Receiving money from an accident is commonly & mistakenly referred to as a “loan,” lawsuit “loan,” etc. Consumer legal funding is not a loan since if you lose your case, you don’t have to pay it back. For simplicity reasons, we will use the word “loan” within this page.
Every day throughout Mississippi, motorists, cyclists, bikers, and pedestrians are injured in life-changing automobile accidents. Unfortunately, the collision is often just the beginning of a long, challenging journey, especially if the negligent actions of another driver caused the accident.
If you were the victim of someone else’s poor decisions, you do not have to shoulder the financial and medical burden of recovery alone. State law allows you to pursue compensation from the at-fault party and obtain Mississippi car accident loans while waiting for your settlement. Apply with High Rise Financial to get the extra cash you need now.
In This Article
Is Car Accident Lawsuit Funding Legal in Mississippi?
The legality of lawsuit funding varies from state to state. Some states highly regulate it, while others prohibit it entirely. Car accident legal funding in Mississippi is legal in most circumstances, however, so long as the specifics of the contract do not violate the state’s champerty laws.
Champerty is a legal doctrine that forbids third-party influence on the outcome of a lawsuit. This law aims to stifle frivolous lawsuits financed by outside parties who steer the case a certain way for their benefit.
Mississippi state courts tend to uphold legal funding agreements. They only invalidate specific contracts if the financing company influences the case’s outcome. Following an accident in Mississippi, you need all the financial help you can get. A Mississippi car accident loan from High Rise Financial can provide enough funding while you wait for a claim to be approved.
Mississippi Laws that Could Limit Your Funding Amount
Other than champerty regulations, several other Mississippi laws can impact your ability to fund your legal claim. Since we can only lend up to 20% of your case’s value, anything that limits or reduces your potential settlement will also determine how much money we can advance to you.
For example, you and your attorney will need to keep the following in mind when filing your lawsuit and applying for pre-settlement funding via a Mississippi auto accident loan from High Rise Financial:
- Insurance policy minimums: State law establishes minimum insurance coverage that all drivers must carry, including $25,000 for each injured person and $50,000 for each accident. If the at-fault party’s insurance coverage is less than your damages, you may be limited in how much you can collect from them.
- At-fault laws: As an at-fault or tort state, Mississippi law preserves a victim’s right to compensation from the party that caused their injuries. While you are likely to get reimbursed under this system eventually, the process can take longer than in no-fault states since you cannot get your payout until liability is determined.
- Pure comparative negligence rule: You can still sue if you are partly at fault for your injuries, but your settlement or jury award will be reduced according to your portion of the blame. For example, the Mississippi Department of Transportation (MDOT) reports that 22.1% of motorists in the state do not wear a seatbelt, which can lead to more severe injuries…and a reduced settlement.
- Statute of limitations: Mississippi Code §15-1-49 generally allows a victim up to three years after an accident to file their lawsuit for compensation. You must meet this firm deadline to get any reimbursement for your losses and qualify for legal funding.
How Litigation Financing Can Help After Your Accident
No matter how quickly you file your lawsuit after being injured, it can take years to get justice. The defendant’s attorneys will do everything they can to stall your case’s progress, hoping you will get so desperate for cash that you will be willing to accept a lowball settlement offer.
With legal funding, you can breathe easy knowing you can pay your bills while you continue to fight for fair compensation. In addition, we can have the funds in your account in as little as one business day, ready for you to use however you wish.
You are free to spend the money on any of the following expenses with no restrictions, regardless of whether they are related to the crash:
- Medical fees
- Prescription costs
- Monthly utility bills
- Tuition or textbooks
- Clothes and shoes
- Dining out
- Rent or mortgage payments
- Court costs or other legal fees
Best of all, you are not responsible for repaying the money you receive. If you win a settlement, your attorney will use those funds to reimburse us for the money we fronted against your lawsuit. And if you lose your case, the cash is yours to keep and does not need to be repaid.
Do not let your car accident injuries in Mississippi prevent you from paying the bills and other expenses. A car accident loan in Mississippi from High Rise Financial can make all the difference.
Apply for Mississippi Pre-Settlement Legal Funding Today
Qualifying for car accident lawsuit financing in Mississippi after a traffic accident is fast and easy. The only factors that matter are the strength of your case and your attorney’s willingness to cooperate. You aren’t personally repaying the money, so we will never ask to see your bank balances, credit score, or proof of income.
Apply for legal funding today with High Rise Financial and have cash in your bank account as soon as the next business day. There are no hidden costs, application fees, or risks to you. So, get started by filling out our online contact form or calling our offices today. We are here to answer your questions and ensure that you have the funding available to pay for everyday expenses while you recover from your Mississippi car accident injuries.