Rideshare accidents can turn your life upside down in seconds. Medical bills pile up, income disappears, and managing everyday expenses may become overwhelming – all while waiting for the system to resolve your legal case. Isn’t there an alternative?
There is! You might consider car accident lawsuit funding.
Financial relief feels welcome during a challenging period for you as a rideshare accident victim and could give you time to focus on recovery. Below, Apex Legal Funding, LLC shares how pre-settlement accident lawsuit funding in NY works.
Understanding Rideshare Accident Legal Challenges
With over 46,000 motor vehicle crash fatalities in 2022 reported by the National Safety Council, the impact of auto accidents continues to be devastating. However, rideshare accidents present unique legal complications. If you’re injured in an Uber or Lyft, who does the law say is liable?
According to WHO, road traffic injuries remain the leading cause of death for children and young adults aged 5 to 29. With that in mind, it isn’t surprising to find many victims facing months or even years of financial strain while waiting for these cases to be resolved. This waiting period can be particularly trying if your injuries prevent you from working or your health insurance coverage is inadequate.
Insurance coverage varies based on several factors. For example, was the vehicle driver actively logged into the app or carrying passengers at the time of the collision? Car accident lawsuit funding may extend your timeline to help you work through these various complexities.
What is Lawsuit Funding? How Car Accident Pre-Settlement Funding Provides Relief Over Time
Have you been in a rideshare accident? Pursuing a case may not be something you can afford right now. If so, consider your lawsuit funding options.
Pre-settlement funding provides immediate cash while your rideshare accident case is pending. The funding amount depends on the estimated value of your case. The funding company evaluates your claim’s strength and potential settlement value, and if it approves the application, you may receive funds within days.
Importantly, unlike conventional loans, car accident lawsuit funding is non-recourse. This means you only repay the advance if you win your case.
Benefits of Legal Funding for Rideshare Accident Victims
Besides the non-recourse arrangement, pre-settlement funding offers several advantages for those involved in Uber and Lyft accident cases, including:
- Financial breathing room: Cover essential expenses like rent, utilities, groceries, and medical bills while your case proceeds.
- Stronger negotiating position: With financial pressure relieved, you won’t feel forced to accept an inadequate settlement offer.
- Time to focus on recovery: Reducing stress allows you to concentrate on healing and following your medical treatment plan.
Pre-settlement lawsuit loan options may provide you with some financial stability during the potentially lengthy legal process.
Types of Expenses That Lawsuit Funding Companies Cover With Auto Accident Cash Advances
According to the NSC’s Injury Facts, the economic costs of motor-vehicle crashes in 2023 averaged from $1.95 million per death to $6,300 for property damage. These costs covered lost wages, medical bills, vehicle damage, and more. Your lawsuit funding company will take these factors into account when offering you a certain amount.
When you receive car accident lawsuit funding, you can use that money for necessary expenses like medical costs or vehicle repairs. In that way, these types of personal injury lawsuit loans provide flexibility, unlike restrictive medical liens or health care financing.
How To Apply for Pre-Settlement Accident Lawsuit Funding
Applying for car accident pre-settlement funding is straightforward. Submit a simple application and wait for the funding company to contact your attorney about the necessary documentation. The underwriters review your case on merit rather than credit history.
Typically, approved loan applicants receive funds within 24 to 48 hours.
What Makes Non-Recourse Legal Funding Different?
Traditional loans require repayment, regardless of your financial situation or case outcome. Typical car crash lawsuit advances operate as follows:
- Contingent repayment: You repay when your case succeeds.
- No monthly payments: You don’t have regular payment obligations while the case is pending.
- Risk-free arrangement: You owe nothing if you lose your case.
- Credit-independent: Your credit score doesn’t affect approval.
Need financial protection during an already stressful time? Discuss this option with your lawyer so that they can ensure it aligns with your overall case strategy and help you gather the documentation.
One More Consideration Before Applying for Legal Funding for Accident Claims
What is lawsuit funding? Simply put, it’s an advance against your future settlement. Consequently, before applying for pre-settlement funding, you’ll want to consider the fee structure against the strength of your case.
When researching options, look for funding companies with transparent fee structures and positive reviews. Is the company known and respected within the legal community? Taking the time to research lawsuit funding companies may help you avoid excessive fees.
Make Apex Legal Funding, LLC Your Partner in Rideshare Accident Recovery
At Apex Legal Funding, LLC, we understand the financial challenges rideshare accident victims face. When choosing the right pre-settlement funding company for your situation, be sure to explore all the options.
Are you struggling financially while waiting for your rideshare accident case to be resolved? Our car accident lawsuit funding offers transparent funding solutions, and our team can work directly with your attorney. Contact Apex Legal Funding, LLC today at (800) 377-4934 to discuss your case’s eligibility for pre-settlement funding.
Frequently Asked Questions
Here are answers to common questions about how rideshare accident funding helps victims manage during litigation.
How Much Can I Receive From Pre-Settlement Funding?
Funding amounts are usually a small percentage of your estimated case value. The exact amount depends on the strength of your case and projected settlement value.
How Long Does the Pre-Settlement Funding Application Process Take?
The pre-settlement funding company can process applications within 24 to 48 hours once it receives all required documentation from your attorney.
Will Receiving Funding Affect My Relationship With My Attorney?
No, receiving car accident lawsuit funding should not impact your attorney-client relationship. Personal injury attorneys are familiar with the funding process and often cooperate with the funding company to provide necessary case information.
