How to Secure a Settlement Loan in Ontario
More than 51,000 Ontarians were injured in their workplace in 2015, according to the Ontario Compensation Boards of Canada. That’s an average of one accident every ten minutes. In the same year, Transport Canada's National Collision Database recorded a total of 10,280 severe injuries involving motor vehicles. What does an injured person do when those accident require hospitalization and time off work? A settlement loan is a good solution to keep income flowing while you’re unable to work and awaiting a personal injury suit settlement.
What Kinds of Cases May Involve a Financial Settlement?
In Ontario, settlements are allowed in a range of injury cases. It’s also possible to settle cases involving injuries sustained in the workplace. You can also settle cases where the defendant happens to be a municipality, a private institution, or a government-operated service, such as public transport. In cases involving the negligence of another person, such as auto accidents, there’s also the possibility of a settlement and avoiding the need for the case to be heard before a courtroom.
How Do Settlements Work Under Ontario Law?
Settlements are the result of negotiations worked out by legal counsel for both parties and agreed upon by those parties. The goal is to avoid the time and expense associated with taking the case to court. While there are exceptions, out-of-court settlements are often in the best interests of all parties.
Depending on the nature of your injury, there may be a waiting period before the settlement payments commence.
If the type of accident you were involved in allows for a waiting period, there will be concerns about paying for your medical treatment and keeping up with your basic living expenses. A settlement loan provides you with a means to manage your financial obligations and allow you to concentrate on your health.
Why a Settlement Loan Will Help
Given the current cost of living in Ontario, which could be as much as $1,500 a month for housing alone, you need access to cash now rather than later. The proceeds from a settlement loan are unrestricted, allowing them to be used as you please. The money you receive up front can be used to take care of medical expenses you have already incurred, keep up to date with rent or mortgage payments, and make sure your utility bills are paid.
You can also use the proceeds to buy groceries and put fuel in the car while you recuperate. Any funds remaining can be placed in an interest bearing account and be called upon to take care of future medical and other expenses. In the best case scenario, the money from a settlement will be enough to keep you solvent until it’s possible to return to work.
What You Can Do to Obtain a Settlement Loan
You don’t have to wait until the settlement is determined before seeking a loan. Many lenders can work with the information your legal counsel already has on hand. Depending on how well your circumstances meet the criteria set by the lender, and your likelihood of reaching a settlement, the lender may pre-qualify your application.
Make the Call Today
Call a lender today and make arrangements to discuss funding pending the result of the settlement negotiations. Doing so relieves any worries you might have about paying your bills and instead help you focus on recovering from your accident.