Picture this: You’re in the middle of a personal injury lawsuit after a car accident leaves you hurt. However, until you receive a settlement check, expenses continue to pile up. Is there any way to experience financial relief?
As one of the leading pre-settlement funding companies in New York, we understand that accident victims may require additional support during this challenging time. How does pre-settlement funding work, and is it the right choice for you? We break down everything you need to know.
Understanding the Painful Toll of Car Accidents
Not everyone is lucky enough to survive a car crash. In New York, 59% of crash fatalities involved a single-vehicle accident, while the remaining 41% of deaths involved multiple vehicles, according to the Insurance Institute for Highway Safety. Those who do survive are likely to face injuries or property damage.
Per National Safety Council data, motor vehicle collisions accounted for 5.1 million injuries in 2023. Being seriously injured in a crash can bring a host of financial burdens, including:
- Extensive medical bills and treatment costs
- Diminished earning capacity and lost wages
- Vehicle repair or replacement costs
Victims often experience emotional distress following an accident that impacts their way of life. A review published by Professional Psychology found that up to 33% of accident victims exhibit symptoms of post-traumatic stress disorder. Personal injury lawyers advocate for victims to receive compensation for their pain and suffering, but what can someone do before the case settles?
Pre-Settlement Funding Companies Provide a Financial Safety Net for Accident Victims
If you’re hurt in a motor vehicle crash and pursue legal action, you probably hope to recover damages in as timely a manner as possible. The Law Dictionary reports that 95% of personal injury cases end with insurance companies paying a settlement rather than going to trial. However, it can take several months before you receive a settlement check.
Even if you’re confident that you’ll receive compensation, your expenses don’t stop. Seek a lawsuit cash advance, and if approved, you could get that cushion you’ve been looking for. You won’t have to repay your legal case funding until the case settles.
Use a Personal Injury Lawsuit Loan To Pay for Standard and Unexpected Expenses
Applying for a lawsuit loan has its pros and cons, but approved plaintiffs generally benefit from the service. Pre-settlement funding grants victims money up front to cover some of their routine and accident-related expenses. You can use the funds to pay for the following:
- Medications
- Medical bills
- Household utilities
- Childcare
- Groceries
- Transportation
- Housing payments
It’s wise to apply for a cash advance if you’re unable to work due to your injuries or don’t have enough to live on until your case settles. These funds can prevent you from accumulating debt and ensure that you can cover some of your most basic expenses.
Who Can Receive Legal Funding After a Car Accident?
Is a pre-lawsuit cash advance attainable? You can’t contact a lender immediately after a car accident and expect them to send you money. However, you can work with a personal injury lawyer and let them build a case in your favor.
Consult legal counsel to determine whether you have a case. Litigation might not be ideal or possible in some situations, such as:
- If you’re the at-fault driver
- If you only sustain minor injuries or property damage
- If you accept the insurance company’s initial offer
After filing a lawsuit, you can apply for pre-settlement funding. Your lawyer will then provide key details of the case to the lender. Funding companies are more apt to provide a cash advance to victims with strong cases that are likely to end in their favor, either through settlement negotiations or at trial.
Repayment Is Simple Once Your Case Resolves
Don’t worry about making monthly payments back to your lender. The legal costs and pre-settlement funds you incur will come out of your final settlement check. Lawyers and lenders each take a cut of your insurance payout before sending the remaining funds to you.
See If You Qualify for a Lawsuit Cash Advance Through Apex Legal Funding, LLC
The benefits of pre-settlement lawsuit funding are plentiful, which is why many injured car accident victims make this financial decision. At Apex Legal Funding, LLC, we provide cash to victims with pending lawsuits so they can reduce their financial burdens as they await a settlement. Our process is straightforward and doesn’t require jumping through the same hoops when applying for a traditional loan.
Our team is happy to answer any questions or concerns you may have. Contact our office at 1-800-377-4934 or apply for a cash advance online today.
Frequently Asked Questions
Discover answers to common questions we receive about our services.
How Does Pre-Settlement Funding Work?
Pre-settlement funding allows accident victims to receive a cash advance if they qualify. Lenders review their personal injury cases to determine the likelihood of a settlement. If approved, victims will receive funds to pay their expenses until they reach a settlement.
Why Should I Opt for a Lawsuit Cash Advance Over a Traditional Bank Loan?
Applying for a lawsuit cash advance is better than a traditional loan because the process is quick and doesn’t impact your credit score. You also don’t have to pay the loan back if you don’t win your case or if it settles for less than the funds you receive.
Is It Hard To Apply for a Legal Funding Advance?
Not at all. To apply for legal funding, contact a reputable lender and connect them with your attorney. Lawyers provide lenders with details of the case for review, and the approval process only takes a few days.
How Much Money Do Lawsuit Funding Companies in New York Loan Victims?
Lawsuit funding companies in New York typically pay up to 20% of the expected settlement amount. If your lawyer expects your case to settle for $100,000, pre-settlement funding companies could pay you $20,000 in advance.
