Several legal funding institutions now offer settlement loans, which have the main purpose of alleviating your financial strain while you go through a workers’ compensation claim. These are wonderful loans for people in need. Interest rates can be very low, do not need collateral, upfront costs, or credit checks. Such deals are almost always available at better rates when reviewed by a workers compensation lawyer. And a huge advantage is that the loan is not even paid back if the case does not settle, which adds a lot of security to the injured party.
In order to get the workers’ compensation loan, here is what you have to do.
Hire The Workers Compensation Lawyer
According to law, you can apply for several legal funding solutions when represented by the workers’ compensation attorney, including lawsuit loans and the very useful pre-settlement loans. This practically means that when you are unrepresented during the claim, you will not be able to obtain the loan. As a result, it is very important to find a good attorney to represent you first.
Apply For The Loan
After you retain your workers compensation attorney, it is time to start the application process for the pre-settlement loan. The lawyer will surely recommend some legal funding institutions to consider. You also receive extra help during the process.
Usually, this process just requires that you consult with the legal funding specialist. They analyze the claim’s strength, together with expected settlement amounts. Then, a funding agreement is proposed, including how much money can be offered and the available interest. Always discuss the arrangement with the attorney so that you are sure their expectations align.
Sign The Funding Agreement
You have to sign the funding agreement before you receive the money. Make sure to review everything and read it so that you are aware of what will happen in the future. Basically, the agreement is an offer coming from your lender. It includes agreement terms, like how much money you will receive, potential fees, and interest.
Do not sign without carefully reviewing this agreement. It is a very big part of the application. It is your responsibility to make the payment if the case result is the much-expected settlement.
Get The Money
After reviewing the funding agreement that was proposed by the lender, it is time to decide if you sign or not. It is a very good idea to also discuss the agreement with the attorney just to make sure it is in your best interest. However, you must act fast since the deal is usually valid only for a day or so. If you decide the deal is beneficial for you, all you have to do is sign. Then, you will receive the money you need to pay for your medical bills.
In the agreement you signed, there is a mention of when the money will be delivered to your account. Fortunately for you, there are no restrictions when it comes to using the cash so you can easily deal with unexpected problems that might appear.