Legal funding for personal injury lawsuits can help accident victims remain financially solvent as they await their settlement. After an accident, you can face pressure to accept a lower insurance company settlement due to mounting bills and a loss of income. Pre-settlement funding can give you the necessary cash to pursue the maximum compensation.
It can take months or even years to litigate your personal injury case, during which time your expenses could weigh heavily. Legal funding from High Rise Financial can offer you peace of mind and the financial resources necessary to pursue the justice you deserve. There’s also no risk, meaning if you lose your case, you won’t have to pay back any of your legal funding.
- What Is Legal Funding?
- What Is Legal Funding?
- How Does Pre-Settlement Funding Work?
- How Can Pre-Settlement Legal Funding Help You?
- Are Personal Injury Lawsuit Loans the Same as Traditional Loans?
- Steps in the Cash Advance Process
- How to Get the Best Pre-Settlement Funding
- Types of Personal Injury Lawsuits We Cover
- Why Should You Apply for Legal Funding?
- Things to Consider Before Applying for Legal Funding
- What Factors Impact the Amount of Legal Funding You Qualify For?
- How Shared Fault Laws Could Influence Your Personal Injury Settlement
- How Much Should My Pain and Suffering Settlement Be?
- How Long Do You Have to File Your Personal Injury Claim?
- How Much Does Legal Funding Cost?
- Choose Our Legal Funding for Your Personal Injury Case
Legal funding is an excellent opportunity for those dealing with civil matters to access the compensation they need when they need it the most. However, people have been injured or suffered damages due to someone else’s negligence or misconduct. Although you may be entitled to financial compensation from the liable party, it takes time to go through the claims process.
In some instances, victims may be able to recover the compensation they are entitled to through an insurance settlement alone. Others must deal with the insurance company and bring their case to court to get the most out of their claim. Depending on the specific details of your case, it could be weeks, months, or even years before you can access the compensation you deserve.
That all changes when you are approved for legal funding for your personal injury claim. Personal injury legal funding provides injury victims with a portion of their injury settlement in advance. You can then use these funds to cover your costs and start moving forward without winding up in further debt or struggling to cover your day-to-day living expenses.
To obtain pre-settlement funding, you must first apply with a funding company. Typically, the approval process has few requirements, and many who apply are already pre-approved. Once approved for a pre-settlement loan, we can deliver funds into your bank account 24 hours after your application.
Pre-settlement funding is simply a payment made to you now based on the expected future value of your settlement. Funding companies offer these payments to accident victims, typically with nominal fees, but do not require repayment until a case is settled.
The IRS classifies pre-settlement funding as a non-recourse debt, meaning you don’t have to repay it. Instead, the funding company that gave you the payment will be repaid from your settlement. If you lose your case, you don’t have to pay anything back.
How Can Pre-Settlement Legal Funding Help You?
An accident can cause lifelong damage, making getting the most for your loss vital. Your settlement is the only opportunity for you to do this. Unfortunately, you will face intense pressure to accept a lower settlement than you deserve after your accident due to mounting expenses such as rent, medical bills, car payments, and child care.
For this reason, personal injury cases are notoriously lopsided in favor of the defendant. They can wait for your financial pressures to force you to accept a lower settlement. Insurance companies also often resort to unfair claims practices to intimidate plaintiffs.
With pre-settlement funding, you can continue paying your bills even if you’ve suffered a loss of income. This can help you resist the pressure to settle for less than what you truly deserve. And if you don’t win your case, you won’t have to pay us back.
Are Personal Injury Lawsuit Loans the Same as Traditional Loans?
Personal injury lawsuit loans are much different from traditional loans. When you are applying for a conventional loan, there are several requirements you will need to meet, including:
- Having a solid credit score
- Proof of income
- Credit references
Financial institutions, including banks and credit unions, will require applicants to have a regular source of income and good credit to approve their loan applications. However, personal injury loans are significantly different. Your credit score does not impact your legal funding application’s approval.
You will not be expected to pay back your lawsuit loan with your regular wages, and you might be temporarily really out of work due to the extent of your injuries. For this reason, it is not a requirement to be employed to get your lawsuit loan application approved. Additionally, traditional loans need to be paid back with interest.
The same is not true for personal injury lawsuit loans. Your attorney will repay your lawsuit loan once your injury settlement comes in. You will never be expected to pay compound interest on your personal injury legal funding through High Rise Financial.
Getting legal funding for your personal injury lawsuit may seem intimidating, but the process can be straightforward. We want injury victims to get their advances as fast as possible and make the task as easy as possible for them.
