Lawsuit Loans in Ohio
Uplift Legal Funding provides non-recourse lawsuit loans in Ohio. Ohio has a population of 11,613,423, making it the 7th largest state in the United States. It ranks 4th 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, Ohio scores a 9.2, which signfies that it is relatively easy for injured plaintiffs to access legal funding in Ohio. To learn more about injury statistics and legal funding in your state, read this brief guide to Ohio lawsuit loans
Accident Injury in Ohio
Ohio’s yearly injury death rate of 64.1 per 100,000 places it 6.7% higher than the national average of 60.1.
Ohio residents drive an estimated total of 114 billion miles yearly. That means the average Ohio resident drives about of 9,788 miles per year. That figure is 1.6% 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. Ohio residents are about average when it comes to buckling up, reporting a 82.0% use rate.
The drinking rate in Ohio, or the percent of people who report drinking too much before driving at least once in the prior month is 2.2%, which is 19.0% higher than the national average of 1.8%.
In part due to these factors, the car accident fatality rate in Ohio is 9.6. This compares favorably to the US national average of 10.9, and costs the state $1,330 million yearly.
Ohio Lawsuit Funding Cheat Sheet
According to Title 23, Ch. 5, Sec. 2305.10; the statute of limitations for personal injury cases in Ohio 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. Ohio follows a modified comparative fault guideline with a 51% threshold. Basically, this means that if plaintiff’s liability exceeds that of the defendant, plaintiff can be barred from recovery – Ohio Rev. Code Ann. § 2315.33. Often, for legal funding requests early-on in a case, companies providing lawsuit loans in Ohio 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 Ohio
Ohio Rev. Code Ann. §1349.55 defines several legal funding related terms, requires registration with the state and requires a bond. Outlines disclosures to be included in legal funding contracts. Most legal funding companies fund personal injury cases in Ohio.