If you’ve been injured on the job, you may be entitled to worker’s compensation benefits. These benefits can help cover the cost of medical bills, lost wages, and other expenses related to your injury. However, the worker’s compensation process can be lengthy, and you may struggle to make ends meet while you wait for your benefits to come through. That’s where a non-recourse advance can come in handy.
So, what exactly is a non-recourse advance? Simply put, it’s a type of advance that is secured by your worker’s compensation claim. Unlike traditional loans, a non-recourse advance does not require you to put up any collateral or make any payments until your claim is settled. You don’t have to pay back the advance if you lose your claim!
Non-recourse advances are designed to help injured workers cover their living expenses while they wait for their worker’s compensation benefits to come through. These advances can be used to pay for rent, groceries, car payments, and other necessary expenses. They can also help you avoid falling behind on your bills and damaging your credit score.
One of the biggest advantages of a non-recourse advance is that it is non-recourse. This means that if you lose your claim, you are not responsible for paying back the loan. The lender assumes the risk of the loan, and they only get paid if you win your claim. This can be a huge relief for injured workers who are already struggling to make ends meet.
Another advantage of a non-recourse advance is that it is easy to qualify for. Unlike traditional loans, which require a good credit score and a steady income, non-recourse advances are based solely on the strength of your worker’s compensation claim. As long as you have a strong claim, you can qualify for a non-recourse advance.
It’s important to note that non-recourse advances are not available in all states. Some states have laws that prohibit lenders from offering non-recourse advances to injured workers. If you live in one of these states, you may need to explore other options for financing your living expenses while waiting for your worker’s compensation benefits.
If you decide to take out a non-recourse advance, choosing a reputable lender is important. Look for a lender with experience working with injured workers and a track record of success. You should also read the advance’s terms and conditions carefully to ensure you understand the fees and interest rates associated with the advance.
In conclusion, a non-recourse advance can be a valuable tool for injured workers struggling to make ends meet while waiting for their worker’s compensation benefits to come through. These advances are easy to qualify for and are non-recourse, meaning you don’t have to pay back the loan if you lose your claim. If you’re considering a non-recourse advance, be sure to choose a reputable lender and read the terms and conditions of the loan carefully.
If you’re ready to discuss your non-recourse advance, Malibu Financial is here to help! Book a meeting with us to discuss your claim – many approved advances are paid within 24 hours.