Getting into a car accident in New Jersey can be a major inconvenience. Afterwards you have to spend time on the phone with your car insurance company to file a claim. Plus, if your car needs repairs, you might be without it for a while if the damage is severe enough.
Those are just examples of how an accident can cost you time. There’s a good chance it could cost you money as well. For example, what if you get injured in a car accident in New Jersey? Any physical pain you suffer could turn into financial difficulties. You may have to initially pay for your medical expenses such as hospital bills or doctor visits out of pocket. If you work a job that pays hourly versus an annual salary, you could lose income if you’re too injured to work.
The good news is financial relief is available in these cases. A settlement could help you cover these expenses if you’re ever injured in a car accident in New Jersey. The downside is you may not receive your settlement right away — which is when you probably need it the most.
So what’s the answer? A pre-settlement advance, which is also sometimes called a “lawsuit loan.” This type of funding can help pay for your car accident-related expenses such as medical bills, car repairs and lost income if you can’t work for a while.
If you were injured in a car accident in New Jersey and need money right away, consider getting a pre-settlement advance. It can help you cover your financial obligations while you wait for your full settlement.
To learn more, please visit Bridgeway’s Guide To Pre-settlement Advances.
What is pre-settlement funding?
Pre-settlement funding is a cash advance against your pending car accident claim or lawsuit. Sometimes it’s often called a “lawsuit loan” but that term is not technically correct. Pre-settlement funding is a non-recourse advance, not a loan. This means, you don’t have to pay the money back if you don’t win your case.
Why pre-settlement funding is important
You may be a safe driver, but car accidents can occur anytime. Sadly, while highway fatalities went down in 2024 nationally, New Jersey saw a 14% increase in these types of car accidents, according to police data. Meanwhile, of the more than 244,000 car accidents that happened in New Jersey in 2023, 53,000 of them resulted in an injury. Plus, the combination of New Jersey being the most densely populated state in the U.S. and there being more than 6 million registered vehicles on the roads at any given time, leaves plenty of opportunities for accidents to happen—even if you drive very carefully.
We hope you’re never in a car accident. But if you are in one and get injured, and don’t have the money saved to cover the expenses, it’s good to have a financial backup. A pre-settlement advance can help keep you afloat while you wait to receive your full settlement.
So, if you know an unexpected medical bill, car repair (or replacement) or missed time from work could hurt your financial situation, keep pre-settlement funding in mind if you’re ever in a car accident in New Jersey. This funding makes it so you don’t have to wait up to three years (yes, it could take that long) to see any money.
Pre-settlement funding also protects you from having to accept an offer that’s below your case’s value. Additionally, it helps level the playing field against large insurance companies that tend to have an infinite amount of resources and capital.
How do pre-settlement advances work?
Bridgeway Legal Funding, presents a simple three-step process to help our clients secure a pre-settlement:
• We discuss the accident with you (the plaintiff)
• We look over your case and estimate what it will be worth
• We offer you an advance of up to 10 to 20% of what your case’s estimated value
That’s it! Click here to learn more about our pre-settlement funding process and apply.
How long does it take to get pre-settlement funding?
Bridgeway Legal Funding helps secure a pre-settlement advance faster than others in our field. Bridgeway can accommodate you quickly if you’re in a car accident in New Jersey. We’re set up to get cash into our clients’ hands within 24 to 48 hours.
Call us at 1-800-531-4066 or complete our short questionnaire to get your pre-settlement process right away.
How much of a pre-settlement advance am I eligible for?
Our clients are usually eligible to receive up to 10 to 20% of their case’s value. We look at the following three factors to determine the case’s value:
• Liability—Who was at fault in the accident? Sometimes, liability can be easily determined, like when a driver runs a red light and hits another car or rear-ends the vehicle in front of them. In less clear cases, such as a side swipe, each driver might share some fault.
• Damages—How much money will be awarded following the accident based on injuries and lost income? A number of factors are calculated to determine total damages including:
• Medical expenses and treatments (present and future)
• Lost wages (determined by how much work you missed times your current wage)
• Future work status (whether or not you can still work at all and/or perform your pre-accident duties)
• Insurance—You can typically sue for the amount of insurance coverage available at the time of the accident.
Drivers are required to carry at least the following amount of car insurance in New Jersey:
- Bodily injury liability coverage: $25,000 per person and $50,000 per accident
- Property damage liability coverage: $25,000
- Personal Injury Protection (PIP): $15,000
- Uninsured/Underinsured motorist bodily injury coverage*: $25,000 per person and $50,000 per accident
- Uninsured/Underinsured motorist property damage coverage*: $5,000 per accident with a $500 deductible
These are the minimum car insurance requirements in New Jersey. Chances are the person who runs into you has more coverage than this.
Click here to learn more about how much funding you can get for your pre-settlement advance.
How can I get a pre-settlement advance?
At Bridgeway Legal Funding, we’ll work with you to help you obtain the most pre-settlement funding possible.
Here are a few things you can do to increase the odds you receive a bigger overall settlement as well:
• Hire a qualified attorney that specializes in motor vehicle accidents
• Maintain good records of your car accident, medical treatment(s) and injury/injuries
• Get a copy of the police report and collect names of any potential witnesses
• Make sure your law firm files a lawsuit quickly. The statute of limitations in New Jersey is just two years from the date of the accident.