In some cases, you can get a loan on a construction accident settlement. However, taking out a lawsuit loan may not represent your best option to handle the financial pressures you experience after an accident on a jobsite.
Instead, you can get the money you need to handle medical expenses, the costs of living, and legal fees through legal funding for construction negligence and accident cases. Settlement funding can help you manage your finances without the many drawbacks associated with loans.
Can You Get a Loan for a Construction Accident Settlement?
While you can get a loan on a construction settlement in some cases, taking this option may not represent your best option. Instead, you may want to apply for pre-settlement funds to secure the money you need to handle expenses while going through the legal process.
Pre-settlement funds serve as an alternative to a loan and may better serve you in the aftermath of a construction accident. Many construction accident victims choose pre-settlement funding due to:
Ease of Application
You can apply for pre-settlement funding without going through a credit check. The funding process doesn’t require you to provide your Social Security card, either. Instead, the application process will involve a company reviewing the facts around your construction accident claim.
The funding company will likely speak with your attorney to learn more about your legal situation. You can secure the money you need based on the strength of your claim, not your credit history.
Non-Recourse Repayment
Pre-settlement funding provides you with a non-recourse cash advance, unlike a loan. If you choose pre-settlement funding, you do not have to pay back the money you receive unless your lawyer successfully resolves your claim.
Therefore, you don’t have to worry about facing additional financial hardships at the conclusion of your claim. You can learn more about how legal funding works with a professional team.
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Can You Get Legal Funding for a Construction Accident Settlement?
Many construction accident victims qualify for legal funding. Generally, you qualify for this kind of funding as long as you have filed a lawsuit against the party responsible for your injuries. A personal injury lawyer may help you with a lawsuit if you sustain an injury caused by hazards like:
- Collapsing scaffolding
- Equipment failures
- Falling construction supplies or tools
Generally, an attorney will have to establish negligence to successfully resolve a construction accident claim against a contractor, builder, architect, or property owner.
Your attorney can help you determine if you have a valid claim and if you qualify for legal funding to assist with your financial needs throughout the legal process.
What Does Legal Funding Cover After a Construction Accident?
Legal funding can help with the financial strain you face after a construction site accident, especially if the severity of injuries caused by the accident prevents you from going back to work. You can use the funding as you wish; many injured construction workers need the funds to pay for their:
Medical Expenses
Construction accidents can result in catastrophic injuries, including broken bones and traumatic brain injuries (TBIs). The costs for medical care can rise quickly, and even with insurance, the costs can become overwhelming.
The liable party may pay for all these losses after the resolution of your claim. However, such a resolution could take months at a minimum. Fortunately, you can use pre-settlement funding to cover your healthcare expenses.
Costs of Daily Living
The costs for things like rent, a mortgage, grocery bills, and utilities do not stop or pause after a construction accident. They remain, and you may have a challenging time covering them, especially if you need time away from work to heal.
You can use pre-settlement funding to cover these expenses.
Legal Costs
You may face legal costs throughout the course of your claim. While most personal injury attorneys only take payment for legal fees at the end of a case, you may face some expenses along the way, such as the costs for court fees.
The total funding available will depend on your legal situation and the strength of your claim.
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Discuss Legal Funding After a Construction Accident
So, can you get a loan on a construction accident settlement? While you may qualify for this kind of loan, pre-settlement funding may better serve you while providing the money you need in the aftermath of an accident.
Our team at Pegasus Legal Capital can provide non-recourse pre-settlement funding if you’ve sustained injuries while working in construction. We take pride in serving as your legal funding partner and want to provide the financial assistance you need after a major accident.
You can reach out to us now to discuss the benefits of this form of funding and the application process. We’re standing by and available to answer any questions you have about funding and your claim.
Your pre-settlement funding consultation is free - contact us today!
