Say you were driving home from work, and another car hit you as you turned down your street. Now, you’ve found yourself facing unexpected injuries and high medical bills. How can you move forward?
Car accidents are incredibly common in New York City, with Forbes stating that over 100,000 accidents occurred in 2022. According to the National Highway Traffic Safety Administration, these crashes cost victims $340 million annually. Filing a lawsuit can be a lengthy process, leaving you struggling to manage your expenses.
Pre-settlement lawsuit funding is one possible way to cover expenses while you wait for your case to conclude. Apex Legal Funding, LLC, is here with more about pre-settlement funding in New York, who can benefit, and how the process works.
What Is a Lawsuit Cash Advance?
After a car crash, many individuals will reach out to an attorney to pursue compensation from the at-fault driver. This compensation can help them pay for medical bills, lost wages, and vehicular damage, among other concerns.
Unfortunately, it can take a while to process a settlement. According to Nolo, it may take anywhere from a couple of months to more than a year to see any monetary compensation. Meanwhile, you’ll need to pay monthly bills, address medical expenses, and contend with time off work.
Pre-settlement lawsuit funding (also known as a lawsuit cash advance) aims to help you cover expenses while waiting for your settlement. With pre-settlement lawsuit funding, you borrow cash against your potential settlement. You can then use this money to pay off bills, cover groceries, and more.
Benefits of Pre-Settlement Lawsuit Funding
Pre-settlement lawsuit funding helps reduce stress while you wait for your settlement to process. This funding:
- Doesn’t require a credit check
- Doesn’t require collateral
- Doesn’t require repayment if you lose your case
How To Qualify for Settlement Advance Financing
Unlike standard loans, a lawsuit cash advance doesn’t require you to have a good credit score, solid income, or low debt for approval. Instead, legal funding companies will approve you based on the strength of your case. Your attorney will provide the company with details about your case; from there, the legal funding company will assess its merits and the extent of your injuries and then decide whether to approve you for funding accordingly.
What Pre-Settlement Cash Assistance Can Assist With
You can use legal funding for pending cases for almost anything, including the following:
- Medical bills: Did you sustain injuries because of the car accident? If so, you may find yourself suddenly facing overwhelming medical bills. A lawsuit cash advance lets you pay for the portions of these bills your insurance won’t cover.
- Vehicle repairs: Many car accidents cause serious damage to your vehicle. Repairs can quickly become expenses, and your car insurance may not entirely cover them. You can use your cash advance to pay for repairs, helping you return to the road.
- Monthly bills: A lawsuit cash advance can help with more than the immediate aftermath of an accident; it can also help you cover bills, including mortgage payments, car payments, and utilities.
- Additional expenses: You can use your cash advance for other necessary payments, such as grocery bills.
How Much Funding Can You Pursue?
The actual amount will depend on several factors, including the following:
- The type and severity of the injuries. The more extensive your injuries, the higher your cash advance will likely be.
- The circumstances of the accident. Did you have your phone out while you were driving? Were you speeding at the time of the accident? Did another event occur that could leave you partially at fault? If you share liability for the accident, your cash advance will likely be lower.
- How much you might recover from your settlement. Higher potential settlement amounts may lead to higher cash advances and vice versa.
At Apex Legal Funding, LLC, we’ll generally offer clients between 10% and 20% of their projected final settlements.
What Does the Application Process Look Like?
While individual details may vary between companies, many follow the same format.
First, your funding company will ask your attorney for details about the case. The two of them will work together to understand what sort of settlement might be possible, how likely the case is to succeed, and other information. Once the company clarifies any important details, they’ll provide you with a written agreement to sign. After signing the agreement, your funding company will provide the funds to your attorney, who will pass them on to you.
Discover Lawsuit Funding Solutions With Apex Legal Funding, LLC
Life doesn’t stop for a tragedy. Determine your eligibility for pre-settlement lawsuit funding by reaching out to Apex Legal Funding, LLC. Call 1-800-377-4934 to request your free, no-obligation consultation and learn more about your rights.
Frequently Asked Questions
Would you like to learn more about how lawsuit cash advances work? At Apex Legal Funding, LLC, we aim to provide clients with as much information as possible. We’ve answered some common questions below; if you would like to learn more, reach out to our professionals.
Should I Speak to My Attorney Before Pursuing Pre-Settlement Funding Options?
Yes, you’ll want to speak to your attorney before pursuing funding. Communication is incredibly important in any case; by keeping your attorney informed, you can reduce the risk of complications down the line. In addition, your attorney may have advice on what to do and how much money you should pursue.
How Can I Find the Right Company To Help With My Lawsuit Cash Advance?
When searching for a car accident lawsuit funding company, you’ll want to read reviews and do your research about your chosen company. At Apex Legal Funding, LLC, we have extensive experience with lawsuit cash advance services and can provide you with additional information.
Can I Pursue a Lawsuit Cash Advance for Other Types of Cases?
Yes, you can. Apex Legal Funding, LLC, can assist with pre-settlement lawsuit funding for slip-and-fall accidents, medical malpractice accidents, and construction accidents, among other case types.
