Lawsuit Loans in Indiana
Uplift Legal Funding provides non-recourse lawsuit loans in Indiana. Indiana has a population of 6,619,680, making it the 16th largest state in the United States. It ranks 3rd 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, Indiana scores a 7.5, which signfies that it is relatively tough for injured plaintiffs to access legal funding in Indiana. To learn more about injury statistics and legal funding in your state, read this brief guide to Indiana lawsuit loans
Indiana Personal Injury Statistics
Indiana has a yearly injury death rate of 63.3 per 100,000. This places Indiana much higher than the national average of 60.1, by about 5.4%.
Indiana residents drive an estimated total of 79 billion miles yearly, which means that the average resident drives about of 11,907 miles per year. To compare, that’s 23.6% higher than the national average of 9,630 miles per year.Aside from miles driven, local seatbelt use and drunk driving habits play a large part in the car accident death rate.
In Indiana, residents are pretty good when it comes to buckling up, reporting a usage rate of 94.0%.
The drinking rate in Indiana, measured as the percent of people who reported drinking too much before driving in the prior month, is 13.4% lower than the national average of 1.8% at 1.6%.
Partly because of these factors, Indiana’s car accident fatality rate is 12.4. This compares unfavorably to the US national average of 10.9, and costs the state $1,070 million yearly.
Indiana Lawsuit Funding Cheat Sheet
According to Title 34, Art. 11, Ch. 2, Sec. 34-11-2-4; the statute of limitations for personal injury cases in Indiana is 2 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 Indiana, the guideline is modified comparative fault with a 51% threshold. Basically, this means that if plaintiff is more than 50% at fault, they are not entitled to recovery. If less than 50%, reduces recovery by percent fault – I.C. § 34-51-2-6. Often, for legal funding requests early-on in a case, companies providing lawsuit loans in Indiana must assume state minimum policy limits of:
- $20,000 bodily injury liability per person
- $40,000 bodily injury liability per accident
- $15,000 property damage liability per accident
Regulation of Lawsuit Loans in Indiana
Indiana’s IC 24-12 defines a “civil proceeding advance payment transaction”, or “CPAP transaction”, requires a CPAP provider to register before doing business in the state. Sets forth requirements and prohibitions with respect to CPAP transactions, including limits on the funded amount and specifications for the CPAP contract amount. Specifies that the Uniform Consumer Credit Code does not apply to a CPAP transaction. Enforces a maximum interest rate for legal funding transactions of 36% yearly.
Lawsuit Loans from Uplift Legal Funding
Uplift Legal Funding provides non-recourse lawsuit loans on personal injury claims in most states. If you have any questions, want to learn more about legal funding, apply online or give us a call at (800) 385-3660.