Michigan Lawsuit Loans
Uplift Legal Funding provides non-recourse lawsuit loans in Michigan. With a population of 9,922,576, Michigan is the 10th largest state in the United States, and ranks 1st 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, Michigan scores a 10.0. This means that we consider it very easy for plaintiffs to get lawsuit loans in Michigan. Read more information below about the legal funding environment in Michigan.
Accident Injury in Michigan
Michigan’s yearly injury death rate of 61.8 per 100,000 places it 2.9% higher than the national average of 60.1.
Michigan residents drive an estimated total of 98 billion miles yearly. That means the average Michigan resident drives about of 9,861 miles per year. That figure is 2.4% 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. Michigan residents are pretty good when it comes to buckling up, reporting a 94.0% use rate.
The drinking rate in Michigan, or the percent of people who report drinking too much before driving at least once in the prior month is 1.9%, which is 2.8% higher than the national average of 1.8%.
In part due to these factors, the car accident fatality rate in Michigan is 9.7. This compares favorably to the US national average of 10.9, and costs the state $1,200 million yearly.
Michigan Legal Funding Cheat Sheet
According to Chapter 600, Act 236, Ch. 58, Sec. 600.5805, number 9; the civil statute of limitations in Michigan is 3 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. Michigan’s guideline is modified comparative fault with a 51% threshold. Essentially, this means that recovery is reduced by proportion of plaintiff fault. 51% plaintiff bars non-economic damages and offsets economic damages – M.C.L.A. § 600.2959. Its important to keep in mind that if you request car accident lawsuit loans early-on in your claim, legal funding underwriters must assume Michigan state minimum policy limits of:
- $30,000 bodily injury liability per person
- $60,000 bodily injury liability per accident
- $10,000 property damage liability per accident
- $25,000 uninsured/underinsured motorist coverage per person
- $50,000 uninsured/underinsured motorist coverage per accident
- $40,000 personal injury protection
Regulation of Lawsuit Loans in Michigan
Lawsuit loans in Michigan remain largely unregulated and most legal funding companies provide funding in the state.
Despite lack of regulation, reputable companies follow basic best-practice disclosure guidelines for legal funding contracts. Lawsuit lenders nationwide should display rates, fees and repayment terms prominently.