Did you know there were more than 42,000 truck-accident-related injuries in 2023? The worst part is that a significant number of these accidents are avoidable. Due to the weight and size of trucks, they are more prone to accidents than cars.
If you’ve suffered from an accident where the truck driver was at fault, you can file a personal injury claim to get compensated. That said, how are you supposed to manage expenses till the case is resolved? This is where pre-settlement funding or truck accident lawsuit loans come in.
Keep reading to know what pre-settlement funding is, how it works, and how you can apply for it.
What is Pre-Settlement Funding?
Once you have filed a personal injury lawsuit, the responsible party and their insurance provider will try to draw out settlement negotiations. Their aim? Tire you out so you agree to a lower settlement amount. Truck accident lawsuit loans won’t let that happen.
A truck accident lawsuit loan is a non-recourse cash advance provided to plaintiffs to cover ongoing expenses while their lawsuit is pending. You don’t have to pay back the money until after you receive your settlement.
Remember that it isn’t a traditional loan. You will receive a cash advance based on the strength of the lawsuit, not your credit history. Moreover, if you lose the case, you owe nothing back.
Reasons to Get Pre-Settlement Funding
Here are three reasons you should consider acquiring pre-settlement funding for a truck accident lawsuit:
Long and complex timeline
Truck accident lawsuits are inherently complex and lengthy. The entire timeline is uncertain — it might take weeks, months, or even years to settle. A pre-settlement lawsuit will give you some financial coverage. You can use the funds to pay for urgent and everyday costs such as medical bills, rent or mortgage payments, groceries, utility bills, and childcare. This is especially true if the accident has led to a loss of income and financial stress.
Cover high costs
After filing a personal injury lawsuit, many people are forced to incur debt and credit card bills. A presettlement loan can help you avoid such high-interest loans.
Get negotiation leverage
Without a financial safety net, you might be tempted to accept an inadequate early offer. But a lawsuit loan will give you and your attorney the necessary time and resources to build a strong case. You will be able to negotiate for the maximum compensation possible.
Who is Eligible for Pre-Settlement Funding
You are eligible for a truck accident lawsuit loan if:
- You were seriously injured in the accident.
- You have a strong case against the responsible party.
- You are working with an attorney on a contingency basis.
How to Get a Truck Accident Lawsuit Loan
Follow these steps to acquire funding for your truck accident lawsuit:
- Make sure you’re qualified. Read the eligibility criteria shared by the loan provider.
- Hire an attorney. They will guide you throughout the process.
- Work with a reliable truck accident lawsuit loan provider. Reputable providers like USClaims will review the necessary documents and approve the funding as soon as possible.
