Were you hurt in an accident caused by a negligent person? Read our article about personal injury settlement advance specialists. Call us!
Experiencing a personal injury due to someone else’s carelessness is frightening and can be devastating financially. If you’re hurt and can’t work, a no-risk cash advance may be the best way to help you survive financially until your case settles.
If you’re reading this, you may have been seriously hurt in an accident caused by negligence. You’ve probably missed a good deal of work. If so, you’re likely worried about how you’re going to pay the bills until your claim settles.
We’re here to help. Our team offers pre-settlement funding. Contact us today to find out how a personal injury settlement advance can be the solution to make ends meet.
Personal Injury Settlement Advance Client Story
The client story below is intended to answer some of your questions about pre-settlement funding. Though names and details have been changed to protect our client’s privacy, it will help you understand how pre-settlement funding can help you survive financially while you wait for your claim to settle.
Rashida Alvarado heard the creak of her old metal mailbox’s hinge as she finished washing dishes at the kitchen sink and set the last bowl into the dish drain. She’d been on her feet for just over ten minutes, and she knew she’d better sit down before she found herself on the floor.
Three and a half months earlier, Rashida had been driving home from work on a Friday, singing along to the songs coming through her car’s Bluetooth when she was broadsided by a drunk driver running a red light. She had woken up in the hospital with a traumatic brain injury.
The drunk driver had been arrested and charged and Rashida’s personal injury attorney was confident of a successful outcome to her claim. She focused her energy on recovering from her injuries as her attorney worked toward the resolution of her claim.
The problem was, her bills didn’t seem to get the memo that the money hadn’t arrived yet. Day after day, the expenses of life just kept rolling in. Before Rashida knew it, her “rainy day” savings was just a memory.
Rashida had been out of work since the accident. Even after three weeks in the hospital and a month at a rehabilitation facility, she still suffered from severe daily headaches, and if she stayed on her feet too long, she could expect to have a seizure and wake up on the floor.
Rashida started toward the door to get the mail, but the familiar sparkling lights to the right of her field of vision stopped her. Warning sign. She backpedaled two steps and lowered herself into a chair at the dining room table to rest.
This was so frustrating. Rashida’s sister Lina loved to remind her that she was lucky to be alive; as it was, the crash had left Rashida in a coma for over three days. But while was grateful to have survived, there were times her current condition brought her to near panic.
She’d begun seeing a counselor to adjust mentally and emotionally to her current limitations in hopes of mitigating the suffocating panic attacks. She could sit at her laptop for short periods of time, but prolonged light from the monitor alone could spark a seizure, even while sitting. And reading a book or a screen while experiencing an aura was out of the question. When the “light show” appeared, all Rashida could do was wait.
She’d always had a “hard-charging” personality. She’d run at a goal at “full tilt” until she achieved it. Accepting that her current condition was preventing her from living her life was tough to take.
And the finances… she didn’t even want to think about it right now. She couldn’t work, but she the bills kept coming.
After fifteen minutes of box-breathing and mindfulness meditation, Rashida eased out of the chair and went to the mailbox. Three new bills. She knew her lawyer was confident the upcoming case resolution would be a success, but she wasn’t sure the family could weather it financially.
Rashida’s mom was helping as much as she could, taking her son Ryan to save on the cost of daycare and occasionally giving them gift cards to the grocery store, but they were still sinking. Rashida’s husband had been shouldering the brunt of the family finances since the accident and it wasn’t enough.
Rashida took a calming breath and dialed her lawyer’s office. She was received cordially, but there was no news yet on settlement developments. She thanked them, then hung up and called Lina, gripping the phone with white knuckles. By the time her sister answered, Rashida was in tears.
They talked for half an hour. Though Lina was younger, she’d always behaved like the older sister. She had a way of easing Rashida’s worries that always made her feel better.
It was during that call that Lina told Rashida about Fast Funds. “
They offer pre-settlement funding,” Lina said. “It’s an advance on your settlement to help you survive financially until your claim is resolved. My coworker Jennifer got one last summer; remember Jennifer? She was injured in the jet ski accident.”
Rashida did remember Jennifer. “She went with a pre-settlement advance? I thought those things were scams,” said Rashida hesitantly.
