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Why Would I Need a Settlement Loan?
Posted By Eliza Beth
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If you’ve never been injured on the job before then you probably don’t know how long it can take to actually get your workers’ compensation approved. You might assume a couple of weeks, maybe a month. In some rare cases, you’ll be lucky and proven right.
But workers’ compensation claims can take an incredibly long time to be approved. Rough 9 out of 10 workers’ compensation claims require extensive litigation, even when all the evidence necessary to prove your case is present.
In some cases, it could take as much as three years in order to get approved for your workers’ compensation. Imagine not being able to work for three years because of an injury, and having nothing to replace that income. If you think life is hard now, it doesn’t even compare to being caught in that situation.
The problem is that the companies which provide workers’ compensation benefits lose money whenever they have to pay out. So it is in their best interest to do everything they can to fight against and lower how much money they are giving you. But this does nothing but hurt you, and you’ve just recently suffered an injury. You don’t need that extra struggle.
A settlement loan allows you to get the money you need to maintain your living situation, without having to wait excessively long for a judgment to be passed. For many people, a pre settlement loans is how they afford to wait for their workers’ compensation to be approved. Without the settlement loan, they could be forced back to work before they have recovered or even find themselves homeless because they can’t afford to pay for housing or bills anymore.
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