Maine Lawsuit Loans

Exploring Lawsuit Loans in Maine

Delving into lawsuit loans within the state of Maine, it’s crucial to note how these loans can serve as a financial lifeline for individuals waiting on pending settlements. In Maine, like other places, personal injury victims often find themselves facing significant financial strain while they await the resolution of their lawsuits. The expenses related to medical bills, rent or mortgage payments, and daily living costs can add up quickly, particularly when individuals are unable to work due to their injuries. This is where lawsuit loans come into play, offering immediate relief.

Lawsuit loans in Maine are also known as pre-settlement funding because the funds are usually provided well before the lawsuit is resolved. It’s primarily designed for individuals involved in personal injury cases, but it can also apply to those immersed in other legal matters. After the plaintiff applies for the loan and undergoes a case evaluation, if approved, they can receive their funds within 24 hours. Keep in mind that this isn’t a traditional loan. It’s more akin to a cash advance against your anticipated lawsuit settlement. If you don’t win your case, you owe nothing back to the lending company.

In conclusion, exploring lawsuit loans in Maine is an essential step for litigants who find themselves stretched thin financially due to ongoing legal battles. By understanding the process, limitations, and potential benefits of these loans, they can make informed financial decisions that could potentially alleviate their current economic constraints.

Accident Injury in Maine

Maine’s yearly injury death rate of 65.0 per 100,000 places it 8.3% higher than the national average of 60.1.

Maine residents drive an estimated total of 15 billion miles yearly. That means the average Maine resident drives about 11,005 miles per year. That figure is 14.3% 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. Maine residents are about average when it comes to buckling up, reporting an 84.0% use rate.

The drinking rate in Maine or the percent of people who report drinking too much before driving at least once in the prior month is 1.2%, which is 35.1% lower than the national average of 1.8%.

In part due to these factors, the car accident fatality rate in Maine is 11.7. This compares unfavorably to the US national average fatality rate of 10.9 and costs the state $180 million yearly.

Maine Lawsuit Funding Cheat Sheet

According to Title 14, Part 2, Ch. 205, Sub. 1, Sec. 752; the statute of limitations for personal injury cases in Maine is 6 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.

The guideline in Maine is a modified comparative fault with a 50% threshold. Basically, this means that plaintiff’s share of fault offsets the defendant’s liability – K.R.S. § 411.182. Often, for legal funding requests early-on in a case, companies providing lawsuit loans in Maine must assume state minimum policy limits of:

• $30,000 bodily injury liability per person
• $60,000 bodily injury liability per accident
• $15,000 property damage liability per accident
• $30,000 uninsured/underinsured motorist coverage per person
• $60,000 uninsured/underinsured motorist coverage per accident
• $15,000 uninsured/underinsured property damage coverage per accident

Regulation of Lawsuit Loans in Maine

9-A MRSA §12-101 states that lawsuit funding companies in Maine need to be registered as a business in the state and issue a surety bond. It also establishes required disclosures in lawsuit funding contracts.

Lawsuit Loans from Uplift Legal Funding

Uplift Legal Funding provides legal funding in most states. If you have any questions or want to learn more about lawsuit loans, apply online or call us today at (800) 385-3660.

Does Uplift Legal Funding Directly Fund Cases in Maine?

Uplift Legal Funding operates as a direct funder in many states. However, in Maine, we act as a broker and originate funding requests to a select group of funding partners.