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Pre-settlement funding for slip and fall lawsuits provides victims of slip and fall accidents with a cash advance while they wait for their lawsuits to settle. This cash advance can be used for anything from medical expenses to utility payments.
What Type of Accidents Qualify Me for a Loan?
The injuries that qualify someone for a slip and fall lawsuit advance can vary from a fractured bone to a more serious injury resulting in surgery.
According to the Centers for Disease Control and Prevention, 1 out of every 5 falls results in serious injury such as broken bones and head injury.
The majority of fall injuries are caused by same-level walking surfaces, such as uneven sidewalks, ice and wet floors. In order for an injured person to qualify for a slip and fall pre-settlement loan, the injuries must be due to the negligence of a property owner resulting in a dangerous situation for others.
As long as an attorney can prove that the property owner is responsible for the injuries suffered from a slip and fall accident, the victim has a good probability of qualifying for this type of loan.
- Broken bones
- Head or eye damage
- Back injury
How Much Money Can I Get from a Loan?
For slip and fall accidents, the more evidence there is to prove that there was property owner negligence, the more likely the plaintiff is to be approved for a pre-settlement loan. Although the loan amount varies from person to person, it is generally recommended to take out a loan in the amount needed to cover costs.
- Severity of injuries
- Medical expenses
- Status of your lawsuit
- Treatment costs
Ways Pre-Settlement Funding Can Help
The purpose of this loan is to provide victims of slip and fall accidents with financial support until their case settles. These victims may have serious injuries, resulting in the inability to return to work and handle their finances.
It is not uncommon for those involved in a slip and fall accident to be unable to return back to their normal work routine for more than a few weeks. The U.S. Bureau of Labor Statistics reported that in 2018 more than 29 percent of people affected by occupational injuries spent 31 days or more away from work.
Additionally, these accidents can lead to the need for medical devices and often result in high medical costs. Pre-settlement funding can be a useful tool for those affected by slip and fall accidents by providing them with cash upfront to help pay for everyday items and medical costs while they wait for their settlements. Even if the plaintiff loses the lawsuit, he or she is not required to pay back the loan.
How to Get a Pre-Settlement Loan for a Slip and Fall Lawsuit
If you have been injured in a slip and fall accident and are pursuing additional financial support, it’s important to understand how to get started with a pre-settlement loan. There are various pre-settlement funding companies that offer assistance for victims of slip and fall accidents. Look around online to identify companies that may be the right fit for you.
The first step a pre-settlement funding company will take is determining whether you meet all of its eligibility requirements. These eligibility requirements vary based on each company but generally revolve around the strength of each case. If you meet the requirements, the company will estimate the value of your case and provide you with the amount of money that you have qualified for.
Once you receive the cash advance, you will be able to use it for any financial need such as rent or insurance bills. When applying for a pre-settlement loan, it is generally recommended that you compare offers from multiple lenders to ensure you are receiving the best terms for your situation.
8 Cited Research Articles
- Centers for Disease Control and Prevention. (2017, February 10) Important Facts about Falls. Retrieved from https://www.cdc.gov/homeandrecreationalsafety/falls/adultfalls.html
- FindLaw.com. (n.d.). Slip and Fall Injuries. Retrieved from https://injury.findlaw.com/torts-and-personal-injuries/slip-and-fall.html
- LawFirms.com. (n.d.). Slip and Fall Accident Stats. Retrieved from https://www.lawfirms.com/resources/personal-injury/slip-and-fall-accident/slip-and-fall-accidents.htm
- National Floor Safety Institute. (n.d.). Slip & Fall Quick Facts. Retrieved from https://nfsi.org/nfsi-research/quick-facts/
- National Safety Council. (n.d.). Fall Safety: Take Steps to Remain Independent Longer. Retrieved from https://www.nsc.org/home-safety/safety-topics/older-adult-falls
- National Safety Council. (2016). Slips, Trips, and Falls. Retrieved from https://www.nsc.org/work-safety/safety-topics/slips-trips-falls
- United States Department of Labor. (n.d.). Final Rule to Update General Industry Walking-Working Surfaces and Fall Protection Standards. Retrieved from https://www.osha.gov/walking-working-surfaces/
- U.S. Bureau of Labor Statistics. (2019, November 7). Injuries, Illnesses, and Fatalities. Retrieved from https://www.bls.gov/iif/oshwc/osh/case/cd_r71_2018.htm