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As the state with the highest population density according to the U.S. Census Bureau, it’s no surprise that NJ also has a high rate of injury accidents and fatal traffic accidents. If you were hurt in a traffic accident due to another driver’s negligence, you could be eligible for New Jersey car accident loans from High Rise Financial.
How does Legal Funding Work After a New Jersey Car Accident?
Because of the speed and force involved with a collision, auto accidents can cause severe and long-lasting injuries and costly property damage. Victims often face lengthy recovery periods, which may include significant financial hardships because of:
- Expensive medical treatment
- Severe pain and discomfort
- Permanent disability or disfigurement
- Vehicle repair or replacement expenses
- Lost wages because of reduced hours or an inability to work
If you were injured or lost a loved one because of someone else’s recklessness, you might be able to recover some of your losses by filing a personal injury lawsuit. You can file your suit in New Jersey as long as your accident occurred in New Jersey or the person you are suing lives in the state.
However, the legal process for compensation can be frustratingly slow, and your bills and creditors won’t wait the years it may take for a resolution. Therefore, we can provide funding for your lawsuit, giving you cash now that you can use to cover expenses during your litigation. This money is then returned to us from the settlement you eventually receive.
Qualifying for Pre-Settlement Funding in New Jersey
Known by several names, including pre-settlement loans or litigation financing, this type of legal funding is not like any traditional loan you are used to. It is only paid back if you win your lawsuit and receive a settlement, so qualification hinges solely on the strength and value of your case.
If you lose your petition for compensation, the money you received for legal funding is yours to keep. This is known as non-recourse debt because the financing company that gave it to you has no legal recourse to get it back. Since you are not personally liable for repayment, you don’t have to prove that you’re able to pay it back.
Qualification for a car accident loan in New Jersey is quick and easy without the same vetting you would experience with a bank loan or credit card application. Even if you have bad credit and no income or assets, you can still qualify for legal funding.
You must have an attorney representing you in your pending lawsuit who agrees to cooperate with the process. We will reach out to them to gather details of your case to evaluate your likelihood of success and determine your claim’s merits.
Factors that Determine the Value of Your Personal Injury Lawsuit
When we approve your application, we will let you know how much cash we’ll be able to advance against your case. This figure will be up to 20% of your lawsuit’s value, which we calculate based on:
- How much damage was done: You can expect a higher settlement if you have significant medical bills and other expenses related to the accident.
- The defendant’s degree of liability: In New Jersey, a defendant only has to pay a portion of your damages if you were partly responsible for the accident. Cases with a clear liability like a rear-end accident are worth more than those with shared liability.
- How much insurance you carry: New Jersey is a no-fault state, so you must maintain a minimum amount of personal injury protection (PIP) and other coverages on your insurance policy. Your insurance company will pay up to that amount for your losses, and these limits will impact how much you can recover in compensation.
Because of the statute of limitations under NJ Stat. §2A:14-2, you must file your lawsuit within two years of your accident. Additionally, you’ll need to make sure your insurance policy includes full or limited tort coverage, which preserves your right to sue.
Failing to meet these requirements could make you ineligible for compensation or legal funding, regardless of the amount of your damages or the strength of your case.
Spending Your Car Accident Loan in New Jersey
Many victims of car accidents have concerns that the lawsuit loan money they receive will have restrictions or be monitored by the lender. When you choose to seek car accident legal funding in New Jersey at High Rise Financial, you do not need to worry about these restrictions.
This money is yours to spend however you like. Some of the most common expenses reported by NJ car accident loan recipients include:
- Rent or mortgage payments
- Costs of extracurricular activities
- Clothing and household expenses
- Entertainment costs
- Vehicle payments and auto insurance premiums
- Renters, homeowner’s, life, and health insurance premiums
- Phone, Internet, and utility expenses
- Gas and toiletries
- Groceries and other food costs
- Outstanding medical bills
- Credit card debt
How to Get Legal Funding After Your New Jersey Car Accident
High Rise Financial can fund personal injury lawsuits that involve any traffic collision, including car, truck, bus, motorcycle, semi-truck, and pedestrian accidents. Thanks to our fast turnaround and transparent terms, you’ll have the cash you need now and no surprise fees later.
You can apply for legal funding for your New Jersey car accident lawsuit by filling out our online form or calling us toll-free. There is no obligation or risk, so contact us right away to get started. We are ready to discuss your case and help you get the justice you deserve.