According to research, every year, there are almost 300,000 to 500,000 personal injury cases in the United States. However, among these cases, 52% are only from car accidents. However, according to the studies, personal injury cases often do not see trial and are settled outside the court. While some of them see trials and get their compensation and settlement amount.
The success rate of personal injury cases varies from case to case. Let’s have a look at the general stats:
- The personal injury cases for car accidents have a success rate of 61%
- International tort trials are successful with a rate of 50%
- Premise liability trails have a success rate of 39%
- The personal injury caused by product liability saw a success rate of 38%
- However, medical malpractice cases have the lowest success rate of just 19%
Are you a victim of a personal injury case? Is your case also in the trial phase? Don’t worry! Depending on the facts and strength of your case, you will get success. However, you may face difficulties paying your medical bills and other daily expenses, especially if you cannot work because of injuries. Anyhow, if there are higher success chances in your personal injury case, legal funding can help you out.
Do you want to know how? Let’s jump into the article to learn more about legal settlement funding.
Let’s get started!
What are Legal Settlement Funds?
Before moving further, let’s first get the know-how about the settlement funding. Pre-settlement funding is a cash advance for people who have a pending personal injury lawsuit (car accident, workers comp case, slip and fall, etc.) and need money immediately.
Lawsuit loans can be a very valuable resource for individuals involved in accidents. While the average personal injury lawsuit takes about 18 months to resolve, many people need money sooner to overcome their daily expenses and medical bills.
However, without adequate financial resources, many people are forced to accept low-paying jobs, return to work sooner than they should, or are unable to work.
How Pre-Settlement Funds Work?
After knowing about pre-settlement funds, let’s move toward how it works. The legal funding companies provide you with pre-settlement loans. But the question occurs, how do they decide whether you are eligible for the loan or not?
Let’s see how pre-settlement funds work. When you apply for pre-settlement legal funds, you must provide the company with some necessary information about you and your case. You will also need to disclose the information of your attorney. Having an attorney for the pre-settlement loan is one of the vital requirements.
After receiving all the relevant information, the funding company will contact your attorney. They will ask for a detailed analysis of your pending case. It will give them a better understanding of your case's strengths and chances of success.
However, when it comes to these assessments, keep in mind that there is no guarantee of 100% certainty. There is always the possibility that your lawyer will be unable to reach an acceptable settlement or that you will lose at trial.
There's also a chance that you'll be paid less than expected even if you're successful. Simply put, when a lawsuit funding company provides funding, it takes a significant risk. A funding company will only approve applications from plaintiffs in cases with the best chances of success because there is uncertainty in personal injury cases.
Why Does Same Day Approval Matter?
The question might occur in your mind about the possibility of same-day approval. However, there is good news for you. Yes! Same-day approvals are possible. But why does it matter in settlement cases to get same-day approval?
Many victims of personal injury cases need their amount as soon as possible. This is because of several reasons. The person might be unable to work because of the injuries. As a result, he/she may face difficulties paying medical bills, water bills, house rents, etc. In these cases, same-day approval matters a lot.
However, another good news is that settlement loans do not require any credit check. It simply means you can still get settlement loans if you have a bad credit score or no credit history.
How does Same Day Settlement Loan Work?
To receive your money on the same day you apply, you must complete your application by a specific deadline. To receive funding, the client and their attorney must sign a contract, which must be included with the application.
It is also recommended that anyone interested in applying for the service consult with their attorney first. It is to ensure that they can complete the contract and for legal advice on the subject. However, an uncooperative attorney, in this case, can lead you to some additional difficulties. So always hire an attorney who cooperates with you and understands your needs and causes.
How to Apply for a Same Day Settlement Loan?
Different funding companies have different rules for the application of same-day settlement loans. However, the process, in general, is as follows:
The process initiates by visiting the funding company’s website and filling out the application form. The company will pair you with a specialist who will help you fill out the application form.
However, there are some requirements for the application that you must provide to the funding company. These are:
- Your personal information, i.e., your name, date of birth and contact information.
- The name of your attorney and their contact information.
- You should also mention the amount you need from the funding company.
- However, if you received any settlement funds before, you must mention the details of that too.
After receiving your application form, the funding company will contact your attorney to discuss your case. This is the most critical moment. The attorney should make all the possible moves to negotiate a sufficient compensation amount for you.
However, the company will ask for the following documents to complete the contract.
- The photocopy of your police report about the accident.
- The details of your insurance company and their policies.
After providing these documents, you will have to wait for the application's approval. When your application is approved, the company will contact your lawyer and send him a contract to sign. If your attorney signs and returns the contract on the same day, the company will transfer the funds to your account as soon as possible.
If you were injured in an accident or incident caused by someone else, your recovery should be your top priority. However, financial stress can further complicate things if you have been unable to work due to your injuries. Not only for you but your entire family, life can become unbearable.
But there is good news for you! If you filed a lawsuit against the person who caused the accident that injured you, settlement funding might provide much-needed financial relief while your lawsuit is pending. If eligible, you can use the funds to pay your medical bills or cover routine expenses.