Construction sites are dangerous environments, and construction workers face some of the highest risks of injuries than workers throughout any other industry. For these reasons, agencies at both state and federal levels – and even some at local levels – maintain hundreds of safety regulations by which general managers, building owners, and workers must abide. Yet, despite these regulations, and despite your own precautions, you cannot always protect yourself against the negligence of others.
When another party’s negligence causes an accident that results in serious injury to you or a loved one, you may face mounting medical costs and living expenses that need your attention sooner rather than later. Yet, due to your injuries, you may be unable to work. You hope that the third-party claim you filed against the at-fault party will yield a settlement soon, but in the meantime, you are not sure how you will get by on what little funds you have remaining. You may consider turning to your bank for a traditional loan, but before you do, consult with our construction lawsuit financing company regarding financial assistance through our settlement funding programs.
A pre-settlement loan is essentially a cash advance against your anticipated settlement and can help you cover your costs of living while your attorney seeks a maximum recovery on your behalf.
Per NYC Business, state law requires all New York employers to carry workers’ compensation if they employ one or more persons — even if that person is part-time or a family member. This policy is in place to ensure that injured workers can recover compensation for medical expenses and lost wages quickly and regardless of fault. In exchange for this payment guarantee, workers relinquish their rights to file a third-party legal claim, which helps to keep the court dockets clear.
While workers’ compensation is convenient, the benefits are often only enough to cover medical expenses and a portion of lost wages. At most, you can receive two-thirds of your average weekly wages. You may also receive benefits for vocational rehabilitation and retraining. However, workers’ compensation does not cover much beyond those expenses, and it does not account for any losses that injured workers experience as a result of pain and suffering. Because of its limitations, many construction accident victims choose to pursue compensation via third-party claims against the at-fault parties.
Personal injury cases in New York in general take considerable time to settle. Construction lawsuit cases, however, can take even longer, as plaintiffs must prove that their damages exceed what workers’ compensation can and is willing to cover. They must also either identify a liable third party or prove that their employer’s extreme negligence caused the accident that result in their injuries. Because the whole process can take years, it may be in injured parties’ best interests to partner with a construction lawsuit financing company. A lawsuit loan, or pre-settlement funding, works a lot like a personal injury loan in that borrowers can use the money in any way that they please.
You may wish to use your legal funding to lighten your financial burden by paying for the following:
Litigation funding is an advance on your final construction accident settlement. You do pay interest on the funds you receive, but the interest rate is not nearly as high as the exorbitant rates typical of cash advances. Moreover, we do not compound interest on your loan, which means we only apply one low-interest rate to the initial principal amount and not the accumulated total.
Pre-settlement lawsuit funding offers several benefits to individuals embroiled in construction lawsuit cases. The biggest benefit is perhaps its ability to level the playing field for otherwise cash-strapped individuals.
Law firms for defendants in construction accident cases often have ample resources and the ability to drag cases on for as long as possible. Meanwhile, plaintiffs fall further behind with each passing day. After so much time, plaintiffs cave and accept the next settlement offer that comes their way, even if it is considerably lower than the value of their claims. This is precisely what the defendants want. Through settlement funding, a construction lawsuit financing company can support plaintiffs for the duration of a case and, in the process, give them the confidence they need to pursue maximum compensation.
Another major benefit of lawsuit funding is the fact that it poses zero risk to the borrower. Considered “non-recourse,” lawsuit loans require no collateral aside from the agreed-upon portion of the borrower’s compensation package, and the borrower’s personal bank accounts and finances never come into the picture, so there are no monthly payments to make. If the borrower’s claim is unsuccessful, he or she does not have to repay the loan.
The qualification process for construction lawsuit funding in New York is relatively quick and straightforward, and it only requires a few pieces of documentation from you.
Those pieces of documentation must prove the following to be true:
You can apply online, over the phone, or in person with our construction lawsuit financing company. You can also work with your attorney to submit an application.
If we approve your application, you can receive funds within as little as 24 to 48 hours. How much in settlement funding you receive, along with the rates we quote, depends largely on the value of your claim and its perceived strength, not your credit score. However, many pre-settlement funding companies issue between 1% to 20% of a borrower’s anticipated settlement as an advance.
If you sustained a serious injury in a construction accident and you plan to file a third-party claim for compensation—or, if you already filed a third-party claim—see how settlement funding can help you recover the maximum amount of compensation. Contact our construction lawsuit financing company today to discuss your options.
