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How Do I Make up for My Lost Wages until I Get My Settlement?

How Do I Make up for My Lost Wages until I Get My Settlement?

Getting injured in a car accident is not only painful but also expensive. If you are injured in an accident, you are likely to miss a good deal of work, and it could be a while before you get accident insurance money. Although your health insurance may cover some of the expenses, you will still have to pay copayments. Life can be extremely expensive, and you are not likely to have the money you need.

Fortunately, there are a few things you can do if you are awaiting an insurance payment. Although they are not things anyone may want to do, they can help you if you are in a crisis.

Lawsuit Loan

According to , if you are dissatisfied with an insurance company’s offer, you may have to sue them. A lawsuit can take a long time, and you will have many bills to pay before you settle.

Some companies will give you a loan in anticipation of a settlement. Many of these companies will offer non-recourse loans, which means you will not have to repay them if you lose your case or you do not get a settlement.

The interest on these loans can be rather high, and they do not give approval to everyone. However, if you need the money badly enough, they are legitimate, and it can be worth it to apply.

Borrow Money from a Friend

Although it may make you cringe, you can always try to borrow money from friends. They will not charge you the interest that a bank or lending company would, and you can return the favor someday.

When you borrow money, it is always a good idea to work out an agreement for paying your friends back. Insurance settlements take a long time, so you may want to make a promissory note for six months from the loan date.  In some cases, you may want to offer your friend some kind of collateral, so they know you are serious about paying them back.

Use the Internet to Your Advantage

If you have been injured, you are probably in no condition to do side work. However, there are some things you can do to earn money right from your computer. You can participate in focus groups where companies will pay you money to attend a Zoom meeting and give your opinion.

If you have old furniture or an old computer, you can sell it without ever leaving home. Many different online platforms will allow you to sell used items. Some work-at-home jobs are very low stress and require very little activity, such as elderly companions. Companions get paid for just talking to seniors and making sure they do not need anything. There are also online customer service jobs that allow you to work just a few hours a week.

It is never pleasant to have to scrounge up extra money. However, if you are smart about it, you can get the money you need before your insurance payout arrives.

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by Marissa Collins //

Opinions expressed by contributors are their own.