Uses for Pre-Settlement Funding
Pre-settlement funding uses include helping people with personal injury lawsuits to pay bills.
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Popular Pre-Settlement Funding Uses
Pre-settlement funding, also called pre-settlement financing, helps individuals who are involved in personal injury lawsuits. Funds act as a bridge to help close the financial gaps between when an accident occurs and when settlement funds are awarded. Like any type of funding, the amount depends on a variety of factors. Pre-settlement funding from Fast Cash Legal can be awarded very quickly. And, it is only paid back if the settlement is won in the borrower’s favor. So, what are some pre-settlement funding uses? Here are some examples to help better understand the purpose of pre-settlement funding.
Make Up for Lost Wages
If you’ve had a serious accident that has left you with no other choice than to seek damages, chances are that you are left pretty impaired. It would be unlikely that you would be able to return to work or be operating at normal capacity the next day, week, or month even, which means that you are losing out on your earning capacity.
Pre-settlement funding to make up for lost wages is another popular way that people spend these funds. Say you’re a stay-at-home mom that now needs to hire round-the-clock child care. Or, maybe you are missing out on commuting to the office because you are stuck in bed. If you’ve had an accident, pre-settlement funding helps to offset lost wages or productivity due to that accident. Ideally, pre-settlement funding is used to replace things that a typical paycheck would cover.
As you can see, pre-settlement funding helps people who cannot make ends meet due to an injury that was not their fault. Pre-settlement funding is not a way for someone to get rich quickly. It’s also not for spending on something like a luxury vacation. In nearly all cases, pre-settlement funds are used because the individual has been left in a financially unstable condition due to the outcomes of an unforeseen accident. So, are you thinking about applying for pre-settlement funding? Remember that these funds are designed to help you to get back on your feet.