When another person causes your injuries in a car accident, seeking compensation makes it a bit easier to move forward. However, lawyers never seem to advertise how expensive lawsuits can be up front. You may feel tempted to accept the first settlement offer you receive just to avoid staying in the red for too long.
Car accident lawsuit funding offers a reliable solution to this issue. It may allow you to receive a portion of your settlement in advance, giving you more negotiating power throughout your case.
Learn more about pre-settlement accident lawsuit funding in NYC and how it might increase your settlement.
What Is Lawsuit Funding?
Lawsuit funding, also called pre-settlement funding, is a cash advance on your eventual lawsuit settlement. It allows you to receive a portion of your payout up front to use however you see fit.
Many types of lawsuit advances are non-recourse. This means that if you end up losing your case and walking away without a penny, you won’t need to pay back the loan. Lawsuit funding companies assume the risk of you losing your case.
These loans also do not require any collateral. As long as you have a strong personal injury case, you may qualify for funding. You will also need to meet a few other criteria, such as having a qualifying case type and working with an attorney.
At the end of your case, the lender would take the amount you borrowed out of your payout, plus a small amount of interest. You would be able to pocket the rest of the settlement after paying any attorney fees or other associated costs.
Three Ways Pre-Settlement Funding Can Bolster Your Negotiating Power
As many as 96% of personal injury lawsuits settle out of court. If you want to maximize your payout, car accident lawsuit funding can help.
These are a few ways pre-settlement funding can strengthen your negotiating power.
Give You Access to Experienced Legal Representation
Many attorneys charge up front for their services, with fees averaging between $100 and $500 per hour. If you want to improve your chances of winning your case, you need an experienced, trustworthy car accident attorney on your side — but their services probably won’t be cheap.
Car accident lawsuit funding gives you access to cash that you can use to pay for quality legal representation. Seasoned lawyers have extensive experience negotiating with insurance companies and accident defendants. They can help you seek a higher compensation award and avoid accepting an insufficient offer.
Let Your Lawyer Spend More Time Building a Strong Case
It takes time to gather evidence, compile witness testimonies, secure dashcam footage, and ultimately build a strong car accident case. The more time your lawyer has to collect evidence, the stronger your case might be. But if you are facing mounting expenses, you may want them to shorten the discovery process and start negotiating, weakening your case.
With car accident lawsuit funding, you gain the funds you need to wait out the legal process. Your attorney has more time to spend building your case, strengthening your negotiating power during settlements and potentially increasing your payout.
Help You Avoid Settling Too Quickly
When you are strapped for cash, you may be tempted to accept the first settlement offer the insurer provides you. But this could cause you to lose out on a higher award that comes after a few rounds of negotiations.
Pre-settlement lawsuit loans let you stand firm during settlement negotiations and avoid giving in too quickly. You won’t feel tempted to accept an offer just so you can put cash in your pocket. Instead, you’ll be able to maintain a level head and wait for a better offer.
The insurance company or other defendant will see that you are unwilling to budge, encouraging them to provide a higher offer and avoid wasting additional time in negotiations.
Give You Peace of Mind About Current Expenses
Car accidents are expensive, costing Americans $340 billion in 2019 alone. You may be facing steep medical co-pays, vehicle damage repairs, at-home medical equipment costs, and extensive loss of income. Though you may feel confident about securing compensation down the line, the bills will continue piling up in the meantime, placing stress on you throughout the duration of your lawsuit.
With lawsuit funding, you can gain peace of mind about your financial situation. This option could make it easier to endure a lengthy lawsuit, as you won’t need to stress about finances. You will also have a clearer head, allowing you to make better decisions about the legal process and know when (and when not) to accept a payout.
Explore Car Accident Pre-Settlement Funding Today
The many benefits of pre-settlement lawsuit funding may make this a worthwhile consideration for your car accident case. Apex Legal Funding LLC is your source for lawsuit advances and other plaintiff financial solutions. We help clients receive cash advances in as little as 24 hours, bolstering their cases and providing immense peace of mind.
Contact us today at 1-800-377-4934 to speak with our team or start your cash advance application.
Frequently Asked Questions
How much money can you secure through a lawsuit cash advance?
You can typically secure up to 20% of your eventual settlement through a lawsuit cash advance. The lender will assess your car accident case and determine its potential value, then present you with an offer.
What are the benefits of pre-settlement funding?
Pre-settlement funding lets you pay for medical bills, attorney fees, and other costs associated with your lawsuit up front. You gain peace of mind about financial stressors, allowing you to devote more energy to your case.
How do you negotiate a higher personal injury settlement?
You can negotiate a higher personal injury settlement by presenting additional evidence of the defendant’s negligence, understanding your case’s worth, and standing firm during negotiations. Car accident lawsuit funding may aid your ability to successfully negotiate a more acceptable offer.
