Head and neck injuries are among some of the most painful, debilitating, and costly injuries that you can sustain. Not only can head and neck injuries result in sky-high medical expenses and the need for ongoing care and therapy, but they often prevent people from working.
If you suffered a head or neck injury in an accident that was another person’s fault, you may know all-too-well about the consequences of either type of harm. You may also have already filed a personal injury claim for compensation for your damages.
Unfortunately, personal injury lawsuits are slow-moving, often taking months to years to resolve. This is particularly true when the defendant has substantial resources to keep the case alive, even when he or she is in the wrong.
For everyday people with average incomes, such as yourself, it may not be financially feasible to continue to fight for the maximum amount of compensation, even if you deserve it. If this is the case, explore personal injury loans and other forms of personal injury lawsuit funding.
Head and neck injuries are some of the costliest types of injuries that persons can sustain and are right up there with spinal cord injuries. According to the Centers for Disease Control and Prevention, head injuries alone cost the United States upwards of $76 billion dollars annually.
This cost includes both direct and indirect costs, such as medical expenses, lost wages, and the economic burden injured persons place on government programs. Sadly, the five-year outcomes of persons with brain injuries are bleak, with 22% dying within five years, another 30% growing worse, and just 22% staying the same. Slightly more than 25% improve within five years.
On an individual level, brain injuries can prove devastating. According to Northwestern Now, the unemployment rate two years post-diagnosis among adults with brain injuries is 60%. The lifetime cost of treatment per person ranges anywhere from $85,000 to $3 million, depending on the severity of the injury — and those figures only take into account medical costs.
Non-debilitating neck injuries are also expensive, costing nearly $10,000 per person per year for treatment. Approximately 27% of the adult working population claims they are unable to work due to a neck injury. Another 4% cite being unable to work because of a neck injury. Of the one in 18 adults that requires special equipment to walk, 26% cite neck pain as being the primary reason.
Because of the high cost of head and neck injuries, it is imperative that you recover the maximum amount of compensation for your injuries. Personal injury settlement loans can equip you with the funds you need to live in financial comfort until the finalization of your case. It can help to level the playing field between you and your opponent since, with finances no longer being a concern, you can continue to fight for full and fair compensation.
Personal injury lawsuit funding essentially grants you a cash advance on your anticipated settlement. The purpose of lawsuit funding is to ensure injured parties have the means to continue fighting for the full and fair compensation they need and deserve following an accident. Unfortunately, many defendants in personal injury claims have substantial resources on their side, along with some of the most experienced attorneys in the industry.
As a result, at-fault parties can prolong a case for months to years. In the meantime, injured persons — who are often unable to work — must contend with a growing stack of medical and living expenses. Eventually, out of desperation, plaintiffs often settle early and for far less than their cases are worth. Personal injury funding is designed to prevent premature settlements.
Qualifying for a pre-settlement lawsuit loan is, in many cases, easier than qualifying for a traditional bank loan. The primary factor that affects your ability to get funding is the strength and value of your case.
If evidence suggests that you share little to no fault in your accident, and if you can prove that you accrued extensive damages as a result of the incident, you will likely receive approval. Moreover, the strength of your case dictates how much in funding you can obtain and at what rates.
Aside from the strength of your case, the team at Apex Legal Funding will also want to verify a few other details.
Those include the following:
Unlike with traditional loans, your creditworthiness is not a qualifying factor. You also do not have to present employment history or a detailed overview of your existing assets or income. Because these elements do not impact your eventual settlement, nor will they impact your ability to receive personal injury lawsuit funding.
The amount you may receive via a personal injury lawsuit loan depends largely on the strength and value of your case. Lenders are more willing to lend more money to individuals whose cases are solid and backed by substantial evidence. If evidence suggests that you will assume some liability for your injuries, a lender may choose to advance you less money and at a higher rate. That said, it is standard for lenders to issue between 15% to 20% of a plaintiff’s anticipated settlement as an advance.
Plaintiffs can use a lawsuit cash advance in much the same way they would personal loans, which means in virtually any way they see fit.
Though there are no limitations on how you may use the advance, your attorney may recommend that you use it only for necessary expenses, such as the following:
Personal injury settlement loans are often a saving grace for people who suddenly find themselves injured, unable to work and saddled with additional expenses, such as medical bills and legal fees. If you are currently in need of a risk-free way to finance your life until your personal injury case settles, contact Apex Legal Funding to discuss our personal injury loans today.