If you were injured in a car accident in New Jersey, Bridgeway Legal Funding may be able to help. The road to recovery after an injury can be long and hard but a little financial assistance can be a huge help. The first step is to file a personal injury claim to start the process of receiving cash compensation for your damages. Unfortunately even if you have a “slam dunk” claim, you likely will not see your settlement money for a while.
If the accident causes you to have to miss work or endure medical bills, you’ll need cash fast to recover. Always remember that you have options—like a pre-settlement advance, also known as a “lawsuit loan” or “legal funding.” Bridgeway Legal Funding is here to help and available to talk now.
What is pre-settlement funding?
Pre-settlement funding can help you cover expenses like rent, mortgages, car notes, hospital bills and lost wages from missing work. The pre-settlement advance can help you stay afloat financially until your lawsuit is settled or you’re able to go back to work.
Pre-settlement funding works like a cash advance against your pending car accident claim or lawsuit. This type of funding is also referred to as a “lawsuit loan”, but it’s not actually a loan, rather a “non-recourse advance”. Loans have to be paid back no matter what—pre-settlement funding only needs to be paid back if your claim is successful and results in a payout.
There were over 190,000 car accidents in New Jersey in 2020. This means, hundreds of thousands of people could have been injured and out of work as a result. Current New Jersey crash data suggests there won’t be a decrease in accidents any time soon. If you are one of the many car accident victims in New Jersey, you could be legally entitled to compensation. The only downside is you may have to wait up to three years before you see any money.
Watch our video overview of pre-settlement funding to learn more.
Why should I get pre-settlement funding?
Pre-settlement funding gives you peace of mind that you’re not taking an offer that’s below what your case is worth. Pre-settlement advances in New Jersey can help you level the playing field against big insurance companies that typically have a vast amount of resources and funds.
How do pre-settlement advances work?
Bridgeway Legal Funding uses the same three-step process for all of our clients to help them obtain their pre-settlement advance:
- We’ll have a brief conversation with you, the plaintiff.
- We’ll review your case to estimate its potential value.
- If approved, Bridgeway Legal Funding will offer you an advance for up to 10-20% of your case’s estimated value.
How long does it take to get a Pre-Settlement Advance?
Bridgeway Legal Funding provides pre-settlement advances for our clients faster than our competition. If you’re in a car accident in New Jersey, we can get you the help you need quickly. At Bridgeway, our clients usually get their cash within 24 to 48 hours.
Call Bridgeway Legal Funding at (800) 531-4066 or apply online to get your pre-settlement advance process started right away.
How much pre-settlement funding can I get?
Our clients are usually eligible to receive up to 10-20% of their case’s value. Therefore, what really matters is how much your case is worth.
The answer is, when we review cases, we focus on three main factors:
- Liability - Who caused the accident is a big factor in determining your case’s value. Fault can be assigned 100% to one party or it can be split up partially between 2 or more parties; for example someone can be 60% at fault on the other 40% at fault.
- Damages - Damages are typically divided into two parts. Injuries (medical treatment required, expenses, length of treatment) and estimated future medical expenses. The second part is the lost wages claim. Bridgeway calculates damages by multiplying how much work is missed by your normal wage/salary. Loss of earning capacity is included in lost wages--this means you can be compensated for an injury that keeps you from returning to work as you normally would have.
- Insurance - Usually, you can only sue for up to what insurance is available in the accident. In New Jersey, drivers must have liability, personal injury protection (PIP) and uninsured/under-insured motorist coverage and must carry at least the following required car insurance coverage and limits:
- Bodily injury liability coverage: $15,000 per person and $30,000 per accident
- Property damage liability coverage: $5,000 per accident
- Personal injury protection (PIP): $15,000
- Uninsured/under-insured motorist bodily injury coverage: $15,000 per person and $30,000 per accident
- Uninsured/under-insured motorist property damage coverage: $5,000 per accident with a $500 deductible
Remember this is the minimum coverage New Jersey requires you to have. However, if you feel the minimum isn’t enough coverage, you can buy more. The most 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 New Jersey car accident cash advance, check out the “How much funding can I get against my car accident lawsuit?” section of our site.
Still have questions? Check out our video “What is pre-settlement funding and how does it work?” and the “How pre-settlement funding works section” on our website.