If you’ve been injured and someone else is at fault, you may be able to file and win a personal injury lawsuit. However, this process is not as simple as it sounds. The first step is to consult an attorney who practices this type of law. They will assess your situation and determine if you have a viable case. If so, you can hire the lawyer to represent you throughout the ensuing process. This includes gathering all the evidence that must be presented in court. To win the case and get a judgment against the responsible party, you must provide enough proof that:
The entire process, from the initial consultation to securing a judgment for financial compensation at trial, can take months or even years. If you are unable to work due to your injuries, this can put you and your family under considerable financial strain.
However, the reality is that very few personal injury cases relative to the number that are filed ever go to trial. Instead, most of these matters are resolved through a negotiated settlement between your lawyer and the responsible party’s insurance company. Since insurance companies are notorious for dragging their feet, even reaching a settlement can take months.
Receiving a settlement can help cover medical bills, lost wages, and other expenses you may have incurred. However, while waiting for a possible settlement, routine expenses and medical bills can add up, especially if you are unable to work due to your injuries. Fortunately, many financial companies offer pre-settlement funding that can help cover those types of routine personal expenses while waiting for your settlement. Apex Legal Funding is one such company that offers car accident loans to help you get back on track after an accident by covering these expenses.
The process of obtaining pre-settlement funding, which is also referred to as accident loans, can be a bit confusing. Depending on the state in which you live, the funding may come in the form of a loan or a purchase agreement.
In states where pre-settlement funding is provided in the form of a loan, the process is similar to that of any other loan. The loan can be repaid from any source and is not secured by your legal claim. On the other hand, in most states, pre-settlement funding involves selling or assigning a portion of the pending proceeds from your legal claim in exchange for a purchase amount, which is different from a loan.
The process of obtaining pre-settlement funding is straightforward. The first requirement is that you must be an accident victim with a pending legal claim. The second requirement is that you must be represented by an attorney. Once you meet these criteria, you can fill out an application on Apex Legal Funding’s website. During the application process, you will be required to provide information about yourself, the accident, your injuries, and your lawyer.
After submitting your application, the funding provider will review your case details and speak with your attorney to determine whether you qualify and how much funding you can receive. The funding company will evaluate the strength of your case and assess its potential value and the probability of a successful outcome.
The funding company assumes significant risk by providing funding based on your potential judgment or settlement in your case. Therefore, they accept only the strongest applications for approval, mitigating their risk. Additionally, a reputable funding company will ensure that the plaintiff is receiving a fair portion of their award/settlement.
Once you have been approved, Apex Legal Funding will transfer the money to you through a wire, check, or other disbursement method. Then, you can use the money to pay for any relevant expenses, such as medical bills, your rent, mortgage, utilities, groceries, car payments, and so on. The only thing you cannot use the funds for is to pay for your legal costs and expenses. After your case is settled, you will repay the funding company along with any charges. If you received pre-settlement funding as a purchase agreement, you would repay your funding directly from your settlement. Those receiving a lawsuit loan can repay their loan from any source, but most consumers decide to similarly repay their loan directly from their settlement.
Most pre-settlement or lawsuit funding is advertised as “non-recourse” lending. Technically, this means you are not responsible for repayment if you lose your case. However, before you accept pre-settlement funding, you must sign a contract, typically called a funding agreement. This contract specifies what happens if you lose your case or get a settlement or judgment for less than the potential case value. This agreement will also specify what happens if there is not enough money in your settlement or judgment to repay Apex Legal Funding.
There are various instances in which you may want to consider filing a personal injury lawsuit. These instances include, but are not limited to:
While these are the two most common reasons to file an injury lawsuit, there are several other cases that may also qualify. It is always recommended to consult with a lawyer to get their perspective on the situation if you have been injured in any way due to the actions of another party. As the injured party, you may have more legal power than you realize. If the accident occurred due to another person’s negligence, you have the legal right to compensation for the financial, physical, and emotional losses associated with your injury.
In case you need financial assistance to cover your medical expenses and any other financial challenges that arise during the short term while dealing with the aftermath of the injury and waiting for your settlement, pre-settlement funding may be one option to consider.
For years, critics have claimed that the lawsuit funding industry, now known as Apex Legal Funding, is a predatory endeavor. Specifically, they have asserted that funding companies take advantage of vulnerable people by charging exorbitant charges, interest rates, or fees. They have called for government intervention and regulation of the industry, arguing that the industry has failed to police this conduct.
Some states have established licensing, disclosure, and other requirements based on recommendations and support from reputable funding companies to promote accountability and honest business practices through trade groups like the Alliance for Responsible Consumer Legal Funding. Apex Legal Funding is proud to be one of the leaders in this effort. In recognition for our hard work, we have received superior ratings from both Trustpilot and the Better Business Bureau.
Most importantly, we have helped thousands of accident victims get the financial relief they need while awaiting the financial compensation they deserve.
Here’s what you need to know about the car accident loan or funding process.
Taking out a loan or other type of pre-settlement funding while you wait for your settlement can be a smart financial move, especially if you’re struggling to keep up with bills. Funding costs can vary drastically, but when you partner with Apex Legal Funding, you’re only required to pay back funds if you win your legal claim or receive a settlement.
Consumer loans are generally subject to state regulation. Accident settlement funding is also regulated in a growing number of states. Trusted organizations like Apex Legal Funding have campaigned for stricter regulations to protect customers from predatory funding practices, and many states have heeded the call.
The answer to this question depends on the circumstances surrounding the accident. Every funding company, including Apex Legal Funding, evaluates the likelihood of a favorable outcome in court to assess the level of risk involved. This assessment may affect the cost of the funding.
If you’re wondering when it makes sense to apply for a car accident loan or pre-settlement funding, the answer is that it depends on your individual financial situation. In general, it’s wise to assess your current financial position to determine whether it’s appropriate to pursue such funding after an auto accident. For instance, if you’re unable to work because of your injuries and your benefits don’t cover your expenses, obtaining a loan or funding in anticipation of a car accident settlement could be a good option.
Get in touch with Apex Legal Funding today to discover how we can assist you. We’re always available to provide guidance and support throughout the entire process
Apex Legal Funding provides pre-settlement funding, also known as consumer litigation funding, to its customers through various products, depending on their state of residence or cause of action. The company offers pre-settlement funding to many consumers in the form of a purchase agreement, which assigns a portion of the pending proceeds from their legal claim. However, residents of CO, MN, MO, SC, WI, and some OK are provided funding in the form of a pre-settlement loan, sometimes referred to as a lawsuit loan. It is important for consumers to carefully review and be aware of the type of transaction that is offered to them by any funding company, as these transactions have significant differences.
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