Los Angeles is one of the most highly-populated areas in California and is known for car accidents. According to reports by the National Highway Traffic Safety Administration, over six thousand fatalities were caused by car accidents in 2016. Unfortunately, this number has been rising recently, so pre-settlement financing in Los Angeles has become more popular.
If you are amidst a personal injury lawsuit, you may wonder how you will pay your bills while waiting for a settlement. You may also be wondering if it is worth hiring a lawyer.
The good news is that options are available to you, including Los Angeles pre-settlement financing. This post will answer common questions about pre-settlement funding and how it can help you during your lawsuit.
What is Pre-settlement Funding?
This funding is when a loan company provides you with money upfront before settling your case. This type of funding can be beneficial if you struggle to pay your bills or daily expenses while waiting for the case to settle.
Some cases which may be eligible for pre-settlement funding include:
-Personal injury cases
-Workers’ compensation cases
-Medical malpractice cases
-Discrimination cases
How Does Pre-Settlement Funding Work?
If you have a pending lawsuit, you can apply for pre-settlement funding. If approved, the funding company will give you a cash advance on your future settlement. You only have to pay the company back if you win your case; if you lose, you owe nothing.
How Much Can You Get?
According to LAPD, 486 Los Angeles pedestrians were injured by motorists in 2021. Accidents and personal injury cases like these are eligible for lawsuit loans.
Different factors come into play when determining how much you may be eligible to receive. The most crucial factor is the amount of your expected settlement. Your loan amount will also be based on your current needs and financial situation.
Other factors that will affect your pre-settlement loan amount include:
-The amount of time until your case is expected to settle
-The specific type of case you have
-Your attorney’s opinion on the likely outcome of the case
-The number and complexity of the defendants
-The jurisdiction in which your case is being tried
How Long Does It Take To Get Pre-Settlement Financing in Los Angeles?
It depends on the particular case but generally speaking. It does not take very long to get Los Angeles pre-settlement financing. The loan process can be completed within a few days, and you can receive the funds you need to cover your expenses.
What Are the Benefits of Pre-Settlement Funding?
Here are some benefits of pre-settlement funding:
1) The Process Is Simple and Fast
The process of applying for pre-settlement funding is simple and fast. There is no need to go through a lengthy and complicated application process. Instead, you only need to submit your case information online or over the phone, and you can get the total money in as little as 24 hours.
2) It Helps to Even the Playing Field
If you have been in an accident, you know that insurance companies are not on your side. The goal is to pay as little money as possible, and they will do whatever it takes to achieve that goal. Unfortunately, injury victims are at a disadvantage when negotiating a fair settlement.
Pre-settlement financing levels the playing field by giving you the financial resources you need to hire a top-notch lawyer to support your case.
Conclusion
Whether you’re waiting on a personal injury settlement, medical malpractice lawsuit, or workers’ compensation case in Los Angeles, pre-settlement funding can help you pay your bills and other expenses. But, simultaneously, you wait for your case to settle.