A common scenario after filing a claim for compensation in a major personal injury case goes something like this: even before the trauma of the accident tapers off and the wounds start to heal, the victim finds himself under tremendous financial stress. The final verdict on the suit takes time. Meanwhile, medical bills and other expenses pile up. His paychecks may have stopped because he is unable to work. At this juncture, a settlement is offered for a much lower amount than what was claimed. The desperate victim accepts it against his attorney's advice.

It could be a different story altogether if he had approached the personal injury funding institutions catering to the Los Angeles, CA area. All that he has to do is to contact one of them online or by telephone. If all the necessary papers are submitted without delay and the financier is satisfied, the request could be approved within 48 hours! Even citizens with bad credit can avail themselves of this, provided they are not bankrupt.

The procedure is that the funding institution contacts the victim's attorney for copies of relevant documents, and details of the case. The primary basis for a decision on the application is how strong the claim is. Once it is approved the applicant has to sign an agreement with the funding institution.

If more money is required at a later date, in case the claim drags on or goes into appeal, applications for extra funding are entertained. It may also be possible to get additional funds from a different agency. Repayment is out of the proceeds received from the claim. There are no monthly payments. If the claim is rejected, no repayment is required; the financier absorbs the loss.

All these sound fine. Naturally, there is a cost involved. The amount to be repaid is arrived at by multiplying the advanced fund by a 'factor' into which the interest is built. Because of the cost and for his or her own reasons, sometimes the attorney concerned might discourage clients from availing such funding.

But the victim is the best judge of his needs. If he decides to accept funding, it should be limited to covering the bare essentials only. He should study the conditions tagged to the funding, look for hidden costs and be wary of schemes that require upfront payment.