Unfortunately, accidents are a part of life and can occur anywhere and anytime. Car crashes alone resulted in 35,092 deaths and 1.7 million injuries in 2015, according to the National Highway Traffic Safety Administration.
In addition to being dangerous, car crashes can cost a great deal as well. Expenses sometimes reach thousands of dollars. While auto insurance can cover some of these expenses, many plaintiffs still find themselves facing financial hardship.
A settlement provides the plaintiff with the financial means to cover all of the expenses caused by the accident. However, lawsuits can take months or even years to finalize. This puts many plaintiffs in a financial strain.
Instead of settling prematurely, lawsuit cash advances help plaintiffs withstand a lengthy trial to obtain the settlement amount they deserve.
A Lawsuit Cash Advance is Different From a Loan
A common misconception is that a a lawsuit cash advance is like a loan. A loan is an amount that is borrowed and paid back in full, without contingency.
Lawsuit loans, on the other hand, are contingent on the outcome of the case. This means that if the plaintiff wins the case and obtains settlement, a portion of that settlement pays back the loan. However, in the event the plaintiff loses the case, the loan does not need to be paid back. You read right; if you don’t win the case, you don’t have to pay the legal funder back.
Think of legal funding as insurance for your lawsuit. You receive cash upfront. So regardless of the outcome, you are financially taken care of. Simply put, a pre settlement or lawsuit loan is a cash advance.
If you have a viable case, legal funding companies are confident that you will be successful. This allows them to give you cash upfront with confidence that you will win the case and be able to pay them back with your settlement.
Accident Cash Advances Can Help with Expenses
It is no secret that car accidents can have a dramatically negative effect on you and your family, both physically and financially. In addition to this pain and suffering, it often takes years before you are compensated for your injuries. Accident cash advances help alleviate the financial strain as you pursue your settlement. These funds have no restrictions on how you spend them. However, most plaintiffs use this cash to pay for living and medical expenses such as:
- Medical expenses – including emergency hospital visits, hospitalization, medical doctors for treatment and prescriptions, etc.
- Legal fees
- Rent payments
- Car payments
- General living expenses
For example, many victims find themselves unable to work as a result of the injuries they suffer from the accident. While settlements often account for lost wages, cash advances assist with these lost wages until settlement arrives.
In addition, unlike traditional loans, there are no credit checks necessary for a lawsuit cash advance. The only factors taken into account for cash advance approval include liability, insurance coverage, damages and past advances. These factors are all facts surrounding the case. The stronger your case, the higher chance you have for approval and a substantial advance. After reviewing your case (liability, insurance coverage, damages and previous advances) a value is determined.
Uplift Legal Funding
If you or a loved one is suffering from injuries or loss caused by a car crash, file a claim to seek the compensation you deserve. Uplift Legal provides car accident lawsuit cash advances to help you along until settlement.