TriMark Legal Funding is one of America’s original auto accident loan companies. We provide fast, low-cost auto accident settlement loans to injured plaintiffs nationwide, often within 24 hours or less.
Legal Funding For Workers Compensation
Workers comp lawsuit loans are designed to give immediate financial relief to plaintiffs who were injured on the job, are behind on bills, and are waiting patiently for their attorneys to finish negotiating their workers compensation settlements.
Workers Comp Loans
A lot of injured workers fall behind on bills; it’s not at all uncommon. It makes sense too, because workers comp only pays a maximum of 2/3 of an injured worker’s weekly paycheck.
Without a cash advance for workers comp claims to help offset those lost wages, it can be a back-breaker that sets people back for years.
Why? Because the simple fact is that most household budgets can’t afford to take a 33% pay cut, literally overnight, and then continue to maintain the same standard of living as before.
The Long, Hard Road To A Workers Comp Settlement
Consider this; it takes an average of 18 to 24 months to negotiate a workers comp settlement. Your lawyers said you have a strong case. They also said you need to be patient.
But when you’re living it day-to-day, eyeballs-deep in debt, teetering on an eviction, with creditors calling around the clock, 24 months can feel like F-O-R-E-V-E-R.
For a lot of people, it can be a crushing burden just to cover their basic living expenses each month. And now, with skyrocketing inflation, the price of everything going through the roof, $6+ a gallon for gas, and well, you get the picture.
Adding insult to injury, that little voice in the back of your mind keeps reminding you that missed and late payments are the #1 leading cause of bad credit.
And with bad credit, of course, it will be virtually impossible – for years after your settlement has been resolved – to get a mortgage or HELOC, car loans, credit cards, or anything else you’re going to need to move on with your life.
Finally…A Loan For People On Workers Compensation
When you’re injured, out of work, out of money, and behind on bills, landlords, banks, and other creditors are not your friends.
More to the point, they do not care about your problems. They want their money, period. On-time. Every time. Or else.
This is when workers compensation settlement funding from TriMark can be a real lifesaver.
Cash Advances For Workers Comp Claims
Phrases like “pre-settlement loans” and “workers comp lawsuit loans” get thrown around a lot, but they’re something of a misnomer.
That’s because the money that TriMark Legal Funding provides to plaintiffs isn’t really a loan* at all.
Instead, it is an outcome-contingent, non-credit-based cash advance on workers comp settlement proceeds, and only plaintiffs can get them.
Better Than A Bank
Workers comp pre-settlement funding has a number of powerful characteristics. Not the least of which is the fact that it completely ignores the standard go/no-go creditworthiness test used by banks before they loan money to someone (commonly known as “The 5 C’s“).
All other benefits notwithstanding, this fact alone makes workers comp lawsuit funding a far superior option for injured plaintiffs when compared to traditional banks and lending institutions.
Workers Compensation Loans vs Bank Loans
If you’re recovering from a work-related injury, are behind on your bills, and need money like, yesterday, you’re in the right place.
For qualified applicants, workers comp lawsuit loans are exponentially easier to get and the approval process is far more user-friendly than turning to a bank for help.
Here are a few important differences:
Bank Loans Require:
☑️ Good to excellent credit
☑️ Verifiable income
☑️ Verifiable employment
☑️ Real estate collateral
☑️ Monthly payments
☑️ Repayment, no matter what
Workers Comp Lawsuit Loans:
✅ Bad credit is OK
✅ No income is OK
✅ Unemployed is OK
✅ Your case is the collateral
✅ No co-signor
✅ No monthly payments
✅ Only repay if you win
Is It Hard To Get Workers Comp Lawsuit Loans?
Not at all. Requests for legal funding on workers compensation claims is arguably the easiest and least document-intensive type of case TriMark can approve.
Finding out if your case should qualify for a workers comp loan is also fast, simple, and hassle-free.
In fact, just answer these 4 questions:
✔️ Are you a resident of, and injured in Alaska, Connecticut, Florida, Georgia, Louisiana, Missouri, Montana, Ohio, Oklahoma, Rhode Island, Tennessee, Washington, or Wyoming? (These are the ONLY states where workers comp loans are available.)
✔️ Do you have an accepted workers comp claim?
✔️ Are you represented by a contingent fee attorney?
✔️ Is this the first time you will receive funding on this case?
If you answered ‘yes’ to all four questions, you are pre-qualified for a workers comp lawsuit loan.
Complete your application now.
Still have questions? Call us!
Why Workers Compensation Loans Are So Popular
Workers comp pre-settlement funding from TriMark is fast, affordable, and 100% risk-free. Approval is based on the strengths and merits of your case rather than your credit score and repayment isn’t required unless, and until, you win your case.
There are no credit checks, no astronomical interest rates, no hidden fees, and no reason to keep struggling, if you don’t have to.
And the best part?
If you apply now, you could receive the cash you need as quickly as tomorrow.
Curious About Workers Comp Settlement Loans?
Call (877) 932-2628 and speak with one of our legal funding experts now.
Workers Comp Pre-Settlement Funding FAQ
As you might imagine, we’ve gotten a lot of questions about workers compensation loans over the last 2 decades. Below are answers to many of our most commonly-asked questions.
Give us a call at (877) 932-2628 or send us a message if you don’t find an answer to your questions.
A workers comp loan is a fast, risk-free, easy-to-qualify-for, non-recourse cash advance on workers comp settlement proceeds that a claimant expects to receive at the conclusion of settlement negotiations or litigation.
They are not credit-based and they are only available to injured workers with accepted workers comp claims in qualifying states who are currently represented by a contingent-fee attorney.
Approval is based on the strength and merits of the claim rather than the creditworthiness of the borrower. Repayment is only required if the underlying case is resolved successfully. If it isn’t, the borrower has no obligation to repay the advance.
