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Being injured in an automobile accident, in a slip and fall accident, or as a result of another individual’s negligence can be a life-changing event. When these things happen, they can catch you off guard. You begin the day expecting to go about your daily activities. The day ends with you sitting in a hospital bed struggling to recover from your injuries.
It would be great if you could focus all of your time and your energy on recovering. However, for most people, their financial circumstances do not allow them to do this. Even as they are in the hospital struggling to recover, in their mind, they are thinking about how their accident is going to affect their ability to work. They are thinking about whether or not they’re going to be able to cover their basic expenses, like rent and food. They are worried because they know that every minute they are in the hospital, their hospital bill is growing. A lawsuit loan may be the tool that you need to help you get through the financial difficulties associated with a personal injury.
What Is a Lawsuit Loan?
When you first hear the term lawsuit loan, you may be thinking that you are being offered a loan to help you cover your finances as you’re going through the process of getting financial compensation for your injuries. Lawsuit funding is not a loan. Instead, this is a specialized financing provision that provides you with a level of safety and security you would not see with a typical loan.
When you get a loan from a financial institution, you are putting yourself in financial jeopardy. The financial institution requires you to be able to pay back the money that you borrowed plus interest within a set period of time. Lawsuit funding, on the other hand, is different.
With lawsuit funding, the funding institution purchases a portion of your future settlement. In exchange, they pay you a set amount of money. Repayment of that money is contingent on the fact that your personal injury claim is successful. If for some reason you do not win your case, you do not owe anything. There is no bank that will loan you money and then tell you that if you don’t win your case, you do not have to pay them back. It does not work that way with banks and other financial institutions. However, it does work with lawsuit funding.
Lawsuit funding is not dependent on your credit or your employment. Since the repayment of funds is contingent on you winning your settlement, it does not matter if you have bad credit or no employment. Everything centers on the quality of your personal injury case.
It is easy for you to qualify for a lawsuit loan. You will need to go through an application process, and we will need to communicate with your attorney in order to understand the specifics of your case. Once lawsuit funding has been approved, the money can be given to you in short order.
Lawsuit Funding Gives You Power
As you are sitting in the hospital bed or as you are sitting in your home while recuperating and worrying about expenses, it’s easy to feel powerless. Insurance companies know how powerless you feel and how powerless you truly are. They know that every single day you cannot work is another day that you cannot cover your expenses.
They use this to their advantage as they attempt to pressure you to accept a settlement that is a lot lower than what your case is truly worth. The insurance companies have billions of dollars behind them. So they can wait as long as they want to settle your case. They are in a position of power. They hope that if they wait you out, your financial circumstances will become so dire that you will happily accept anything they offer you.
Lawsuit funding gives you power because you can use the money that you receive to cover your expenses, take care of your family, focus on healing, and negotiate with insurance companies on level footing.
Once your case has been settled, the lawsuit funding institution will take the portion that they previously purchased from you. The rest of the settlement is yours. You have no loans to repay. You can now focus on rebuilding your life and repairing the damage done by your personal injury.