Arkansas Lawsuit Loans
Uplift Legal Funding does not provide non-recourse lawsuit loans in Arkansas. With a population of 2,978,204, Arkansas is the 2nd largest state in the United States, and ranks 16th for per capita fatal injuries (D.C. included).
Because funding regulation is complex, Uplift developed a funding-ease scale. This scale helps plaintiffs understand what part their state plays in lawsuit loan decisions. On a scale of 0 to 10, Arkansas scores a 0.0. This means that we consider it very tough for plaintiffs to get lawsuit loans in Arkansas. Read more information below about the legal funding environment in Arkansas.
Accident Injury in Arkansas
Arkansas’s yearly injury death rate of 76.9 per 100,000 places it 28.0% higher than the national average of 60.1.
Arkansas residents drive an estimated total of 35 billion miles yearly. That means the average Arkansas resident drives about of 11,717 miles per year. That figure is 21.7% higher 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. Arkansas residents are fairly bad when it comes to buckling up, reporting a 72.0% use rate.
The drinking rate in Arkansas, or the percent of people who report drinking too much before driving at least once in the prior month is 1.0%, which is 45.9% lower than the national average of 1.8%.
In part due to these factors, the car accident fatality rate in Arkansas is 17.8. This compares unfavorably to the US national average of 10.9, and costs the state $683 million yearly.
Arkansas Lawsuit Funding Cheat Sheet
According to Secs. 16-56-104, 16-56-105, 16-114-203, 16-62-102; the statute of limitations for personal injury cases in Arkansas is 3 years. This means that you may lose the right to sue if you do not file your legal claim within that time-frame. Different states follow slightly differing comparative negligence statutes. In Arkansas, the guideline is modified comparative fault with a 50% threshold.
Basically, this means that plaintiff is barred from recovery if found 50% or more at fault – A.C.A. § 16-64-122. Often, for legal funding requests early-on in a case, companies providing lawsuit loans in Arkansas must assume state minimum policy limits of:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability per accident
Regulation of Lawsuit Loans in Arkansas
Arkansa’s statute defines consumer lawsuit lending, disputes and other related terms. Regulates legal funding as a loan, and thus require that effective annual rate of return not exceed 17%, which ignores the risk of such non-recourse legal funding transactions. As a result, consumer lawsuit lending is basically unavailable to plaintiffs in Arkansas.