Across the United States of America, some 50,000 precious lives are lost every year due to motor vehicle accidents. Apart from the lives lost, there is an equal or more number of people suffering various degrees of injuries due to road accidents. Auto Accident Lawsuit funding is an innovative pre settlement lawsuit financing product from in the finance industry to help the victims/surviving family members mitigate some of their financial difficulties.
Protracted delays in settlement
Depending on the extent of injury, monetary compensation claimed and the circumstances of the accident itself, car accident lawsuits can potentially take several months to years before a settlement can be reached. Even when a settlement has been reached, it could still be some time before you can clutch the cash. Add to this, the untiring effort of insurance carriers/assessors to minimize the claim liability, auto accident lawsuit loans is a huge advantage to the plaintiff/victim to keep the insurance carriers and assessors at bay and work towards a more reasonable settlement that the courts would eventually award. Without this option, most plaintiffs can easily fall victim to the apparent enticements from the insurers.
Simple process to obtain car accident lawsuit cash advance
The financial industry on its part has evidenced some concern for the auto accident victims/survivors in evolving this helpful loan product without the usual shackles of credit check and income verification. Thus it is a straight forward process without additional collateral’s and the legal funding company relies exclusively on the assessment of your lawsuit by your attorney. Going one step ahead, they have also classified these cash advances as ‘no recourse’ funding so that in the event of the plaintiff losing his/her suit, no repayment is due to the lender. Other companies commonly misuse the term “lawsuit loan” as what they are providing. But in reality they aren’t offering a lawsuit loan, but simply a cash advance. These companies do not mean to confuse you with the term “lawsuit loan” and in most cases are not the ones actually providing plaintiffs with funding, rather are brokers who will add fees that plaintiffs will need to pay. Pegasus Legal Funding is a direct funder, meaning the check you will receive will come directly from Pegasus. By allowing Pegasus to assist you while you await the outcome of your pending lawsuit, will avoid unnecessary additional charges and broker fees.
Auto accident lawsuit pre settlement advances are expensive
The simple process and attractive conditions attached to the loan do come at a price. The legal funding company factors in the associated risk while pricing the pre settlement cash advance. You should therefore expect to costs to be higher than that of a traditional loan when you chose to avail this funding. But be aware that regardless of the outcome of your case, whether you win or lose, traditional loans are to be paid back. One way you can still play it safe is by keeping the advance amount lower than the maximum that is available to you. Since most attorneys do not expect the plaintiff to pay upfront fees, their share from the settlement is often upto one third of the settlement after factoring in expenses incurred in conducting the suit. Another one third is reserved for your medical bills leaving you with only one third of your claim. With a larger cash advance, after charging administrative and processing fees, you may be left with precious little when the suit is finally settled and paid out.
Position yourself as an informed borrower
The best way to extract the maximum from auto accident lawsuit funding is to position yourself as an informed borrower. Explore all your options thoroughly before turning to auto accident lawsuit pre settlement cash advance. Once you conclude that this is your best option find quality time to do a focused research. Speaking to your attorney for an assessment and his recommendations on a reliable legal funding company would also be of great help to you.
Best Price Guarantee
If Pegasus Legal Funding approves your application for a cash advance and another legal funding company sends you a written contract to advance the same amount at a lower total cost, we will beat that deal or pay you $100 Guaranteed.
.:About the author:.
Larry Stoddard is the General Counsel at Pegasus Legal Funding, LLC.
