It’s not uncommon for car accident victims to need financial assistance. The cost of medical care alone can be financially overwhelming, on top of vehicle repair bills and routine expenses like rent and utilities. If you’ve hired a lawyer and have a case, there’s no telling when you’ll receive money from a settlement. But legal funding can provide financial assistance after a car accident that covers your expenses now.
According to the National Safety Council (NSC), automobile crashes cost $463 billion annually in the U.S. Even if an accident doesn’t involve an injury, it can cost you thousands of dollars. However, the cost of a non-incapacitating injury averages over $53,000 (per injured person), and an incapacitating injury to one person averages more than $208,000.1
Where to Get Financial Relief
Unless you have a friend or family member with money to spare, you may look for an organization that provides housing aid, medical payment assistance, or general financial aid. But the application process and wait time for an approval decision may be long. And the organization may have strict rules for qualifying.
Credit cards and bank loans have high-interest rates. Plus, these lenders aren’t compassionate to accident victims, meaning there’s no leniency if you are recovering from injuries. You’ll still have to start paying back the money you borrowed.
And without an attorney, it’s unlikely you’ll get a generous settlement from an insurance company. Insurers aren’t legally required to pay all your repair and medical costs. You’ll need a skilled lawyer to help get a fair settlement, but the legal process requires time and patience. It can take months or years to settle a case. Fortunately, legal funding is a cash advance that can help you get by until then (if you’ve retained an attorney and have a meritorious case).
Pre-Settlement Funding Provides Immediate Financial Assistance After a Car Accident
A pre-settlement cash advance is the easiest way to obtain financial assistance. It’s a form of non-recourse legal funding. The only collateral on this debt is the proceeds of your future settlement. If your case doesn’t win or you receive less than what covers the full advance, you won’t owe the funding company anything.
Legal funding also gives your attorney more time to fight for a fair settlement. They can negotiate with an insurance company that offers a low-ball settlement amount. You may get a 10% advance on what you expect to receive, but it can be enough cash to cover immediate expenses. The “loan” is paid back when your attorney receives your settlement check; they’ll pay the lender back out of the total, deduct their fee, and send you the remainder.
How to Get a Non-Recourse Cash Advance
Getting approved for a pre-settlement loan isn’t difficult if you qualify for it. This is one of the greatest benefits, especially at a time when you’re recovering and have legal, medical, and other affairs taking up your time. Just let your lawyer know you need financial assistance, so they can gather the appropriate paperwork.
Applying for legal funding usually takes a few minutes. The funding company will then contact your attorney to discuss your case and review documentation. Medical receipts, police reports, eyewitness accounts, and photos/estimates of vehicle damage are just some information they’ll need to determine what to offer.
Depending on the timing, availability of your lawyer, and the funding company’s workload, the lender can send a check or deposit the cash advance in your bank account the same day.
Apply for Lawsuit Settlement Funding with Fund Capital America Today
We can provide a non-recourse cash advance on your future car accident settlement. No credit check is required, and we can distribute your funds electronically within 24 hours. There are no hidden fees or upfront costs and payback is term-based. You can qualify if you’ve been in an accident, hired a lawyer, and sustained a burn, bone fracture, brain/spinal cord injury, soft tissue damage, or amputation.