Workers’ compensation settlements can take time. Your money is coming, but not immediately. Sometimes, a lengthy court case is involved, potentially carrying on for years. In that time, your life will continue, with the bills and expenses you naturally accrue piling up. In many workers’ compensation cases, that can include expensive medical bills.
You may need a payout before your workers’ comp money arrives just to be able to survive. Luckily, there are options that can get you a payout when you need it. If you need a settlement payout in advance, you may want to consider a lawsuit loan with the team at Silver Dollar Financial.
What Is a Lawsuit Loan?
A lawsuit settlement loan provides money in advance for your lawsuit or compensation settlement. In essence, the lender is buying your winnings from a suit, paying you what is expected to be rewarded to you by the judge. You get your money early, paying the lender back when you finally receive your settlement.
In addition to keeping you afloat, a lawsuit loan can also be a tool for negotiation. If you are already receiving a payout, you can hold out for a larger settlement, unencumbered by desperation. If the defendant is not offering fair compensation, you will have time to take your case to trial safely.
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Do I Need an Advance on My Workers’ Compensation Settlement?
The first question you must ask yourself is, how badly do I need this settlement money, and how long can I comfortably go without it? If you are sure of a speedy, adequate payoff, which can be tough to get, pre-settlement funding may not be right for you. Maybe your savings can carry you through, though that can backfire fast.
However, it is possible that the one responsible for paying you may be dragging their feet, offering you far less than you feel owed. Often if they feel you need the money immediately, they will use this to their advantage. You may need to take the matter to court, which is expensive and time-consuming.
Of course, you may also simply be waiting for your cash in a time of need, paying off hospital bills you cannot afford. In those cases, a personal injury lawsuit loan will help you through it.
What Is a Non-Recourse Loan?
A recourse loan is a loan wherein if the borrower fails to live up to their part of the agreement, the lender may seize the collateral involved in the loan. If that does not fully pay off the debt, they may come after the borrower’s other assets or garnish their wages. Fortunately, that is not how our agreements work.
A non-recourse loan is one in which the lender cannot go after the borrower’s other assets. Many banks will not offer non-recourse loans, and the interest rate tends to be high, but you, as the borrower, are protected from legal action if you default. In a lawsuit loan, the collateral would be the settlement payout, to be paid back after receiving it.
How do I Apply for a Workers’ Compensation Lawsuit Loan?
The first thing you will want to do is talk to a lawyer. They will better understand the legal process and can better advise you. Your lawyer can help you understand how much money you can expect for your case and confer with the lender to get your loan.
You should find a reputable lender, like our lawsuit loan team, and fill out our application. It is essential to be smart with this, as different lenders will have different interest rates and terms.
When once we have reviewed your case and chosen how to respond, you then review the contract with your lawyer and only accept when you are entirely confident it is right for you. From there, you can expect your payout to arrive quickly.
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Benefits Injured Workers Can Expect
The state of Georgia offers several guaranteed benefits through workers’ compensation as long as you apply for it within the allotted time and are eligible. Depending on the claim, you have only a short time to file a workers’ comp claim. The longer you wait, the more likely insurers will assume your injury is not severe.
Unless there are delays, you will receive your first compensation within a few weeks after you report your injury and weekly after that. The specifics of your workers’ comp benefits will depend on the details of your injuries and what benefits you need.
All costs related to medical expenses will be covered. That includes the following:
- Doctor’s visits
- Hospital stays
- Tests and procedures
- Prescribed medicine
- Ongoing procedures such as physical therapy
You are meant to choose from an approved list of medical professionals, but you are allowed to visit the nearest emergency room or urgent care after your accident. If you do not visit one of the authorized doctors, these funds may not be provided.
If you are out of work for more than seven days, you can receive a weekly income equal to two-thirds of your average weekly earnings. However, this ends at four hundred weeks, regardless of your recovery.
If your injury prevents you from returning to work, rehabilitation support is also provided. This also applies if you keep your current job but your performance is affected by the injury.
Those who have lost a family member in a work accident may be due help. For the families of workers killed on the job, you first should not have to pay for funeral and burial expenses. In most cases, these can be covered and paid for by your benefits.
If you are a spouse of a dependent, you can also receive two-thirds of what your loved one earned. This is capped at $150,000.
Get an Advance on a Workers’ Compensation Settlement With Our Team
If you find yourself in need of a quick payout from your workers’ compensation settlement, Silver Dollar Financial will get you the advance you need. We are a lending company designed with the needs of our clients in mind, working to get you the compensation you need when you need it.
Reaching out to us is fast and free, and if you lose your case, we will not expect you to repay your loan. You can reach us by calling or completing our online contact form.