Can a Lawsuit Loan Be Used to Pay Medical Bills?
Individuals awaiting a settlement for their personal injury or medical malpractice suits may be forced to spend months or years without the funds they need before the lawsuit settles. When injury victims pursuing a lawsuit have injuries or medical needs, this long wait time can lead to pain, worry, and further financial difficulties.
At Money First Funding, we understand this pain and work hard to help them access the funds they need while their lawsuit settles. If you’re seeking a lawsuit loan or pre-settlement funding and you’re wondering if a lawsuit loan can pay medical bills, read on to hear from our trusted team what you should know.
Lawsuit Loans Explained
A lawsuit loan provides a cash advance for a pending lawsuit settlement and a variety of cases can qualify. This relatively new form of funding is non-recourse, meaning you will only owe the lender money if you win your case and receive a settlement. If you lose your case, you will owe nothing.
Unlike other loan types, lawsuit loans are based solely on the details of your case. No credit check or consumer report is required. When you apply for a lawsuit loan, the lender will review the details of your case to determine whether you qualify. This safe loan type allows you to get the money you need now, not months or years later when your case settles.
Lawsuit loans can even result in a higher payout for your settlement. Insurance companies may offer you a settlement sum below the number you need to settle faster and avoid paying you what they might if the case went to trial. When individuals are in need of money, they may be forced to agree to this low deal because getting some money now is more critical than waiting in hopes of a larger sum.
With a lawsuit loan, you can get the support you need to be patient and fight for your highest settlement without financial struggle. The money you get can be spent on what you need when you need it.
Lawsuit Loan Spending Limitations
In most cases, a lawsuit loan lender doesn’t limit what your loan can be used for. This gives you the freedom to use the funds for what you need in your unique circumstances. For some individuals, their injuries may have prevented them from working, which has left them struggling to pay their rent. A lawsuit loan provides the aid they need to do so.
If an individual has undergone treatment for their injuries including surgery, hospital stays, or costly medication, they may have amassed medical bills they’re struggling to pay. A lawsuit loan can ease this financial burden and allow you to focus on recovering without worrying about affording it before your settlement arrives.
Cover Your Medical Bills with a Lawsuit Loan
At Money First Funding, we know how difficult it can be to wait for a lawsuit to settle and balance all the unexpected bills that incur from the recovery process. If you’re struggling to afford medical bills or other financial needs, we’re here to help.
We provide safe pre-settlement funding that can be spent on whatever you need to recover, and we only require you to pay us back if you win your case. We also work to keep our interest rates fair so unexpected fees don’t sneak up on you when it’s time to pay your loan back. Our commitment to transparency and to serving your immediate financial needs so you can recover ensures you feel safe when partnering with us for pre-settlement funding.
To learn more about our lawsuit loan options and how we can help your needs, give us a call at 702-623-3333 or fill in our online contact form today.