Workers' Compensation Pre-Settlement Funding Companies: Best Financial Options for Injury Workers
Workers' compensation pre-settlement funding companies provide valuable financial products to injured workers nationwide who find themselves in need of instant cash relief during the process of a workers' compensation settlement.
After a devasting workplace accident that resulted in a catastrophic on-the-job injury, many employees are unable to return to work and incur significant financial losses. When faced with mounting bills and insufficient income, many clients want to borrow money against the proceeds they expect to get from the settled workers comp case. Workers compensation funding is the mechanism for obtaining a cash advance for workers' comp claims.
Workers comp pre-settlement funding companies are growing nationally due to overwhelming demand. Not quite as popular as legal funding for car accidents case and personal injury lawsuits, loans against workers compensation cases are more readily available now than at any point in the past.
Employees in the midst of a workers' comp case can get loans on workers comp to tide them over; however, finding a nationwide pre-settlement funding workers compensation company with the best financial options can be time-consuming and exhausting.
If you are searching for financial assistance for injured worker, this free guide can provide you with helpful tips on how to find companies offering workers comp advance loans with the best deals.
What you will learn about workers compensation settlement laons after reading this article:
- What is pre-settlement funding workers' compensation
- What are the benefits of a workers’ comp loan advance
- How to find the right workers' comp funding company
- How to pick the best workers' compensation pre-settlement loans
- How injured workers can apply for a workmans' comp cash advance on pending claim
- About the top workers' compensation settlement loan company
Be sure to read on for some reputable options from the nation's premier pre-settlement funding experts if you're searching for loans before settlement on workers comp with faster processing, lower interest rates, and better legal funding terms.
What is pre-settlement funding workers' compensation?
Workers' comp pre-settlement funding (also called cash advance for workers comp claims, workers comp funding, on-the-job injury pre-settlement loans, and workers comp settlement loan advance) is a cash advance against a future workers compensation settlement or award. When you're waiting for the insurance company or Workers Compensation Board to determine your case, having money you can use to help pay off bills can be a big help. Pre-settlement funding workers compensation is one way you can get cash before your case is settled.
Workers comp pre-settlement funding can help you access a portion of the settlement money you need immediately if you qualify. Workers compensation pre-settlement loans are a popular legal financing tool for paying living expenses, bills, and unexpected financial emergencies. Different from bank loans, these worker comp advance loans don’t require a credit check — they are non-recourse advances. Dissimilar from loans from credit unions, workers comp loans from the best legal funding companies offer no monthly payments, no upfront fees, and zero out-of-pocket costs for injured workers seeking to borrow money against pending workers compensation settlements. The goal of Workers Compensation Settlement Loans is to make accessing funding prior to settlement much easier for clients with pressing financial needs.
Benefits of workers' comp advance loans
Workers' comp advance loans have several key benefits for injured workers who need to borrow cash on pending workers' compensation insurance claims. Workers comp loan advances have saved clients across America from taking inadequate settlement offers and financial crisis, such as eviction and automobile repossession.
The best workers’ compensation funding companies are committed to making the process of taking out loans on workers compensation claims easy and hassle-free for clients. When injured workers get financial assistance in the form of accident loans, the funds are provided to you on a non-recourse basis. Companies that advance accident loans on a non-recourse basis do not perform credit check on potential borrowers.
Qualifying for workers comp funding is not based on an applicant’s credit score or personal income. Legal funding underwriters are not concerned with borrowers’ credit history. Rather, approval for a settlement loan is based on the facts and circumstances of your case and the current estimated value of the case, as determined by the legal funding underwriter.
- No Credit check
- No Upfront fees
- No Out-of-pocket costs
- No Fee to apply
- No Job requirements
The right settlement funding company will make it simple to apply for and easy to take out an advance on your pending workers compensation settlement.
