Workplace accidents cause tremendous financial hardship for injured workers and their families. According to the Bureau of Labor Statistics, more than 800,000 American workers are forced to miss work due to on-the-job injuries or an illness related to their occupation. Some miss weeks to months of work, while others are permanently disabled due to these workplace injuries.
In such circumstances, workers’ compensation lawsuits can provide financial compensation for the lost work, but it takes time for the settlement to finally come through. An injury may stop you from working, but nothing puts a stop to the bills piling up. A workers’ comp settlement loan can bridge the gap between your current expenses and your future settlement.
What is a Workers’ Comp Settlement Loan?
Even when you have the facts on your side, a workers’ compensation lawsuit can take months or even years to be decided and funded. In the meantime, hospital bills, medical care, and physical therapy bills keep rolling in. So, how are you supposed to keep your life afloat when waiting for your compensation package?
At Tribeca Lawsuit Loans, we have the solution—a workers’ compensation loan. A workers’ compensation settlement loan is a form of legal lending that provides lawsuit plaintiffs with money now against their future settlement, working similarly to a cash advance.
A workers’ comp lawsuit loan uses your future settlement as the collateral. This means that your future compensation package is the sole source of money for repaying the loan. This makes it a non-recourse loan. With this type of funding, the lender has no recourse to attach your income or assets to repay the loan. As a result, you have no financial risk with legal lending. In fact, should your workers’ comp case be decided against you, you won’t have to repay a cent!
How to Apply for a Workers’ Comp Loan Advance
Applying for a lawsuit loan is quite different from other loans you may be familiar with. Because we will never touch a penny of your money, our application requires:
- NO credit check
- NO income verification
- NO evaluation of your assets
Your own money will never be used to repay the loan, so your finances are none of our business — we will never invade your financial privacy. However, your future workers’ compensation settlement is the key to the loan, so we DO ask for the following details:
- The circumstances of your workers’ compensation case
- The nature of your injuries
- The expected duration of your case
- The anticipated settlement
We will also ask for your attorney’s contact information so that we can discuss the details of your case. We typically work closely with your legal team for the duration of your workers’ compensation case.
To apply for a Tribeca workers’ comp lawsuit loan, simply visit our Apply Now page. Provide some information about your case. Our team of underwriters will immediately go to work to determine how much money we can offer you and how quickly we can deposit it into your account.
How Much Money Can You Get in a Workers’ Comp Settlement Loan?
Until we see the specifics of your case, we can’t say how much money we will be able to offer you. However, we have funded other lawsuit loans for anywhere from $500 to $2 million, based on the specifics of their case. We know you’re hurting for money, so we do all we can to get the workers’ comp lawsuit loan money to you ASAP. We often deposit the cash in just 24 hours of your loan being approved!
Why Do Workers’ Compensation Cases Take So Long?
It’s common knowledge that the wheels of justice turn slowly. But in the case of workers’ compensation lawsuits, the pace of progress is further slowed by the insurance companies and defense attorneys.
Workers’ compensation laws are designed to provide injured workers with the financial support they desperately need following a workplace injury or illness. The medical expenses can be enormous, so the law mandates monetary compensation to protect the injured worker from financial ruin. Employers and business owners take out workers’ comp insurance specifically to provide the payments an employee may need in the case of a workplace accident.
So, why should it take so long to get the compensation payments you need? Infuriatingly, both the insurance companies and defense lawyers intentionally drag out the process. This is a cynical ploy to leverage your financial pain against you. They hope the extra time makes you desperate enough to take a lowball settlement for mere pennies on the dollar of the full compensation they owe you.
With money from a workers’ comp lawsuit loan in your bank account, you can refuse to cave to the pressure and turn down the minuscule offer. This counters their strategy and forces them to negotiate with your attorney in good faith; meanwhile, you can finally pay your bills and continue to fight for the entire compensation and justice you deserve.
What Can Workers’ Compensation Lawsuit Funding Be Used For?
Workers’ compensation is essential for hundreds of thousands of workers every year. When a worker suffers an injury or illness at the workplace that prevents them from working, compensation is necessary to replace their lost income. So, if this process takes months or even years to fund, a workers’ comp settlement loan can be used to meet your current expenses while you wait for your settlement to come through.
