If you’ve been injured in a car crash and are overwhelmed with bills, car accident funding options may be available. Legal funding for car crash victims can cover expenses until lawsuit settlement proceeds are in your bank account. In this guide, we’ll explain how you can qualify for non-recourse car accident legal funding and ways you can use it, answering common questions in the process.
What Is Legal Funding?
Legal funding is a cash advance on a future settlement. Your settlement may be months or even years away. But you can receive cash now and not pay anything upfront. You don’t owe the lender back unless your case wins. The amount you borrow is deducted later from your settlement proceeds, plus interest and any fees.
How Do I Obtain Car Accident Lawsuit Financing?
To obtain financing, you must apply with a lawsuit funding company such as Fund Capital America. Your application must include your contact information, the lawyer’s name, and details about the accident and your injuries. To be considered, you must have already hired an attorney, been in an accident, and sustained injuries as a result. You can also request legal funding if:
- It’s taking a long time to recover from your injuries
- You’re unable to work due to injuries sustained in the accident
- Traditional lenders have denied you loans
- Your lawsuit is delayed, or there are unforeseen complications
- The insurance company keeps making lowball offers.
The funding company’s underwriter uses information from you and your lawyer to determine an amount to offer. They’re familiar with a wide range of cases and the potential payouts. Whether you’ve been in a head-on collision, rear-end collision, or low-speed crash, the type and severity of injuries typically seen vary. A lender that provides lawsuit funding for car crash victims is also familiar with accidents involving a hit and run, cell phone usage, a T-bone crash, defective products, or a sideswipe.
Who Can Be Covered by Car Accident Lawsuit Financing?
Drivers can seek financing regardless of their degree of fault. However, their level of fault may reduce the compensation they’re eligible to receive. A lower potential payout means the lender probably won’t offer as much. Passengers can also apply for lawsuit funding and generally have fewer barriers to winning a personal injury case. An injured passenger can file a claim against either or both drivers, depending on the accident, so it’s important to obtain every party’s insurance information and file a claim as soon as possible.
What Can Legal Funding for Car Crash Victims Cover?
Legal funding can cover a wide range of expenses, including costs that should be covered by insurance and eventually by your settlement. There are no restrictions on how you can use it. Common expenses that personal injury victims use lawsuit cash advances for include:
- Major Injuries: Car crashes can cause broken bones, whiplash, soft tissue damage, spinal injuries, traumatic brain injuries, paralysis, amputations, and death.
- Medical Care: Ambulance fees, emergency room costs, hospital visits, X-rays and other imaging, nursing services, prostheses, prescriptions, and long-term care can yield high bills.
- Living Expenses: After an accident, you may not have the money to pay your rent, mortgage, utilities, groceries, travel, or family obligations.
Should I Have to Pay for Repairs Out of Legal Funding?
A lawsuit cash advance can be used to pay for repairs. But if another driver is at fault, their insurance company should pay. If the insurer makes lowball offers or denies a valid claim, you can use your funding now and it will be paid back later when the settlement proceeds become available.
How Does Legal Funding Differ from a Car Accident Loan?
A loan uses your credit or property as collateral. The application process is more complex and includes a credit and employment check. Legal funding is awarded based only on the merit of your case. Your credit or employment status is not factored into any funding decisions. And, the borrowed cash is only paid back if your case wins.
Can I Pay My Lawyer with Legal Funding?
Pre-settlement funding can be used to pay for legal costs. However, personal injury attorneys often don’t require upfront payments. If your lawyer works on a contingency fee basis, they’ll take a portion of your settlement later. After they and the legal funding company are paid, you’ll receive the remaining cash.
How Long Does It Take to Get Car Accident Lawsuit Financing?
At Fund Capital America, we get to work as soon as we receive your application. We recommend discussing your need for funding with your attorney beforehand so they can expect our call. We can make funds available within 24 hours after speaking with them.
Apply Now with Fund Capital America
We have a simple online application process and can start reviewing your request in minutes. There are no application fees or upfront costs. Our car accident funding options include pre-settlement funding, post-settlement funding, an accident settlement acceleration program, and refinancing for previous advances. Apply now or call (855) 870-2274 to learn more about legal funding for car crash victims.
