If you were injured in a car accident in California, you could be eligible for a cash settlement. That’s good news until you realize that you probably won’t get that money right away. But what if you need that money to pay for vehicle repairs, medical bills or to replace your salary if you can’t work? If any of those scenarios apply to you, waiting for your settlement just won’t do.
Fortunately, there are other ways you can get cash on hand sooner. Pre-settlement advances, also commonly known as “lawsuit loans” are available you can stay afloat financially until your lawsuit is settled and you can start working again.
Pre-settlement funding is a cash advance against your car accident lawsuit. Pre-settlement advances are often called “lawsuit loans”, but that’s not an accurate description. When you’re loaned money, you have to pay it back, right? Well, pre-settlement funding in California is a non-resource advance. In other words, if you lose your case, you do not have to pay back the money you get from your pre-settlement advance.
More than 35 million vehicles were registered in California in 2018. With so many cars on the road in such a highly populated state, the odds of a car accident occurring increase greatly. And anytime there’s a car accident, there’s a chance someone will be injured. In Los Angeles county alone, more than 60,000 people were injured in motor vehicle accident in 2018. Sadly, California was also second in the U.S. in total fatal car accidents in 2017 with 3,602.
If you are injured as the result of a California car accident, and can’t wait until your lawsuit is settled to get your money, contact Bridgeway Legal Funding right away so we can help you secure your pre-settlement advance.
How does the pre-settlement advance process work?
Bridgeway Legal Funding takes the same three-step approach with every case we take on in order to help our clients secure their pre-settlement advance:
- We’ll talk to you, the plaintiff.
- We’ll will take look at your case and estimate its potential value.
- If the math makes sense, Bridgeway Legal Funding will offer you a pre-settlement advance typically 10% to 20% of what we believe your case’s value is.
To get a better understanding of what pre-settlement funding is, please watch our YouTube video: What is Pre-Settlement Funding
You can also review the “How pre-settlement funding works section” on our website to learn more about this process.
How long does the pre-settlement advance process take in California?
You won’t have to wait long for your pre-settlement advance when you work with Bridgeway Legal Funding. We secure pre-settlement funding in California faster than our competition—typically within 24 to 48 hours of you getting in touch with us. If you’re injured in a car accident in California, we can get the pre-settlement advance process going almost right away.
Call Bridgeway Legal Funding at 1-800-531-4066 or complete our simple application to start your get your pre-settlement cash advance process started right away.
How much can I borrow with my pre-settlement advance?
We’re often asked, “how much” regarding pre-settlement funding in California. Typically, our clients are eligible for up to 10% to 20% of their case’s value.
These are the three factors we take into consideration when we determine your case’s worth:
- Liability—this defines who is at fault in the car accident. There are some instances where determining fault (like when a vehicle is a rear ended) than others (such as when a car is sideswiped). Regardless of how easy or difficult it is to figure out who’s at fault we’ll work with you to help you get a fair pre-settlement advance.
- Damages—these include medical treatments, future medical expenses and any salary you missed out because you couldn’t work. Bridgeway Legal Funding calculates lost wages by multiplying how much work you missed by your current salary. We will also determine if you can still perform your work duties in the future, or if you have to change jobs.
- Insurance—in many cases you can only use for up to what insurance is available to you after an accident. California car insurance laws require drivers to have the following coverage to operate a vehicle:
- Bodily injury liability coverage: $15,000 per person / $30,000 per accident minimum
- Property damage liability coverage: $5,000 minimum
- Uninsured motorist bodily injury coverage*: $15,000 per person / $30,000 per accident minimum
- Uninsured motorist property damage coverage*: $3,500 minimum
Keep in mind these are the minimum required insurance coverages in California. If you feel you need more coverage however, you can buy more—the maximum amount of coverage you can purchase may vary by car insurance company. However, common maximum limits are:
• $250,000 for injuries per person
• $500,000 for injuries total, per accident
• $100,000 for property damage
To learn more about how much you can borrow for your car accident legal funding in California, visit the “How much funding can I get against my car accident lawsuit?” section on our site.
What else do I need to do to get a pre-settlement advance in California?
Here are three key steps you should take to get a pre-settlement advance in the event you’re in a car accident in California:
- Hire a lawyer who specializes in motor vehicle accidents
- Keep detailed records of the car accident and your injuries
- Request a copy of the police report and collect names of any potential witnesses
Make sure your law firm files a lawsuit within the legally allowed time. The statute of limitations in California is two years within the date of the accident.