While some people with personal injuries are able to continue working at least part time, others no longer have the mental or physical resources required to do their jobs. With job-related benefits swiftly being exhausted, how will the injured party continue to get by? Settlement loans are one way to keep going while attempts are made to reach a settlement or wait for a court to render a decision. Here are a few of the ways the proceeds from a settlement loan can help.
Paying Housing and Utility Costs
One of the nice things about settlement loans from is the lender imposes no restrictions on how the funds can be used. That means it’s possible to set aside a portion of the money received to take care of expenses like mortgage or rent payments. Money can also be allocated to cover utilities. Knowing there are no worries about paying for a place to live makes it much easier to concentrate on the personal injury case.
Keeping plenty of food in the house is not difficult when you work full time. The task is not so easy when you are working a limited schedule or unable to work at all. Even with assistance from various sources, it’s not always simple to keep nutritious foods on hand. That’s especially true if the nature of your injury requires that you follow a special diet for the duration of the recovery period.
Instead of worrying about how to pay your bills and buy food too, set aside a portion of the settlement fund for staples, fresh vegetables, and whatever else you need to prepare nutritious meals.
Covering Outstanding Medical Costs
While you have access to excellent medical care, there are still co-pays and some treatments that your health insurance does not cover. Since medication and various forms of therapy are needed to improve your condition, they cannot be considered optional. Some of the money from your settlement fund can be set aside to pay what your insurance plan does not. With the funds on hand, you never have to delay a trip to the pharmacy or reschedule a therapy session while you figure out how to cover the cost.
Managing Caregiving Expenses
You will need a caregiver to live with you until the recovery reaches a certain point. That type of expense can consume quite a bit of your savings even after your insurance plan offsets a portion of the cost. Even if the caregiver is only with you for eight hours a day, the expense can be significant. By allocating a portion of your to paying the caregiver, the help you need will always be at hand.
Keeping Pace With Legal Fees
Much of the legal work associated with your personal injury suit is being done on a contingency basis. Even so, there are fees and costs that must be paid up front. A delay in providing a filing fee could prolong your case needlessly. Since you do need to keep those debts under control, it makes sense to earmark a portion of your settlement loan to take care of those costs. Anything that helps move the case closer to completion is in your favor.
Remember that the settlement loan does not have to be repaid unless you win your case. In the meantime, why not secure the funds needed to take care of your expenses and avoid financial hardship? In the long run, you will enjoy a higher quality of life, experience fewer worries, and be able to look to the future with some degree of hope.