Because of that, there are just four steps in the cash advance process:
- You send your application in for us to review.
- We either accept or deny your application. This can happen in under an hour.
- You get your funding. This will be based on your prospective settlement.
- Once your case is resolved, you repay the funding company if you receive your settlement. You do not have to do anything during this step.
Each phase of the non-recourse advance process can go very quickly. That is because we do not need any credit checks, proof of employment, or tax returns. You do not even have to pay an application fee.
The “best” cash advance for you does not necessarily mean the one that gives you the most upfront (although we understand that more cash is usually better). Instead, you want the best deal on your pre-settlement funding.
To make sure you are getting everything you need and avoiding predatory practices, you should make sure to:
- Calculate the full scope of your damages to give us the best idea of your prospective settlement and avoid accidentally missing an expense you are owed.
- Hire an honest personal injury attorney who is open to pre-settlement legal funding.
- Watch out for extra fees that might come around later down the road.
- Choose a trustworthy funding company that does not give out recourse loans. If you do not get your settlement, some companies could take money out of your pocket and even particular possessions.
Because our legal funding is not technically a loan, you do not owe anything if your settlement does not work out. Plus, we have some of the fairest rates in the industry, which means our clients can have cash left over from their settlement to pay the rest of their expenses.
Just about any type of personal injury lawsuit can qualify for legal funding. However, some of the most common types of loans we provide cover personal injury cases include:
Vehicular accidents can include various types of collisions, such as car accidents, truck accidents, bicycle accidents, pedestrian accidents, motorcycle accidents, taxi accidents, bus accidents, and any other type of vehicle accident.
Negligent driving, dangerous roads, and defective motor vehicle parts often cause these.
Workplace accidents can occur within any industry. However, some types of injuries are known for producing work entries more frequently than others. These include harbor workers, dockers, oilfield workers, positions that require the employee to drive a vehicle, factories, office jobs, and construction work.
Construction accidents can take many forms. Suppose you were involved in an explosion, ground collapse, electrocution, scaffold accident, bulldozer accident, forklift accident, crane accident, or any other accident involving defective machinery or equipment. In that case, you may be entitled to compensation if someone else’s negligence caused your injuries.
Consumers should be able to use products they purchase as intended without fearing injury, Illness, or death. Some products are known for causing devastating injuries more frequently than others.
These products include motor vehicle parts, firearms, medical devices, children’s toys, construction machinery and equipment, and over-the-counter and prescription medications.
Slips and Falls
Slip-and-fall cases can occur in a variety of ways. Some of the more common causes of slip-and-fall accidents include ladder accidents, stare accidents, wet floors, snow and ice accidents, debris in the walkway, loose floorboards, unsecured carpeting, defective conditions on the premises, lack of security, failure to make necessary repairs, and other types of property owner negligence.
When a healthcare provider makes a mistake or error that breaches their duty of care, they can be held accountable for medical malpractice. Some examples of medical malpractice cases include:
- Birth injuries
- Failure to diagnose
- Failure to treat
- Failure to provide follow-up care
- Anesthesia errors
- Surgical mistakes
The family members or personal representatives of those who have passed away due to someone else’s misconduct or negligent actions may have the right to compensation through a wrongful death lawsuit.
Wrongful death cases allow these parties to hold the liable party accountable civilly while recovering compensation for the decedent’s medical expenses, funeral and burial expenses, the survivor’s emotional trauma, the decedent’s physical pain and suffering, and the loss of the decedent’s financial contributions, among others.
Even if you do not see your injury listed above, you can still apply for funding for your personal injury case.
Here are some of the main benefits of applying for legal funding for your personal injury case:
- Easy qualification – Almost anyone injured because of another party’s gross negligence and hires an attorney automatically qualifies for pre-settlement payments. The specific facts of each case determine eligibility.
- Quick application process – The application process can be completed quickly and does not require any paperwork. People who have poor credit or unverifiable incomes may still apply.
- Risk-free funding – We never ask for up-front fees to be paid.
- Greater financial freedom – The legal financing we provide makes it possible to make car payments, pay rent and take care of other financial responsibilities with greater economic freedom.
- No need to accept low insurance offers – Insurance companies are known to provide plaintiffs with as little money as possible when trying to reach settlements. With the money we provide, you and your loved ones do not have to accept low offers and have more bargaining power.
While legal funding can be a lifesaver for many personal injury plaintiffs, it is not for everyone. Even if you think you could benefit from legal funding, some factors may impact your qualifications or just how much you will want to borrow.
