If you’re involved in a lawsuit and need money to support yourself until the lawsuit is resolved, you might be eligible for pre-settlement funding. The primary benefit of this type of financing is that it allows you to access funds early without having to wait until the case ends in court or by settlement. These are just some of the other benefits pre-settlement funding can provide you with. Learn about them here!
1) Flexibility of payment
When you have a settlement coming up, you’ll be looking for a flexible way to get the money. If you’re in need of pre-settlement funding, ECO can help! They offer payment plans that are customized to your needs and provide our clients with a flexible way to get the money they need when it’s most needed. Plus, with pre-settlement funding, there’s no upfront fee or credit check, so you’ll know exactly how much your monthly payments will be.
2) No upfront fees
One of the best benefits of pre-settlement funding is that there are no upfront fees. Instead, you pay a monthly fee for your guaranteed settlement funds. This makes it easier to budget and plan ahead because you know what to expect with each passing month. It also ensures that you won’t be stuck having to come up with an additional lump sum payment if your case takes longer than expected.
3) The cost doesn’t stop with settlement
The cost doesn’t stop with settlement. Many people think that once they get the settlement they were looking for, they will no longer have to worry about money. The reality is that there can be a significant amount of fees and expenses associated with your case, which can lead to you receiving less than you anticipated. The good news is that pre-settlement funding can help you avoid these problems by providing money upfront, so you don’t have to worry about paying for everything out of pocket after your case has been settled.
4) Convenience of being paid earlier
A pre-settlement funding company will send you the money you are owed before the settlement of your case, which means you can use the money as soon as it is sent to you.
If you do not have a stable job but need cash now, a pre-settlement funding company may be able to provide that for you when traditional lenders cannot or will not.
If your creditor is trying to take money from your paycheck or bank account, a pre-settlement funding company can help you find another way to get money that is yours and can’t be taken by creditors.
5) The peace of mind it brings
Going through a lawsuit can be stressful, especially if you don’t have access to funds for living expenses during this time. A pre settlement loan allows you to cover your living expenses so that you can focus on getting the best possible outcome from your case without having to worry about where your next meal will come from or how you’re going pay your bills.
Misconceptions about pre-settlement funding
Many people have misconceptions about what pre-settlement funding is, and the benefits it can offer. Here are five of the most common misconceptions:
1) People think that they need to be unable to work or in poor health in order to qualify for pre-settlement funding.
2) Some people think that pre-settlement funds come with a high interest rate.
3) Others think that if they use these funds, they will lose all of their rights to compensation.
4) The fourth misconception is that those who apply for settlement funding will be denied access to their settlement funds if they do not win their case.
5) Finally, some people don’t know how much money they can get from settlement funds.