Lawsuit Loans in Arizona
Uplift Legal Funding provides non-recourse lawsuit loans in Arizona. Arizona has a population of 6,828,065, making it the 14th largest state in the United States. It ranks 13th for per-capita fatal injuries (D.C. included).
Legal funding is currently regulated on a state-by-state basis. Based on industry data, Uplift developed a scale to measure a state’s ‘legal funding ease’ quotient. On a scale of 0 to 10, Arizona scores a 1.7, which signfies that it is very tough for injured plaintiffs to access legal funding in Arizona. To learn more about injury statistics and legal funding in your state, read this brief guide to Arizona lawsuit loans
Accident Injury in Arizona
Arizona’s yearly injury death rate of 73.9 per 100,000 places it 23.0% higher than the national average of 60.1.
Arizona residents drive an estimated total of 65 billion miles yearly. That means the average Arizona resident drives about of 9,526 miles per year. That figure is 1.1% lower than the U.S. national average of 9,630 miles per year.
Aside from miles driven, local seatbelt and drinking and driving habits play a large part in the auto accident death rate. Arizona residents are about average when it comes to buckling up, reporting a 82.0% use rate.
The drinking rate in Arizona, or the percent of people who report drinking too much before driving at least once in the prior month is 1.7%, which is 8.0% lower than the national average of 1.8%.
In part due to these factors, the car accident fatality rate in Arizona is 13.1. This compares unfavorably to the US national average of 10.9, and costs the state $1,050 million yearly.
Arizona Legal Funding Cheat Sheet
According to Title 12, Article 3, Sec. 12-542; the civil statute of limitations in Arizona is 2 years. This means that you may lose the right to sue for negligence if you do not file your lawsuit within the limit. The degree to which plaintiff negligence impacts the liability claim varies from state-to-state. Arizona’s guideline is pure comparative fault.
Essentially, this means that plaintiff’s share of fault reduces damages proportionally – A.R.S. § 12-2505. Its important to keep in mind that if you request car accident lawsuit loans early-on in your claim, legal funding underwriters must assume Arizona state minimum policy limits of:
- $15,000 bodily injury liability per person
- $30,000 bodily injury liability per accident
- $10,000 property damage liability per accident
Regulation of Lawsuit Loans in Arizona
Arizona’s statute defines consumer lawsuit loans and places a 36% cap on interest charged. Because the rate cap ignores the risk profile of non-recourse legal funding transactions, most funders avoid funding in Arizona, except for very strong cases.