Lawsuit Loans in South Carolina
Uplift Legal Funding originates non-recourse lawsuit loans in South Carolina. South Carolina has a population of 4,896,146, making it the 23rd largest state in the United States. It ranks 11th 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, South Carolina scores a 2.1, which signfies that it is very tough for injured plaintiffs to access legal funding in South Carolina. To learn more about injury statistics and legal funding in your state, read this brief guide to South Carolina lawsuit loans
Accident Injury in South Carolina
South Carolina’s yearly injury death rate of 71.8 per 100,000 places it 19.6% higher than the national average of 60.1.
South Carolina residents drive an estimated total of 52 billion miles yearly. That means the average South Carolina resident drives about of 10,565 miles per year. That figure is 9.7% 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. South Carolina residents are pretty good when it comes to buckling up, reporting a 91.0% use rate.
The drinking rate in South Carolina, or the percent of people who report drinking too much before driving at least once in the prior month is 1.6%, which is 13.4% lower than the national average of 1.8%.
In part due to these factors, the car accident fatality rate in South Carolina is 20.0. This compares unfavorably to the US national average of 10.9, and costs the state $1,050 million yearly.
South Carolina Legal Funding Cheat Sheet
According to Title 15, Ch. 3, Sec. 15-3-530; the civil statute of limitations in South Carolina 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. South Carolina’s guideline is modified comparative fault with a 51% threshold.
Essentially, this means that recovery is barred if plaintiff negligence exceeds defendant negligence – Ross v. Paddy, 340 S.C. 428, 532 S.E.2d 612 (Ct. App. 2000). Its important to keep in mind that if you request car accident lawsuit loans early-on in your claim, legal funding underwriters must assume South Carolina 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
- $25,000 uninsured/underinsured motorist coverage per person
- $50,000 uninsured/underinsured motorist coverage per accident
Regulation of Lawsuit Loans in South Carolina
South Carolina is actively pursuing legislation to regulate the litigation funding industry. Most companies avoid funding in South Carolina.