Pre-settlement funding can be a great way to get some much-needed money in your hands while waiting for your injury case to settle. But, before you can get this type of funding, you need to know how to get pre-settlement funding. Here is a guide on what you need to do to ensure that you can get the money you need.
Reach Out To Funding Firms
Reach out to funding firms that offer pre-settlement funding like Cashinyourannuity.com, JGwentworth.com and Oasisfinancial.com. You will need a good credit rating, no criminal record, and you must be over 18 years of age to apply for this type of loan. You can find these companies that offer these loans through your local bank or the internet.
Most of these will have a simple application process to apply; you will have to provide them with your information so they can pre-qualify you. Some of these companies may even offer you a loan without needing more than a few minutes of your time. This is a great way to find out the necessary information that the company needs to decide whether or not they are going to give you the loan you need.
Take Things To A Lawyer
If you want to make sure that you are doing things correctly, take your documents to a lawyer. They can help walk you through the process of getting this type of funding. This way, you know everything is being done correctly, and there is no chance that you will not be able to get the financing.
A lawyer will have to look over the paperwork you have before giving their approval. If everything looks good, you can go ahead and accept whatever money the company is offering you.
Talk to the Company
Even if your lawyer says that everything looks good, you still want to talk to the company offering the loan. This is your chance to ask any questions that you may have before you agree to take out a personal injury cash advance on your settlement. If you feel comfortable, you can sign the paperwork and get what you need.
You do not want to accept a loan from the first company that offers you. Make sure that you take the time to apply for loans from multiple places. This way, if one of them does not work out, you still have another option for getting the funds you need.
Sign a Contract
If you do not think you can get a loan from a company, there is another option that you can go with. Signing a contract with one of these companies is the only way to get money when your case is not settled yet. You will receive either percent or $500 for signing this agreement, and then after 30 days, you will receive the rest of the money that you need.
The percentage option is great if your case settles in less than 30 days after signing this agreement. However, you do not want to sign up for this option if it takes longer than 30 days for your case to settle because you will be paying more interest than what you initially borrowed. This is why it is essential to determine what you qualify for and how soon you can receive the money.
Settle Your Case
The last step you must take before receiving your settlement check and then paying off the pre-settlement loan is to settle your case. Once this happens, all of the money will be yours, and you will be able to pay the company back and get on with your life.
The longer you wait to receive a settlement or sign up for a loan, the more interest you will end up paying in the long run. You must take action as soon as possible. That way, you can keep more of your money and avoid paying unnecessary interest for waiting too long.
There are many factors involved in whether or not to take out a personal injury cash advance. However, if you can get approved for one and do not have any other way to pay your expenses while waiting on settlement money, then they can be beneficial. It is important for you to explore your options and decide what is best for you.