A motor vehicle collision can change your entire life in mere seconds. You may have already begun pursuing a personal injury claim for your accident. In the meantime, recovering from serious injuries can prevent you from earning income. Auto accident plaintiffs often find themselves in a dilemma: how to pursue their claims yet have enough money for living expenses.
If you’re in this situation, Apex Legal Funding may have an ideal solution: auto accident lawsuit funding. As a unique financial option, lawsuit funding can help plaintiffs in personal injury cases meet basic expenses with a cash advance while they cannot work. Should you qualify for this funding, you can focus on your health without compromising efforts on pursuing your claim.
According to the National Safety Council (NSC), motor vehicle accidents caused 4.5 million medically consulted injuries in 2019. The NSC also recorded 39,107 deaths from auto accidents that same year. These incidents cost a total of $463 billion, which included lost wages and productivity plus medical expenses and property damage.
When the NSC averaged the economic toll of each incident, it found that each disabling accident cost $98,400. Each motor vehicular death cost a staggering $1.7 million. These figures may help put the overall costs of motor vehicle accidents into perspective.
You also know how your auto accident has taken a toll on your life. Recovery isn’t easy, and neither are the financial impacts of a personal injury. You don’t want to jeopardize your health or your finances. Yet at the same time, you also want to collect any compensation potentially resulting from your claim.
Having access to money when you cannot work is essential. Even if you could theoretically return to work, it would certainly jeopardize your healing process. You also may not wish to settle for less than what your claim is worth.
Motor vehicle accident lawsuits can be lengthy, yet your expenses cannot wait. Without access to financial resources, you could lose the ability to care for yourself and your family. If you’re unable to pay rent or mortgage payments, you could also lose your home.
One reason why some plaintiffs turn to car accident lawsuit funding is the slow pace at which personal injury cases tend to proceed. It can easily take 18 to 24 months or longer to reach an outcome. That’s because the discovery process is key to these cases.
This fact-finding stage can uncover important evidence such as police reports, eyewitness depositions, expert witness testimony, records from insurance companies, medical records, and photographs. Both the plaintiff’s and defendant’s attorneys take part in the discovery process.
Another complexity of personal injury cases is the concept of MMI. Short for “maximum medical improvement,” MMI is the point where an individual completely recovers from injuries. Alternatively, MMI may mean that the person’s condition has stabilized with no expected substantial improvements in the future. Determining MMI is important, as it influences how much a personal injury claim is worth.
An individual’s MMI point may not be evident at the early stages in a motor vehicle accident case. Moreover, the discovery process can take six months or more to complete. During this time, auto accident pre-settlement funding can help you pay your bills and meet critical household expenses as you pursue your claim.
Car accident settlement loans work on a simple premise: you borrow against your anticipated settlement amount. When you apply for funding, a lender evaluates the merits of your personal injury case. The team at NY Lawsuit Funding attempts to find the best possible options for each case. We base our approvals on the likelihood of each case’s successful resolution, not the applicant’s creditworthiness, income, or employment history.
Upon approval, plaintiffs may be able to borrow a percentage of their settlements — typically 10% to 20%. These loans act more like cash advances because they’re repaid out of the final settlement amounts plaintiffs receive.
Car accident loans may relieve some of your worries during your personal injury case. If approved, you’ll receive your funding within a short period of time.
Besides the money itself, auto accident plaintiff financing provides some useful advantages:
If you’re approved, you can use the money to handle day-to-day expenses: rent and mortgage payments, utilities, food, childcare expenses, auto loan payments, education costs, medical treatment expenses, and more. Since a car accident settlement loan is non-recourse and payment comes out of your settlement, you aren’t impacting your future financial health.
Repayment only occurs after a successful outcome of your claim, either by a verdict or settlement. If you lose your case, you owe nothing.
Personal injury lawsuit funding in NY 11570 is unique in that lenders assume more risk with it than with traditional loan products. Receiving a small percentage of the expected settlement amount can help plaintiffs meet their needs during difficult times. Every case is different, so individual loan amounts vary.
Our Apex Legal Funding team examines three key considerations when evaluating a car accident loan application:
Both economic and non-economic damages factor into a claim’s estimated value. It is helpful if our team can easily assess and calculate the damages involved in your case. Determining loan amounts can be more complex with claims in which plaintiffs share some liability.