Pre-settlement funding rates and terms may vary but our workers comp loan rates are typically below 3% monthly.
It’s fast, easy, and FREE to apply.
It only takes a minute to complete a brief application and then we’ll take it from there.
If you reside and were injured in AK, CT, FL, GA, LA, MO, MT, OH, OK, RI, TN, WA, or WY and you have an accepted workers comp claim and a contingent fee attorney is negotiating your settlement, you can apply online or call (877) 932-2628 and we’ll take your application right over the phone.
We’ll contact your attorney to confirm some details about your case and after you’re approved, funds can be sent by ACH, wire transfer, FedEx Overnight, or Western Union/MoneyGram.
Settlement loans for workers comp claims can range from $500 to $50,000+.
The amount you are approved for will depend on how much you need, how developed your case is, the extent and severity of your injuries, and other factors.
It depends what state you’re in.
Legal funding for workers compensation claims is only available to plaintiffs who reside in, and were injured in, the following 13 states: Alaska, Connecticut, Florida, Georgia, Louisiana, Missouri, Montana, Ohio, Oklahoma, Rhode Island, Tennessee, Washington, or Wyoming.
With only one exception, if your state is not in this list, you are not eligible for a workers comp settlement loan.
If you have a third-party liability lawsuit in addition to your workers comp claim, we can consider that case for lawsuit funding.
A third-party liability lawsuit is a civil lawsuit that is filed separately from your workers comp claim but the injury occurred during the same accident.
❇️ Example: You were using a poorly-maintained piece of hydraulic equipment at work. The equipment failed due to the lack of manufacturer-recommended maintenance and you got seriously injured as a result. You file a workers comp claim because you were injured at work. You also file a premises liability lawsuit against your employer for failure to properly maintain the equipment, which is the negligence that caused the unsafe work environment to begin with.
Other examples include auto accidents, slip and fall accidents, construction site accidents, tractor trailer accident case funding, product liability lawsuits, or premises liability lawsuits that your attorney is pursuing on your behalf, in addition to your workers comp claim.
Call us at (877) 932-2628 if you are unclear about this exception.
It means that repayment of the cash advance is only required if the workers comp claim results in a settlement.
❇️ If the case is resolved successfully, the advance is repaid out of your settlement proceeds.
❇️ If the case is lost or doesn’t settle, you have no obligation to repay the advance.
It also means that if the case is not resolved successfully, the lender has no legal recourse against the borrower to compel repayment of the advance.
As such, the legal funding company assumes 100% of the risk for repayment and makes the transaction 100% risk-free to the borrower.
Banks simply do not understand the latent monetary value of future workers comp settlements.
For personal loans, banks require excellent credit scores, unencumbered real estate as collateral, verifiable employment and income, and the ability to make regular monthly payments.
Most workers comp recipients are unable to satisfy those requirements.
Cash advances on workers comp settlements are never reported to credit bureaus.
Workers comp lawsuit loans are approved or denied based on the strengths and merits of your case; not how high or low your credit score.
TriMark will not do a prior funding buyout on any existing workers comp settlement advances from any other funders. To our knowledge, no other legal funding company will do that either.
As a general rule, no.
Exceptions have occasionally been made under certain circumstances on a case-by-case basis.
When you receive your first workers comp cash advance through a company other than TriMark Legal Funding, you will need to go back to that company. TriMark will not buy out or fund additional on that contract.
If you received your first settlement advance through TriMark, our underwriters will review a number of factors before they approve an additional cash advance on your workers comp settlement including, but not limited to:
❇️ How much did you receive with your first cash advance?
❇️ What is the estimated net settlement value of your case?
❇️ How long has it been since you got your last advance?
❇️ Have you reached maximum medical improvement (MMI)?
❇️ Has there been any significant new developments on the case since your last cash advance?
❇️ How long until your settlement agreement is finalized?
TriMark does not currently offer a workers comp settlement advance in California, and to our knowledge, no other legal funding companies offer them either.
Workers comp settlement advances in New York are not available. To our knowledge, no other lawsuit loan companies offer them either.
TriMark does not currently offer workers comp loans in PA, and to our knowledge, no other lawsuit funding companies offer them either.
TriMark does not currently offer workers comp loans in Illinois, and to our knowledge, no other legal funding companies offer them either.
It depends on the state.
Some (AR, DC, KY, MD, and WV) simply prohibit legal funding altogether. Among the remaining states, the most common reason is that the settlement check gets sent directly from the insurance company to the claimant rather than being sent to the attorney.
To be eligible for legal funding, however, the settlement check must be deposited into the attorney’s trust account first and then funds are disbursed to the claimant from there.
In all likelihood, yes, assuming you incurred significant injuries and there is clear liability against a sufficiently-insured defendant and you are represented by a contingent fee attorney.
TriMark provides pre-settlement funding (lawsuit loans) and post-settlement funding (settled case funding) on virtually all types of personal injury lawsuits, employment litigation, and workplace injury claims.
Without exception, you must be represented by a contingent fee attorney to qualify for any kind of legal funding, including workers comp advances.
TriMark Legal Funding only offers cash advances on state workers comp settlements.
Maritime workers are not covered under workers comp. They must seek injury compensation under the Jones Act.
Learn how to get pre-settlement funding on a Jones Act Lawsuit.
Railroad employees are also not covered under workers compensation and must seek injury compensation under the Federal Employers’ Liability Act (FELA).
Learn how to get legal funding on FELA lawsuit settlements.
States Where Workers Compensation Loans Are Available
Workers comp lawsuit loans are a specialized type of legal funding that are, unfortunately, not available in every state.
These are the only states where legal funding for workers compensation claims is currently available:
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