Key Takeaways
- If an attorney can prove the property owner is responsible for injuries suffered from a slip and fall accident, the victim is likely to qualify for a loan.
- Gathering and presenting strong evidence can maximize the loan amount you could get approved for.
- Even if the victim loses the lawsuit, they are not required to pay back the loan.
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 U.S. Centers for Disease Control and Prevention (CDC), more than 25% of older Americans fall each year. Falls are the leading cause of fatal and nonfatal injuries.
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. Common property negligence examples that cause slip and fall accidents are wet floors, loose floorboards and uneven sidewalks.
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 chance of qualifying for this type of loan.
Injuries That Can Qualify You for a Loan
- Broken bones
- Head injury
- Eye damage
- Back injury
- Sprains
- Cuts
*This is not an extensive list. If you’re unable to work, facing medical bills or potential long-term care due to an injury from a property owner’s negligence — your injury can qualify you for a loan even if it’s not on the list above.
Pre-settlement funding for slip and fall lawsuits can be a convenient way for someone running low on cash to get the funds necessary to pay his or her medical bills and legal fees. However, this type of advance comes at a very steep cost, assuming you win the lawsuit. Before entering such a financing arrangement, make sure you are comfortable with the terms.
Thomas J. Brock, CFA®, CPAInvestment, Corporate Finance and Accounting ProfessionalThomas Brock, CFA®, CPA, is a financial professional with over 20 years of experience in investments, corporate finance and accounting. He currently oversees the investment operation for a $4 billion super-regional insurance carrier.
How Much Money Can I Get from a Loan?
Many factors come into play when determining how much money you can get from a loan.
“The severity of injuries, including medical expenses, rehabilitation costs and potential long-term care needs, greatly influences the potential compensation,” said C.L. Mike Schmidt, Fellow of American College of Trial Lawyers and Partner of Schmidt & Clark LLP. Schmidt’s firm specializes in personal injury and accident cases.
“Additionally, factors such as lost wages and earning capacity due to the injury, as well as pain and suffering experienced by the plaintiff, are considered. The degree of negligence on the part of the defendant is also a crucial factor, as it can impact the overall settlement amount.”
Factors That Affect Your Loan Amount
- Severity of injuries
- Medical expenses
- Rehabilitation costs
- Potential long-term care needs
- Lost wages
- Pain and suffering experiences
- Degree of negligence
To maximize your loan amount, you’ll want to present all proof showing the suffering you endured at the hands of another due to neglect.
Schmidt advised gathering the following specific evidence to further substantiate the plaintiff’s claim, which may lead to a higher settlement:
- Medical records
- Accident reports
- Expert testimonies
Get a free, pre-settlement loan quote
Ways Pre-Settlement Funding Can Help
Pre-settlement funding provides 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.
“By easing financial pressures, pre-settlement funding allows plaintiffs to focus on their recovery and gives their attorneys the necessary time to negotiate a fair settlement without being rushed into accepting a lower offer due to financial desperation,” Schmidt told Annuity.org.
It’s not uncommon for those involved in a slip and fall accident to be unable to return to their normal work routines for a few weeks or more. According to the most recent data available from the U.S. Bureau of Labor Statistics, 272,630 individuals (out of roughly 1.2 million total workers experiencing nonfatal occupational injuries) took 31 or more days off work to recover.
These accidents can also require 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.
Remember, even if the plaintiff loses the lawsuit, they are not required to pay back the loan.
By easing financial pressures, pre-settlement funding allows plaintiffs to focus on their recovery and gives their attorneys the necessary time to negotiate a fair settlement without being rushed into accepting a lower offer due to financial desperation.
How To Get a Pre-Settlement Loan for a Slip and Fall Lawsuit
Schmidt provided Annuity.org with four simple steps to get a pre-settlement loan for a slip and fall lawsuit.
- 1. Find a pre-settlement funding company.
- It’s essential to engage a reputable pre-settlement funding company that specializes in personal injury cases. You’ll also need to make sure you meet the company’s eligibility requirements. It’s recommended that you compare offers from multiple lenders to ensure you’re receiving the best terms for your situation.
- 2. Provide the funding company with the proper documentation.
- Once you’ve selected a company, your attorney will work closely with them to provide the necessary documentation, such as details about the accident, medical records and other evidence to support your claim.
- 3. The funding company will provide you with the potential settlement amount.
- Once you’ve selected a company, your attorney will work closely with them to provide the necessary documentation, such as details about the accident, medical records and other evidence to support your claim.
- 4. Receive a cash advance if your case is approved.
- If approved, you’ll receive a cash advance, typically ranging from a fraction to a percentage of the expected settlement.
4 Steps To Get a Pre-Settlement Loan
“It’s important to note that pre-settlement funding is non-recourse, meaning, you only repay the advance if you win the case. If the case is not successful, you typically don’t need to repay the funding.” Schmidt told Annuity.org.
Carefully reviewing your terms and rates with a licensed attorney can help guarantee a pre-settlement loan works best in your favor.
