If you’ve had an accident, looming medical bills can be more stressful than the recovery process. According to a survey from The Commonwealth Fund, 41% of working-age adults in America are having trouble paying their medical debt. Rising prices for housing, clothing, food, and other necessities certainly don’t make paying down debt any easier.
Pre-settlement lawsuit funding can tide you over while you wait for your case to resolve, but not everyone qualifies. Below, find out whether you’re eligible for pre-settlement funding in New York.
What Is Pre-Settlement Funding?
Approximately 30% of personal injury cases take over one year to resolve, and in the meantime, you’re left wondering how to pay for rent and other bills when you should be focusing on feeling better.
Bills won’t stop just because you’re injured, but how can you pay them if you’re unable to work? That’s where pre-settlement lawsuit funding comes in. Pre-settlement funding provides access to your settlement money well before your case settles, sometimes as soon as 24 hours after approval.
You can use pre-settlement funding for any expense you’d like, including:
- Medical bills
- Groceries
- Rent/mortgage payments
- Credit card bills, student loan payments, and other types of debt
- Repairs for property damage
Who Qualifies for a Lawsuit Cash Advance?
Pre-settlement lawsuit funding sounds like a great way to pay your bills, but you’ll have to meet a few requirements to qualify. Check out these requirements to see whether your case qualifies.
You Must Have a Valid Case Type
Lawsuit cash advance companies only accept clients with certain types of cases. If you have a personal injury case, it likely qualifies for pre-settlement funding. That’s because personal injury cases are more likely to succeed than others.
Qualifying cases include but aren’t limited to:
- Car accidents, including crashes related to drunk driving, distracted driving, and poor road conditions
- Slip-and-fall accidents on public or private properties
- Premises liability accidents, common at stores, hotels, banks, and offices
- Dog bites, especially if the owner knew their animal was aggressive
- Pedestrian injuries
- Medical malpractice (surgical errors, birth injuries, cancer misdiagnoses, etc.)
- Injuries caused by defective products
- Nursing home negligence, such as medication mistakes, unsanitary conditions, poor nutrition, and unreasonable use of restraints
You Must Have a Pending Lawsuit
You must have a pending lawsuit filed to qualify for pre-settlement funding. Most personal injury cases never see the inside of a courtroom, so filing a lawsuit doesn’t necessarily mean your case will go to trial.
Instead, your attorney will likely negotiate a settlement for you out of court. The settlement process can take months or over a year, which is why pre-settlement funding can be so helpful. A seasoned attorney will be even more crucial if your case goes to trial.
You Must Have Legal Representation
You can’t apply for pre-settlement funding without having hired a lawyer first. This is because you stand a better chance of winning your case with a lawyer than without.
Our underwriters will speak to your attorney to learn the details of your case, which will help us determine an amount for your funding. Once we have provided funding, we’ll work with your attorney for repayment.
You Must Live in a State Serviced by the Funding Provider
Settlement advance companies may not provide funding to clients in every state. Before applying for funding, ensure the provider serves people from your location.
Benefits of Pre-Settlement Lawsuit Funding
Unsure whether a settlement advance makes sense for you? Consider the following perks:
- Near-instant access to funding whenever you need it
- Can spend your funding on any expense, including rent, food, and medical bills
- Does not require a hard credit pull and won’t impact your credit rating
- Does not require you to have a job
- No repayment required if you don’t win your case
How Much Pre-Settlement Funding Can You Apply For?
The median personal injury award is $31,000, but you could qualify for less or more depending on the details of your case.
To determine your pre-settlement funding amount, our underwriters will consider:
- How injured you are and the timeframe for recovery. If you’ve suffered severe injuries and may not recover fully for several years, your pre-settlement funding check may be higher.
- Your medical bills, both current and anticipated. Accident-related medical bills may include emergency treatment, ambulance transportation, surgery, physical therapy, medication, and specialist visits.
- Your pain and suffering (the physical pain experienced as a result of your accident)
- Aggravating factors in your case, such as speeding or drunk driving
- Average settlement amounts for cases similar to yours. For instance, if a recent similar case achieved a $50,000 settlement, we might provide a comparable amount of funding.
Applying is the only way to find out how much your settlement funding amount could be worth. We don’t perform a credit check during this process, so there’s no hit to your credit score. Additionally, we can approve you even if you have poor credit.
How Does Repayment Work?
Pre-settlement funding is appealing because you don’t have to pay it back unless you win your case. There are no monthly payments like you’d have with a credit card or loan.
If you win your case, the opposing party will send a settlement check to your attorney. Your attorney will then write a check to us for the agreed-upon amount (including advance fees), subtract their fees, and send you the rest. It’s an easy, hands-off process with no risk to you.
Apply for Pre-Settlement Funding Now
Is your case eligible for pre-settlement funding? Types of cases that qualify for pre-settlement lawsuit funding include slips and falls, car crashes, animal attacks, medical malpractice, and other personal injury claims. We want to work with you if you have a personal injury case.
Apex Legal Funding provides advance access to settlement funds you can use immediately. Can’t wait for your case to settle? By applying for pre-settlement lawsuit funding, you don’t have to.
To learn if you qualify for pre-settlement funding, call us toll-free at (800) 377-4934.
