The majority of medical malpractice lawsuits will be settled before drawn-out court proceedings drag on, but that doesn’t mean that you always receive the compensation that you need right away. Meanwhile, while your case is progressing or a settlement is being negotiated, you’re often left with very real expenses as a result of the malpractice. Medical malpractice lawsuit loans can be a great way to get the capital when you need it to get out from under the financial burdens the incident caused, without waiting while your case is crawling through the legal system.
Pre-settlement funding for malpractice suits does more than just buy you a little financial flexibility. The cost of expenses like medical treatment and lost wages are very real, and even if you have a settlement coming, debt piling up in the meantime has real consequences for your quality of life, future financial situation, and ability to get the treatment you need to recover from your malpractice incident.
The Costs of Malpractice
Medical malpractice can have serious and long-term implications for its victims. If a medical professional has injured you in a reckless or negligent decision, the costs of that betrayal of trust may be extreme both in the short-term and well into your future.
While most malpractice cases will result in you being offered a settlement, those expenses won’t wait for your check to arrive to start piling up. The very real costs of your injury could be doing even more damage to your future unless you can get the financing you need to take care of those urgent needs now.
How Do Pre-Settlement Malpractice Lawsuit Loans Work?
Pre-settlement funding is essentially borrowing from yourself. With a medical malpractice lawsuit loan, you receive capital to take care of the expenses piling up as a result of your injuries. Once you receive your settlement, the loan is repaid from the compensation that you are awarded.
Some people are reluctant to seek funding when medical bills pile up after a malpractice incident to avoid paying interest on loans. While it is true that medical malpractice loans often carry a simple interest rate, it’s often far less costly than late fees, interest, and potential run-ins with collections from medical debt.
These loans can give you the funds you need now, and since you’re borrowing against a future settlement, they present no risk to you. If for some reason, you are unable to reach a settlement in your case or obtain compensation, you’re not left on the hook for the loan. You pay back your medical malpractice pre-settlement loan when and only when you get compensated.
How Pre-Settlement Funding Could Help You
Each malpractice case is unique, but if you are a victim of malpractice, chances are that you are seeking compensation from a large organization with deep pockets. Most malpractice cases will end in settlement, but the lawyers from hospitals and medical networks know that you have expenses piling up from your injuries right now. Often they will try to wait you out, hoping to get you to accept a smaller settlement.
By delaying a decision or settlement in your case, they are hoping to make you desperate for financial relief. By making a claim, you’ve already said that you have significant damages that require compensation. In the meantime, your bill collectors aren’t always as patient as the other party in your claim.
Pre-Settlement funding for your malpractice suit could give you the financial flexibility to go to the negotiating table without desperation affecting your decision of whether to accept a settlement. By getting the capital you need now to take the financial pressure from the malpractice incident off of you, you’re also taking away one of the primary weapons that the defense’s lawyers will wield to try to lower your settlement.
How Much Can I Get from a Medical Malpractice Lawsuit Loan?
Your pre-settlement loan will depend on the specifics of your case and how much you’re likely to receive as a settlement, but loans as high as $100,000 are possible through medical malpractice lawsuit loans. Pre-settlement loans are considered non-recourse loans by the IRS, so if for some reason you lose your case or fail to recoup damages, then you don’t pay back the loan.
Not only do pre-settlement loans give you an infusion of capital to take care of immediate expenses, but they also make it easier to get a larger settlement. With stall tactics no longer working for the opposing side, you have a stronger negotiating position to hammer out a more favorable settlement.
How much you qualify for will depend on your likely settlement amount based on the specific circumstances of your case. This settlement is often highly dependent on what the defense’s attorneys feel that you may get if your case went all the way to court, so it often comes down to the extent of the injuries that you’ve received and the long-term effects of the malpractice incident. Some damages that are commonly compensated for in malpractice suits are:
- Medical costs to repair damage and treat conditions caused by the malpractice
- Lost wages or decreased quality of life as a direct result of the incident
- Pain and suffering caused by the injury
- Long-term implications of the injury and likely future medical bills
- Decreased earning power and increased need for care
How to Get a Medical Malpractice Lawsuit Loan
The process to apply for pre-settlement funding in your malpractice case is incredibly quick and easy here at Silver Dollar Financial. Simply fill out our quick application and our experts will assess your case and financial needs. Often approvals can happen in as little as 24 hours and provide up to $100,000 straight into your account to take care of your needs right now.
Get the Funding You Need Now
If you didn’t have serious damages from your injuries, you wouldn’t have made your malpractice claim. A long and drawn-out process works for the defendant to increase your desperation level under the weight of those financial burdens. At Silver Dollar Financial, we’re here to give you the tools you need to avoid desperation and get the compensation you deserve.Apply for pre-settlement funding today, or contact us with any questions.