Before applying, it is essential to examine the following factors:
Does Your Lawyer Accept Legal Funding?
Anyone who wishes to apply for legal funding should check to see if their lawyer is willing to work with a financing company. If the lawyer refuses, we cannot grant funds to the client.
How Much Legal Funding Do You Need?
It is important to apply only for the amount of money that is needed. If you apply for too much, you might not be approved, preventing you from getting your money when you need it most.
Can You Identify the Responsible Party, and Do They Have Insurance?
You can only receive legal funding if you identify the party responsible for your injury. Additionally, a funding company will only work with you if the responsible party has insurance of some kind. This provides a measure of security, as the funding company knows the insurance company will be able actually to pay for the settlement.
Once you identify a responsible party for your personal injury accident, several factors will impact the amount of legal funding for which you may qualify.
- The extent of your injuries: You may be left with severe injuries after an accident that require extensive surgeries and physical therapy to recover from. The severity of your injuries will affect how much compensation you can obtain.
- The size of the responsible party’s insurance policy: The maximum amount of legal funding you qualify for is determined by the responsible party’s insurance policy.
- The number of other victims: Other victims may make claims against the responsible party and their insurance policy, which can reduce the total amount you may claim.
If you are accused of sharing liability for causing your injuries, be prepared for these accusations to impact the outcome of your case significantly. Every state has its own laws in place for how they handle shared liability. However, there are three primary types of shared fault. These include:
Pure Comparative Negligence
In states that practice pure comparative fault, you can share liability for your injuries and still recover compensation for your damages no matter what. However, expect your injury settlement to be reduced proportionately. For example, if the judge determines you are 25% responsible for causing the accident or the injury, you can expect your injury settlement to be reduced by 25%.
Modified Comparative Negligence
In modified comparative negligence states, you can still recover compensation for your damages if your portion of liability does not exceed the state threshold. This is usually somewhere between 49% and 51%. If your percentage of fault exceeds these limits, you will be prohibited from moving forward with your case.
However, if your portion of liability does not exceed these limits, you can still recover your damages at a reduced rate as pure comparative negligence states do. If you are found to be, say, 30% liable for your accident or injuries, your injury settlement will also be reduced by that much.
Pure Contributory Negligence
There is no room for shared liability in states that practice pure contributory negligence. If you shared fault for your injuries, you will be prohibited from proceeding with your civil lawsuit. These are some of the strictest shared fault laws in the country, and only a handful of states follow them, including North Carolina, Maryland, Virginia, And Alabama.
Your settlement may include an award for your pain and suffering from the accident. While each case is different, most pain and suffering awards are worth several thousand dollars, with few exceeding $15,000. Several factors impact this amount, including the following:
- The severity of your injuries
- The type of medical care you received
- How long it takes you to recover
- Potential long-term damage
Depending on the insurance company, these factors and potentially dozens of others are considered when determining your award for pain and suffering. The award for pain and suffering can be estimated by assigning a number between 1.5 to 5, based on severity, then multiplying this by the amount of financial damages you suffered.
Alternatively, your personal injury lawyer may take a per diem approach, where a flat rate is charged for each day it took you to recover.
Getting your personal injury claim filed before the statute of limitations expires is essential. Every state has its statute of limitations that sets the amount of time an injury victim has to file their claim. If your claim is filed before this deadline, you will retain your right to hear your case within the civil court system.
You can contact your personal injury lawyer to find out how long you have to pursue your injury claim.
The legal funding industry is largely unregulated, allowing each firm to set its own pricing structure. Unfortunately, some companies use this to charge their clients exorbitant fees and interest rates. These rates can leave clients with little to nothing left over after their settlement.
It can be hard to imagine right now, but your case can take months or even years to resolve. Many legal funding companies charge monthly compounding interest rates of several percent or more. What seems like a reasonable fee at first can quickly snowball into a 30-70% interest charge on your principal balance by the time your case settles.
At High Rise Financial, we strive to be a true partner to all our clients. While we cannot disclose our rates in a blog, we offer some of the fairest in the industry with no compound interest. As a national company, we have the financial resources to provide you with a fair deal for your pre-settlement funding.
Anyone interested in receiving money while awaiting settlement funding from their personal injury lawsuit is encouraged to apply now with High Rise Financial. Our hassle-free application requires no paperwork, up-front fees, credit checks, or employment verifications.
Since the specifics of each personal injury case are all that matter, no individual financial information is taken into account while an approval decision is pending. Contact us today through our quick contact form or by phone to get the assistance you need with your case.