According to the Annual Traffic Crash Report from the New Mexico Department of Transportation, a motor vehicle crash occurred every 11 minutes, and a person was injured in a crash every 26 minutes in 2019. In fact, according to these statistics, New Mexico’s crash rate is at its highest level in at least five years, as 2,295 car crashes occur per 100,000 people.
Injured victims in car accidents can’t afford to stay home from work to nurse their injuries. With staggering statistics like these, it’s easy to see why many New Mexico residents turn to pre-settlement cash advances after a car accident. When you need cash now, waiting for your settlement while you nurse your injuries and recover just isn’t an option.
Do you or someone you know need cash for a pending car accident lawsuit in New Mexico? You can get cash from your case now, without having to wait for your settlement check to come in. Bridgeway Legal Funding offers pre-settlement advances to people in situations just like yours. We believe you shouldn’t have to suffer financial hardship while you wait for your case to settle, so we’ve provided a better way to get help.
What exactly is a pre-settlement cash advance?
Sometimes referred to as a “lawsuit loan", pre-settlement advances help New Mexico car accident victims stay afloat when they need it most. Technically, it’s not a loan at all, because you don’t have to pay back the money at all from your own pocket.
Pre-settlement funding in New Mexico is what’s referred to as a non-recourse cash advance. This means, you only have to pay back the money lent to you if your car accident case is successful, and you receive a settlement.
How can I get money while I wait for my car accident settlement?
The process for getting your pre-settlement cash advance is rather simple, and there’s no risk. If you lose your case, you owe back nothing.
- First, simply contact Bridgeway Legal Funding.
- You can call (800) 531-4066 or apply online in a few easy steps.
- We’ll then request some case information from your law office to review.
- We don’t check your credit, and don’t require any kind of background check.
- Then, assuming your approval, you simply sign and return the funding agreement electronically.
- Lastly, we wire transfer, Western Union or overnight ship your funds via UPS right to your doorstep.
How long does it take to get a pre-settlement cash advance after a car accident in New Mexico?
At Bridgeway Legal Funding, we get pre-settlement advances faster than our competitors. We offer immediate assistance to New Mexico car accident victims, as our unique business model allows us access to pre-settlement funding within just 24-48 hours. Like we mentioned above, once you’re approved for a “lawsuit loan” in New Mexico, we can send you your money as soon as the contract is completed.
How much money can I get from car accident lawsuit funding?
The amount of money you can get depends on how much your car accident case is worth. Bridgeway will analyze your case based on the following criteria:
- Who is at fault for the crash?
- What are the damages? Both physical and financial.
- How much insurance coverage is available?
From there, we determine the potential value of your case, and you send you the money accordingly.
Can I still get a cash advance for a car accident settlement if I have bad credit?
When it comes to car accident settlement cash advances, bad credit is not a factor. Since car accident lawsuit funding is not technically considered a loan, your credit doesn’t matter in any way. When you apply for lawsuit funding in New Mexico, only your name, your lawyer's contact information, and the details of your car accident case are required. We don’t conduct any background checks, either.
What are the minimum insurance coverage requirements in New Mexico?
According to the New Mexico Department of Motor Vehicles, minimum auto liability insurance amounts required in New Mexico are:
- $25,000 for bodily injury to one person in any accident.
- $50,000 for bodily injury of two or more persons in any one accident.
- $10,000 for injury to or destruction of property of others in any one accident.
Under New Mexico state law, drivers are required to operate motor vehicles with at least this minimum amount of insurance coverage. More can be purchased if need be, but many people try to pay less monthly on their insurance so they choose not to add extra coverage.
The problem is, if you’ve purchased the minimum amount of insurance coverage required, you may be stuck paying some out of pocket costs following your car accident, depending on how much damage occurred. If your insurance company isn’t paying out enough money after your car accident, you may be stuck and overwhelmed with expenses you can’t afford. If this is your situation, apply for car accident settlement funding with Bridgeway Legal Funding.
Call Bridgeway Legal Funding today at 800-531-4066 or apply to our website to start your pre-settlement cash advance process started right away.