Getting into a car accident in South Carolina can bring you a number of major inconveniences. You can spend valuable time talking with your car insurance company to file a claim. You also have to get your car to a shop for repairs and could be without fit for a while depending on the damage.
Lost time could just be the beginning of what you have to deal with after a car accident. What if your get injured in a car accident in South Carolina? You not only suffer from physical pain, but also potential financial troubles. You may have to put your hard-earned money towards medical expenses such as doctor visits. If you’re paid hourly, you could lose income if you need to take time off from work because you’re hurt.
The good news is a financial settlement could help pay for these expenses if you’re ever injured in a car accident in South Carolina. Unfortunately, there’s no guarantee that you will get that settlement right away — which is when you probably need it the most.
A pre-settlement advance could be your solution to this issue. This type of funding, which is also sometimes called a “lawsuit loan,” can help pay for car accident-related expenses such as medical bills, car repairs and lost income if you’re unable to work.
If you were injured in a car accident in South Carolina and need cash right away, consider getting a pre-settlement advance. It can help keep you financially afloat 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. Although it’s often called a “lawsuit loan” too, that term is not technically correct. Pre-settlement funding is a non-recourse advance, not a loan. The key difference is loans have to be paid back, non-recourse advances do not, even if you lose your case.
Why pre-settlement funding is important
You may have excellent driving habits, but even good drivers can get into a car accident, including in South Carolina. For example, there were 694,327 vehicle collisions in South Carolina between 2017 and 2021, according to the Office of Highway Safety and Justice Program (OHSJP). During that timeframe, more than 278,000 people were injured in those car accidents and approximately 14,000 of those injuries were considered serious. The same study also revealed that the South Carolina Department of Transportation and the OHSJP would experience a five-year average of 2,549 serious traffic injuries from 2020 to 2024.
Additionally, there was a reported car accident in South Carolina every 3.7 minutes in 2022, according to the state’s collision statistics clock. One person was injured every 10.5 minutes in a South Carolina accident that year.
If you’re injured in an accident in South Carolina but weren’t at fault (or were a passenger) and don’t have the money on hand to cover the expenses that come after it, 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. Otherwise, you could wait up to three years 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 talk to you (the plaintiff)
• Review your case and estimate what it will be worth
• 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.
You can also visit the Bridgeway Legal Funding website’s “How pre-settlement funding works section” to learn more about this process.
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 South Carolina. 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 is considered “at fault” in the accident? It is easy to determine liability when a driver runs a red light and hits another car or a driver rear-ends the vehicle in front of them. In other cases, liability might not be as clear, however, such as a side swipe.
• Damages—How much money will be awarded following the accident between injuries and lost wages? 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 (can you 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 South Carolina:
• Bodily injury coverage: $25,000 per person and $50,000 per accident
• Property damage liability coverage: $25,000 per accident
• Uninsured motorist bodily injury coverage: $25,000 per person and $50,000 per accident
• Uninsured motorist property damage: $25,000 per accident with a $200 deductible
• Underinsured motorist bodily injury coverage: $25,000 per person, $35,000 per accident
• Underinsured motorist property damage: $25,000 per accident
Note: Underinsured motorist coverages can be rejected in South Carolina.
These are the minimum car insurance requirements in South Carolina. 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
• Main 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 South Carolina is three years from the date of the accident.