A car accident in Louisiana could lead to a number of inconveniences for you. Think of the time you’ll spend filing a claim, dealing with your insurance company and taking your car to the shop for repairs. There’s also the time you’ll be without your vehicle to consider.
There’s an even bigger inconvenience to think about—what if you’re injured in a car accident?
The physical pain you have to endure is bad enough. You could also have to deal with medical expenses, doctor visits and lost income if you can’t work. Each of these issues could take your hard-earned money out of your pocket.
Fortunately, you could be entitled to a financial settlement if you were injured in a car accident in Louisiana. The money received could help cover some of those expenses mentioned above. That’s great, but there are no guarantees that you’ll receive the settlement right away—which is likely when you need it.
There is a solution to this problem, however. It’s known as a pre-settlement advance, which is also called a “lawsuit loan.” A pre-settlement advance 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 Louisiana 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. This advance is also commonly referred to as a “lawsuit loan,” but that phrase is not technically correct. The funding is a non-recourse advance, not a loan. In other words, you don’t have to pay the money back if you don’t win your case.
Why pre-settlement funding is important and can be useful
As careful as you are on the road, a car accident can occur anytime. If you’re injured in an accident in Louisiana and don’t have the money saved 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.
Almost 92% of Louisiana households have at least one vehicle. While that’s low (40th in the U.S.), it's still a majority of homes in the state that own a vehicle, which increases the odds of a car accident.
In 2022, more than 30,000 people were injured in a car accident in Louisiana. Last year, the state projected a record high of car accident related-fatalities due to drunk driving.
If you find yourself in one of these accidents but weren’t at fault (or were a passenger), you could be entitled to a cash settlement. Pre-settlement 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 as well as levels 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 speak with you (the plaintiff)
• Review your case and determine what we think 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 Louisiana. 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? Liability can be easily determined in instances when a driver rear-ends another one or someone runs a red light. 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 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 preform 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 Louisiana:
• Bodily injury coverage: $15,000 per person and $30,000 per accident
• Property damage liability: $25,000 per accident
• Medical payments: $1,000
• Uninsured motorist bodily injury coverage: $15,000 per person and $30,000 per accident
Note: Medical payments and Uninsured motorist bodily injury coverages can be rejected in Louisiana.
These are the minimum car insurance requirements in Louisiana. Chances are the person who runs into you has more coverage than this.
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. There are a few things you can do on your end to increase the odds you receive a bigger overall settlement as well:
• Hire a qualified attorney that specializes in motor vehicle accidents
• Keep 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 Louisiana is just one year from the date of the accident.