After a debilitating accident that leaves you unable to work, you may go through a period where you have no income. For many people, this can be devastating and cause severe harm to their finances.
While you may have claims to insurance or a lawsuit in the works, getting any money can take time. So, it can help to learn your options for financial help in the meantime.
Medical needs
To cover your medical needs, you can use your health insurance and then get repayment later from your settlement. Typically, you will not have to pay upfront for care when the situation involves an accident, but if that is not the case, then try the option of using your own health insurance. Just remember to keep your receipts so that you can get repayment.
Personal loan
If you have an urgent need for money, you can look into a personal loan. If you know you have money coming to you, the lender may allow you to use the settlement or payout as collateral for the loan. Typically, you will need to find a lender who specializes in pre-settlement lending. These types of loans also usually have a clause that if you do not get the settlement or the other party fails to pay you, you will not have to repay the loan.
Friends and family
While it can be tough to ask for help from your loved ones, this may be the best option. They know about your situation and usually will be the most likely to want to lend you a helping hand. To avoid the awkwardness of lending money between family members, insist on drawing up a contract or agreement to make the loan more business-like.
Eventually, you will get your payout and be able to get back on your feet, but having some options in the meantime can help to reduce stress.
