Tennessee Lawsuit Loans

What Are Lawsuit Loans in Tennessee?

Lawsuit loans, also known as legal funding, provide financial help when you wait for your court verdict or settlement. In Tennessee, the demand for these loans is rising because they offer multiple benefits. They can ease monetary pressures and help you avoid debts while awaiting the outcome of a long, drawn-out lawsuit.

These loans aren’t exactly loans in the conventional sense. Unlike regular loans, you don’t need to repay them if you lose your case. Therefore, they pose less financial risk compared to ordinary loans. This feature makes them an appealing choice for plaintiffs who are having a tough time financially during their lawsuit.

The process to apply for a lawsuit loan is straightforward and fast, and it involves minimal paperwork. No credit checks or employment verifications are performed. The primary criteria to approve such a loan is the strength of your case and its potential recovery amount.

Tennessee Personal Injury Statistics

Tennessee has a yearly injury death rate of 78.4 per 100,000. This places Tennessee substantially higher than the national average of 60.1, by about 30.6%.

Tennessee residents drive an estimated total of 77 billion miles yearly, which means that the average resident drives about 11,616 miles per year. To compare, that’s 20.6% 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 Tennessee, residents are about average when it comes to buckling up, reporting a usage rate of 84.0%.

The drinking rate in Tennessee, measured as the percent of people who reported drinking too much before driving in the prior month, is 40.5% lower than the national average of 1.8% at 1.1%.

Partly because of these factors, Tennessee’s car accident fatality rate is 14.5. This compares unfavorably to the US national average of 10.9 and costs the state $1,250 million yearly.

Tennessee Lawsuit Funding Cheat Sheet

According to Title 28, Ch. 3, Sec. 28-3-104; the statute of limitations for personal injury cases in Tennessee is 1 year. 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. Tennessee follows a modified comparative fault with a 50% threshold guideline. Basically, this means that plaintiff’s negligence offsets the defendant’s liability. – McIntyre v. Balentine, 833 S.W.2d 52 (Tenn. 1992). Often, for legal funding requests early-on in a case, companies providing lawsuit loans in Tennessee must assume state minimum policy limits of:

• $30,000 bodily injury liability per person
• $60,000 bodily injury liability per accident
• $25,000 property damage liability per accident

Regulation of Lawsuit Loans in Tennessee

The Tennessee Litigation Financing Consumer Protection Act requires litigation financing firms to register with the state and post a bond in the amount of $50,000. This limits fees charged by lawsuit funding companies to a point at which legal funding is regarded as unprofitable. Most legal funding companies do not provide funding in Tennessee.

Lawsuit Loans from Uplift Legal Funding

Uplift Legal Funding originates non-recourse lawsuit loans in Tennessee. If you have any questions or are interested in learning more about lawsuit loans, apply online or call us today at (800) 385-3660.

Does Uplift Legal Funding Directly Fund Cases in Tennessee?

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