“They’re legitimate financial options in several states. When you go through a reputable company, they can be lifeline for people too injured to work while waiting for a claim to settle,” said Lina.
“Can you text me the number for Fast Funds, Li? I just had a light show, so I’d better not go staring at a monitor screen right now.”
Is there a fee to apply for a pre-settlement advance?
They ended the call and Lina texted the number for Fast Funds to her sister. Rashida made the call and was connected to one of the representatives, Jason Braxton. She told him before she could proceed, she needed to know what the application fee was.
Mr. Braxton told Rashida there were no application fees and directed her to the website to fill out a quick online application.
When Rashida explained that she had strict screen time limitations due to her condition, he said, “Let’s go through any questions you have about the pre-settlement process. If after that, you’d like to pursue an advance, we can open your application over the phone.”
Rashida agreed and asked several questions.
What exactly is a pre-settlement advance?
She began by asking Mr. Braxton to elaborate on what a pre-settlement advance is and why it may be a good option for her.
“A pre-settlement advance is a purchase of a small portion of the estimated proceeds of your settlement. There are no hidden fees or up-front costs. We also don’t charge interest, no matter how long it takes to resolve your settlement, and your credit score won’t interfere with your eligibility.
“These funds typically help claimants survive financially until their case is resolved. It also serves to save them from having to give in to the pressure to accept a lowball offer from the insurance company out of desperation.
Some of the things people use advance money to pay for include medical bills, rent, college tuition bills, getting to and from work, and keeping the lights on.
“Many states don’t permit pre-settlement advances, but you are eligible to apply in the state of Florida.”
“Well, it sounds like a resource a lot of people could use,” said Rashida.
Do I have to tell my lawyer I’ve applied for a settlement advance?
“Will I have to contact my attorney to let her know I’m applying for this funding?” Rashida asked.
“Yes, after you fill out an application, we ask that you call your attorney to give them permission to share the details of your claim with us. We’ll need to gather some paperwork from their office to verify the case specifics and the defendant’s insurance coverage, as well as the nature of your injuries and the damages resulting from them.
“We’ll get back to you as soon as we verify the information,” Mr. Braxton said.
How long does it take to get a pre-settlement advance?
“How long will the process take? I’m hoping for a speedy turnaround, if possible,” Rashida admitted, a little embarrassed.
“We understand how tough waiting for your claim to settle can be, Rashida. Please know that your position is completely understandable and quite common. There is absolutely no shame in needing to keep the lights on while your case is pending,” said Mr. Braxton.
“The good news is, we work quickly, so the timeframe for receiving your money will only hinge on how quickly your attorney gets us the documentation we need to process your application.
“When we have that information, we’ll call you and make an offer based on the amount you need and the anticipated value of your claim. If you approve of the offer, we’ll send you a contract to sign right away,” said Mr. Braxton. “As soon as we get back the faxed copy of the signed contract, we’ll send your money, either via the postal service, FedEx, DHL, or a wire transfer directly into your bank account.”
What if I lose my claim?
“My attorney is very optimistic for a successful outcome to my claim,” Rashida said, “But what if I lose my case after I’ve taken the advance?”
“If we fund a pre-settlement advance and you lose your claim, you won’t owe us anything. It’s what is called a ‘non-recourse loan,’ which means we can’t come after you for any monies we’ve advanced if you lose your case. So, in truth, you’ve got nothing to lose.”
How much would you recommend I borrow?
“This sounds like a solution with real potential,” Rashida said. “Are there guidelines for figuring out how much I should borrow?”
“Excellent question,” said Mr. Braxton. “This type of advance is ideal for people who need cash to help them bridge the gap between their accident and receiving their settlement. We recommend you start by determining how much you really need.
“There will be a minimum as well as a maximum borrowing limit on your advance. These will depend on how strong your case is. We recommend you limit your advance to the amount you really need the first time around. If you need more, you can repeat the advance process.
“Since what you can borrow will depend on how much insurance is available, how severely you’ve been injured, and the likelihood of successfully resolving your claim, I’ll be able to give you more information on your minimum and maximum limits after we receive the necessary paperwork.”
Rashida was satisfied with the information she received during her call with Mr. Braxton. She moved forward with her pre-settlement advance, which enabled her family to pay the bills until she won her claim.