Tips for getting financial support while waiting for an injury settlement

The sole purpose of injury settlements is to help victims get back on their feet.

 (photo credit: INGIMAGE)
(photo credit: INGIMAGE)
The sole purpose of injury settlements is to help victims get back on their feet.
Unfortunately, money from injury settlements doesn't drop quickly enough to serve this purpose.
Many a time, it might take months or even years (in some special cases) before this money drops.
In the meantime, victims have to lead their daily expenses, sort hospital bills and get their lives back on track.
Without the money from settlements, this can be a bit of a challenge, especially when the injuries sustained are severe ones.
Luckily, there are some temporary fixes.
That is, there are ways victims can get financial support to stay afloat, pending when their injury settlement will arrive.

1. Seek help from friends, bosses, or neighbors

If you’re lucky to have people around you who are financially buoyant enough to raise you, it might be a good idea to reach out to them. You’ll never know whether someone is able to assist you until you talk to them. It can be a couple of your friends, neighbors, colleagues, or even your boss at work.

The only challenge you might experience with this approach is some people might be reluctant to loan you money. Perhaps due to your loan history with them or general life antecedents. 

But even if you do come across these types of people, you can easily convince them you’re going to refund their money by showing them proof of your pending settlements or case in court.

2.  Take out a pre-settlement loan

Pre-settlement loans are exactly what they sound like. They are loans you get against a pending settlement. 

The whole idea behind pre-settlement loans is to create a world where victims don’t have to struggle financially while waiting for a settlement they’re owed.

Once you have a settlement case in court, you can take out a pre-settlement loan to start leading your daily life – whether that be settling hospital bills or sorting other expenses.

Another exciting perk of pre-settlement loans is that they’re easily waved off. Meaning if the insurer of the person responsible for your injury fails to pay you a settlement, in the end, pre-settlement creditors are happy to let go of any settlement loans they gave you.

Pro Tip: If you have already been awarded a structured settlement and are receiving monthly payments, you can sell your future payments to one of these structured settlement companies.

Look into your health insurance

If you’ve been stashing away cash into health insurance policies, now may be a good time to leverage those policies. 

Generally speaking, health insurance policies are meant to save you from the challenge of having to deal with your health burdens all by yourself. So, in the event, you find yourself cash-strapped while waiting for an injury settlement, looking into your health insurance packages might be a good idea.

Speak with your health insurance agent to know whether the policies you purchased cover the types of injuries you’ve sustained.

3.  Reach out to charitable organizations

Although you may not know this, our immediate society is crawling with charitable organizations, many of which are always on the lookout for people in need.

In the event you’re struggling to handle your financial obligations after a personal injury, reaching out to one of these organizations might be a good call.

To find out about the right organizations that service your current predicament, you can speak with any medical practitioner in the hospital where you’re being treated.

Usually, hospital officials often have a strong relationship with social and charitable organizations.

Alternatively, you can research online the names and contact details of any special organization that give funding to people in the same medical and financial condition as you. 

A simple Google search of the phrase “names of organizations that give funding to personal injury patients” returned the result shown below:

4.  Speak with your personal injury attorney

Not only can a personal injury lawyer help ensure that you win your injury lawsuit, but they can also help you solve your immediate funding needs. 

Most personal injury attorneys have been in the business of handling settlement claims for years. As such, they are not new to the reality of clients needing money urgently to handle financial obligations.

If you come out to them openly about how badly you need money before the arrival of your settlement, chances are they’ll have an idea or two about where you can find funding.