Individuals applying for workers’ compensation have suffered an injury or workplace-related illness like:
- Broken bones
- Strained muscles and ligaments
- Traumatic brain injury
- Musculoskeletal disorders
- Vision or hearing loss
- Work-related asthma
- Stress and mental health disorders
The list goes on. Medical treatment, physical and psychological therapy, and retrofitting the home to accommodate the injury are just the beginning of the expenses people who have been injured on the job may face. The money from your workers’ comp lawsuit loan can be used to address all of these needs and more. Use the legal funding to pay for:
- Mortgage or rent
- Income replacement
- Credit card debt
- Food and other daily needs
You are welcome to use the money from your pre-settlement loan in any way you wish — it’s your money!
I was off work because of a work-related injury. I had fallen behind on my bills coupled with my household family members were laid off due to the pandemic. I contacted Tribeca and received an immediate response. The staff at Tribeca was kind, caring, professional and was able to meet my family needs. The process went smoothly and I received my funds quickly. Thank you Tribeca for making things a lot less stressful for me. I would highly recommend Tribeca for any lawsuit loans.
– Testimonial by PK (read more Tribeca reviews).
Is There Interest Charged in Workers’ Comp Lawsuit Loans?
Legal lending like workers’ compensation lawsuit funding has many benefits, but it’s not free. Tribeca Lawsuit Loans charges a low, competitive interest rate. Unlike predatory lenders, we never charge a compounding interest rate. Instead, we charge a simple, non-compounding interest that protects the balance of your settlement.
Take care to choose a legal lending company that won’t eat right through your settlement with upfront fees, compound interest, or a “factor rate.” At Tribeca, we want to ease your current financial stress without wiping out your future compensation. In addition to fair lending practices, you will always be treated with respect. Our policies and processes are transparent, and we write all contracts and answer your questions in easy-to-understand language rather than burying you in technical jargon.
How to Apply for a Workers’ Comp Settlement Loan
When you have suffered a workplace accident that leaves you without employment, you are in pain and drowning in unpaid bills. We understand that the last thing you want to deal with is long, complicated paperwork. At Tribeca, we have streamlined our application process to make it as simple as 1-2-3:
- You apply: Just visit our Apply Now page and provide some information about your case and the contact information for your attorney.
- We evaluate: Our underwriting team evaluates the information as well as your attorney’s feedback to determine the loan we can offer you.
- You get your money: Once your loan is approved and all the documents signed, we deposit your money into your bank account.
At Tribeca, we are mindful that your financial stress is acute. Therefore, we work hard to get your funds to you ASAP — often within 24 hours of getting your signature!
Is Pre-Settlement Workers Compensation Funding Right for You?
Legal funding like workers’ comp settlement loans provides a lifeline for injured and ill workers every day. The money pays the hospital bills, physical therapy, prescription drugs, and much more to keep people financially whole while their cases slog through the settlement process.
But is it right for you?
Not everyone who is out of work due to a workplace injury or illness needs a lawsuit loan. The following are some indications that legal funding is a good choice for you:
- You are experiencing financial hardship with unpaid bills piling up.
- You have expenses due to your workplace injury or illness.
- You are unable to find employment that works for you.
- The insurance company or defense is offering much less in compensation than you deserve.
Legal lending is not free. While it poses no risk to your personal finances, you will take home less money at the end of the day if you take out the loan. If you can afford to pay your bills without a workers’ comp lawsuit loan, it is likely better to do so and skip the loan. It becomes a trade-off between easing your financial burdens now and keeping more of your settlement when it comes through. In the end, you will be the best judge of how to weigh the options.
How to Repay Your Workers’ Comp Settlement Loan
When you take out a lawsuit loan to stop the financial bleeding, you don’t know how long your case will drag out. We understand that! That’s why you will make no payments on your workers’ comp settlement loan until your case concludes.
Once your case is won, your attorney will receive a check for the entire compensation. They deduct their attorney’s fees, then cut Tribeca a check for our agreed-upon portion of the settlement. Finally, you receive the rest of your compensation. It’s that simple!
Applying for Workers’ Comp Settlement Loans is FREE!
Applying for a lawsuit loan with Tribeca is completely straightforward. There is no obligation, and it’s completely free! Just visit our Apply Now page to start your application. If you prefer to speak with someone first, please call us at (866) 388-2288, and one of our team members will be happy to assist you. Let’s get your loan approved, so you can get $500 – $5 million in 24 hours!
At Tribeca Lawsuit Loans, it costs you nothing to learn how we can help you win the full workers’ compensation settlement you deserve. Contact us today!