Lenders must also consider any upper limits for damage recovery in each claim. These caps usually come from each state’s minimum policy limits and each defendant’s own coverage limits.
Plaintiffs in motor vehicle accident cases often have difficult decisions to make: pursue claims to their fullest possible extent or secure money by whatever means necessary. Apex Legal Funding can help make that choice simple with a car accident lawsuit loan. We’re happy to answer your questions and explain your options. Contact us today through our online form to get started.
Car accidents can be devastating; according to Forbes Advisor, 37,848 NY car accidents led to injuries or fatalities in 2022 alone. When medical bills start stacking up, you might consider pursuing car accident legal funding to reduce the strain.
That said, not just anyone can apply for funding, and those who do may not necessarily understand how it works. A cash advance on a pending lawsuit requires meeting certain eligibility requirements; otherwise, the company may not approve your request. At Apex Legal Funding, LLC, we will take the time to explain these requirements so you can confidently move forward.
Car accidents may be eligible for lawsuit cash advances, but that doesn’t necessarily mean your specific case qualifies. Carefully examine your eligibility to determine whether you can apply or trust a reliable legal professional to walk you through it.
Car wreck settlement advances don’t depend on collateral or credit, like traditional lending. Instead, they depend on how likely a lawsuit is to succeed. When you take a cash advance on a lawsuit, you’re essentially borrowing against your final settlement amount, with the expectation that you will pay back the advance after you win. Because of this, you must be in the process of filing a lawsuit to pursue car accident legal funding.
Filing a lawsuit may sound daunting, especially for those who’d prefer to avoid a lengthy legal battle. Thankfully, many personal injury lawsuits settle outside of court. Your attorney will negotiate with the other party, working toward an agreeable solution, and will only pursue litigation if negotiations fail.
Sometimes, people attempt to tackle their personal injury cases on their own. This can be problematic for several reasons, not least because you will be unable to pursue car crash legal financing.
Attorneys improve your chances of winning a case; their experience allows them to navigate negotiations, gather evidence, and represent you in court, if necessary. Without an attorney, your chances of negotiating a settlement may decrease, making companies wary about lending money. Because of this, many require proof that you’re working with a lawyer before they’ll assess your case.
Funding companies may only provide service to certain states. Double-check that your provider offers service to yours before asking about automobile injury lawsuit funding.
New York has certain restrictions for third-party lenders:
That said, there are no restrictions on the individual pursuing funding.
Before seeking legal funding in New York, you’ll likely want to speak to an attorney. Your lawyer can provide you with extensive insight, including:
Take the time to talk to your attorney to learn more about your case and its chances of success. If you have a particularly strong case, you should be able to pursue funding; if your attorney is uncertain about your chances of victory, consider pursuing alternative funding options.
Qualifying for a lawsuit cash advance can be incredibly beneficial for car accident victims. Auto accident lawsuit funding allows you to pay off large medical bills, cover utilities, buy groceries, and otherwise tackle important expenses. If you’re concerned your case will leave you financially strained, these pre-settlement advances can be an excellent way to reduce stress and allow you to focus on winning your case.
Not everyone can apply for legal funding, however. You must be in the process of filing a lawsuit with the assistance of a qualified attorney. You must also be sure that your chosen provider services your state; otherwise, you may have to look for solutions to your financial challenges elsewhere.
Do you want to learn more about how to pursue car accident legal funding? Have you already spoken to your attorney, and are you ready to ask about financing? If so, reach out to Apex Legal Funding, LLC. Our professionals will take the time to explain the process, answer any questions, and help you explore funding options. Call us toll-free at 1-800-377-4934 to learn more about our services. Let us help you with your lawsuit funding today.
Lawsuit funding, car accidents, and personal injury cases may leave people with many questions. At Apex Legal Funding, LLC, we understand this concern and want to provide our clients with as much information as possible. That’s why we’ve taken the time to answer some common questions below. If you don’t see an answer to yours, please reach out.
According to Forbes, it may take between nine and 18 months for a case to reach a settlement.
Your car accident settlement will vary, depending on the specifics of your case. That said, Law.com states that settlements may range between $15,000 and $35,000.
Aside from a cash advance on a lawsuit, you could pursue traditional lending or credit cards. That said, both of these options often have significant drawbacks, so many people seek car accident legal funding as an alternative.
