approved to receive. This evaluation is based on several key factors, such as:

• Strength of your case – The likelihood of your case succeeding and the potential for a favorable outcome.
• Estimated settlement amount – The expected value of your claim based on similar cases or the compensation you’re seeking.
• Case timeline – How long it might take to settle your case and whether there are any delays that could affect when you’ll receive your settlement.
• Severity of injury – The extent of your injuries and how they affect your ability to work and your overall quality of life.

These and other factors help the lender determine how much funding can be provided.

Step 3. Funding Approval

The approval process for pre-settlement funding is typically quick, often taking just a few days to a week, depending on the complexity of your case. In most situations, applicants can expect a response within 24 to 48 hours after submitting their application, as long as all necessary documents are provided.

The approval rate for pre-settlement funding is generally high, especially if you have a strong case and meet the funding company’s criteria. While each case is unique, many individuals seeking funding are approved, particularly when they can show clear evidence of their injury and its impact on their ability to work or pay bills. However, it’s important to remember that approval is based on the details of your case, so there is no guarantee.

Step 4. Pre-Settlement Funding Agreement

After approval, the last step before receiving your funds is for Oasis Financial to gather signatures from both you and your attorney. This signed pre-settlement funding agreement outlines the terms, payment schedule, and applicable rates. Once all documents are signed and everything is in place, the funds will be promptly released.

Step 5. Pre-Settlement Funding Process

Once your pre-settlement funding is approved and all necessary documents are signed, the funds are typically disbursed quickly, often within 24 to 48 hours. The full approved amount is usually provided at once, but it can vary depending on the funding company and your specific case. The funds are typically delivered through Western Union, direct deposit or a check, depending on the preference of the customer and the funding company’s process.

Is There a Pre-Settlement Limit?

The funding limit for pre-settlement funding is set by Oasis or your pre-settlement funding provider and is based on several key variables related to the plaintiff’s case. Variables impacting funding limits include:

• The strength and merits of the case, including evidence, liability, and damages
• Lenders assess the potential value of the settlement, as the loan amount is based on a percentage of what the borrower expects to receive
• How far along the case is in the legal process
• The severity and long-term effects of the injury (e.g., permanent disability, medical treatments required)
• The borrower’s immediate financial needs
• State-specific laws and regulations

Can I Take Out More Than One Pre-Settlement Funding?

Yes, you can sometimes receive more than one pre-settlement funding. However, each case is unique. The funding company will consider the current status of your case and the total amount of funding already advanced to determine whether additional funding dollars are available.

A few reasons why someone may need to take out an additional pre-settlement funding include:

• Miscalculated financial needs
• Case taking longer than expected
• Changes in case dynamics that make it harder to predict the settlement amount or the timeline for resolution

Pre-Settlement Funding in South Carolina FAQs

Pre-settlement funding offers several benefits for plaintiffs, but there are still a few important factors to weigh before deciding to pursue pre-settlement funding.

What are the Risks of Pre-Settlement Funding?

Pre-settlement funding is considered a non-recourse obligation, meaning that if you lose your case, you are not required to repay the money. This makes it a relatively low-risk option for plaintiffs, as you’re only obligated to repay the funding if you win or settle.

What is Non-Recourse?

Non-recourse means you won’t owe anything if your case doesn’t result in a favorable outcome.

What Is the Probability of Defaulting?

Oasis only charges fees if your case results in a win, so you don’t have to worry about defaulting on the funding.

Choosing the Right Pre-Settlement Funding Company

When selecting a pre-settlement funding provider, choose one that offers transparency, straightforward terms, and fast approval.

Why Choose Oasis Financial?

With over 25 years of expertise, Oasis Financial has helped more than 350,000 individuals and families get the financial support they need during difficult times. As an industry leader, we are committed to delivering empathetic, personalized service every step of the way.

Does Oasis Serve Your State?

Oasis only provides funding for Workers’ Compensation cases in South Carolina, Illinois, Missouri, New Mexico, and Ohio.

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 offers essential financial support for those navigating workers’ compensation claims in South Carolina. If you’re seeking pre-settlement funding, our straightforward application process comes with no upfront fees.

For more information, check out our FAQ page or get in touch with one of our helpful customer service representatives via our application page to start your funding process today.