How clients find workers' compensation legal funding companies
Although the legal funding industry has experiencing an unprecedented growth in the number of companies offering pre-settlement funding for workers' compensation claims, many clients unnecessarily spend an exorbitant amount of time searching for lenders offering workers compensation funding. Here are 4 tips to find the right legal funding workers compensation companies:
- Consider asking your attorney if he / she can recommend a good workers compensation pre-settlement funding company
- Contact your local state bar association for a list of companies that advance on workers' compensation settlements in your state
- Search the internet for relevant keywords to identify workers compensation lenders
Loans against workers comp settlement are only available in a few select states due to regulatory constraints. Therefore, before spending a significant amount researching the best lenders, first find out if workers compensation pre settlement loans are available in your area.
How to pick the best workers' comp pre-settlement loans
You’ll want a competitive rate from your workers comp settlement loan, but you’ll also want the flexibility to pick a term that works best for you, low or no extra fees, and a lender with whom you’re comfortable doing business with. Here are the 8 factors workers' comp funding experts recommended clients consider when picking the best workers compensation pre settlement loans:
- Low rate pre-settlement funding: The best pre-settlement funding companies provide lower interest rates on workers compensation pre settlement loans when compared to the competition. The interest rates on workers compensation settlement loans run between 2.9% and 3.5%, based on the details of the case.
- No upfront fees to apply: Some lenders charge excessive application fees that can amount to 20% of the principal. Steer clear of workers compensation legal funding companies that demand you pay out-of-pocket costs to apply for a loan on your workers compensation case.
- Higher accident loan limits: Though you want to be careful not to borrow more than you can afford, the best workers comp lawsuit lenders won't cap their loans at low amounts, letting you borrow what you need to survive financially.
- Flexible terms: Always look for pre-settlement funding companies that allow you to pick from a couple of terms.
- Serves most of the country: There are currently only a few companies that provide workers compensation accident loans nationally. On-the-job accident loans are available in fewer than 30 states throughout the United States. Make sure you choose a national workers comp pre settlement funding that is able to help clients in the state where you reside.
- Transparent terms: Legal funding is a pretty simple process; however, the contractual terms and conditions from some competitors are far from simple. The best workers compensation legal funding companies have agreements with clear terms, which are simple and straightforward for clients and their attorney.
- Professionalism: Working with a professional workers compensation pre settlement funding company can take the stress and hassle out of borrowing against a workers compensation case. A professional lender will be understanding and compassionate about your financial struggles and concerns. Professional providers have systems in place to make sure clients get the best level of customer support and exceptional service during and after the underwriting process.
- Simple process: The best lenders can deliver you workers compensation pre-settlement funding within 24 hours, no hassles, no long forms to complete, and no employment verification.
Following the aforesaid tips on the top qualities to look for when searching for the best companies for workers' compensation settlement loans can help to ensure you find the company that's right for you.
How injured workers can take out cash advances on workers' comp settlements
In you have been injured at work, you expect to receive adequate monetary compensation in a reasonable amount of time. You trust that your workers compensation attorney will fight on your behalf to recover maximum award from the insurance company. Unfortunately, no matter how strong your case, workers' compensation lawsuits take a long time to settle and finalize.
For cash-strapped employees who have suffered serious job-related injuries, waiting years to receive the settlement money you deserve from a settled case call spell financial disaster. If waiting years for you workers' compensation settlement is not an option, you can take out a cash advance on workers comp settlement today and access a portion of your future award. With a workers’ comp settlement cash advance, you don't have wait months or years — you get cash today.
Workers Compensation Settlement Loans can help when you are drowning in bills and need an immediate cash lifeline to alleviate the financial pressure and help your stay afloat during the lengthy process of a workers’ compensation claim. To take out a cash advance, all you have to do is put in an application by calling the legal funding department or filling out the short online workers’ compensation pre-settlement funding application.
About workers' compensation settlement loans
Workers Compensation Settlement Loans is a national workers' compensation pre-settlement funding company providing financial assistance for injured workers in 22 states, currently.
When you work with a direct company that specializes in settlement loans against workers comp cases, you have the advantage of utilizing the fast 1-minute online application and quick 24-hour underwriting process.
Same day workers’ compensation pre-settlement loans do not require a credit check, zero out-of-pocket fees, and no income requirements. Another benefit of working with Workers Compensation Settlement Loans is that is you lose your case, you pay nothing. You pay back the cash advance only if you settle the case or win a monetary award from your workers’ comp insurance claim.