Workers’ compensation insurance is a system meant to benefit both the employer and their employees. In the event that an employee suffers disability or death on-the-job, workers’ compensation is meant to provide financial and medical support to an employee or his or her surviving family. A shared level of trust is built between the employee and their employer that puts the well-being of the employee at its goal. Obtaining the benefits has the potential to put a lot of financial strain on a person. Applying for a lawsuit loan during a pending lawsuit or claim is one way in which you can reclaim financial control of one’s life.
But receiving your workers’ compensation benefits can take many weeks or months, and for many employees that already subsist from paycheck to paycheck, the lost wages can equal an irreparable financial situation. Waiting is not an option. An employee should never wait to inform their employer for fear that they will lose their job, because it could result in a longer delay or outright denial of their workers’ compensation benefits. But even when an employee follows the correct protocol, informs their employers, and sees a medical professional, their benefits can still be less than the overall medical costs accrued or take too long to be received. Either way, an employee finds themselves in debt while pursuing a fair settlement on their case.
A pre-settlement loans or a lawsuit loan is an option worth considering when an employee is facing a financial crisis. A lawsuit loan can provide similar medical benefits to a workers’ compensation claim, but a faster, simpler way. Money awarded with a lawsuit loan can go towards hospitalization, doctors’ services, physical therapy, x-rays, laboratory tests and scans, nursing services, medical goods and prescribed drugs. For an injured employee suffering loss of wages, these forms of treatment cannot come soon enough.
In addition to medical expenses, a pre-settlement loan can assist an employee back on their feet after a debilitating injury or, alternately, help the surviving family of a former employee see their way to recovery after a settlement. Usually, an employee looking to receive a lawsuit loan will be given approximately 10% of the perceived value of their case. In return, a lawsuit loan provider will work with the plaintiff to determine how to pay back the loan utilizing a comparative fraction of the total settlement. With this avenue, lawsuit loan can be put towards mounting credit card debt, other outstanding bills, or any number of other pressing needs that a family needs to attend to immediately. Applying for a loan can be as quick and easy as applying online. A lawsuit loan offers simple way for an injured employee to begin to reclaim control over their financial situation and their lives.
About the Author: Steven Medvin is the Executive Director of SMP Advance Funding, LLC, which provides lawsuit funding to individuals who need a lawsuit loan for pending lawsuits. For more information please visit: http://www.smpadvance.com.