If you were injured in a car accident in Missouri, you could be entitled to cash compensation. That’s the good news. The bad news is you may have to wait awhile before you receive any money—that news is especially bad if you were counting on those funds to cover any car accident-related expenses. Things like vehicle repairs, medical bills or lost wages from missing work could be your responsibility until your car accident settlement becomes available.
Fortunately, pre-settlement advances, or “lawsuit loans” are available so you can stay afloat financially until your lawsuit is settled or you can return to work.
Pre-settlement funding is a cash advance against your pending car accident claim or lawsuit. This type of funding is also commonly known as a “lawsuit loan”, but the “loan” part of that term makes it inaccurate. See, pre-settlement funding in Missouri is a non-resource advance—that means you don’t have to pay back the advance if your case is unsuccessful. If the funding were truly a lawsuit loan, you would have to pay back the money no matter what.
There were more than 5 million registered vehicles in Missouri in 2017. With that many vehicles on the road, the odds of an accident increase significantly. That’s why it’s not surprising that more than 18,000 people were seriously injured in car accidents in Missouri in 2017 alone.
How does the pre-settlement advance process work?
Bridgeway Legal Funding uses a consistent three-step approach to help our clients secure their pre-settlement funding:
- First, we’ll have a conversation with you, the plaintiff.
- We’ll review our case in order to estimate its potential value.
- If the math works, Bridgeway Legal Funding will offer you an advance of 10% to 20% of what we think your case is worth.
Check out our “What is pre-settlement funding and how does it work?” to get a better understanding of what pre-settlement funding is.
You can also review the “How pre-settlement funding works section” on the Bridgeway Legal Funding website to learn more about this process.
How long does the lawsuit funding process take?
At Bridgeway Legal Funding, it won’t take long for you to get access to your pre-settlement funding. We often secure settlement advances faster than our competition—typically within 24 to 48 hours. If you’re injured in a car accident in Missouri, Bridgeway Legal Funding can get your pre-settlement advance process going almost immediately.
Call Bridgeway Legal Funding at (800) 531-4066 or complete our short questionnaire to start your get your pre-settlement cash advance process started right away.
How much can I borrow from my car wreck lawsuit?
We get this question a lot about pre-settlement funding in Missouri. Bridgeway Legal Funding’s clients are usually eligible to receive 10 to 20% of their case’s value.
So, that brings up another question—how do we determine what a particular case is worth. Well, we take the following three factors into consideration:
- Liability—or who was at fault in the car accident. The answer’s obvious if one car rear-ended the other, but it’s not as easy to tell in incidents when a vehicle is sideswiped because either party could be at fault. Those instances take a little more time to sort out.
- Damages—these could account for the medical treatment needed, expenses, length of treatment or future medical expenses. Additionally, lost wages make up another part of potential damages. We calculate lost wages by multiplying how much work you missed by your current salary. Bridgeway Legal Funding will also determine if you can perform your work duties as you could prior to the accident, or if you have to leave your position.
- Insurance—in most cases you can only claim up to the maximum insurance available to you after an accident. Missouri car insurance laws require drivers to have the following coverage to operate a vehicle:
Bodily injury liability coverage: $25,000 per person and $50,000 per accident
Property damage liability coverage: $25,000 per accident
Uninsured motorist coverage: $25,000 per person and $50,000 per accident
*Please note that these are the minimum required insurance coverage in Missouri. However, if you feel the minimum isn’t enough coverage for you, 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 car accident legal funding in Louisiana, check out the “How much funding can I get against my car accident lawsuit?” section of the Bridgeway Legal Funding site.
What else can I do to help my pre-settlement funding application in Missouri?
Here are a few steps you can take to get a pre-settlement advance if you’re ever in a car accident in Missouri:
- Hire an attorney whose specialty is motor vehicle accidents
- Keep thorough records of the car accident and your injury
- 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 Missouri is five years within the date of the accident.