Getting into a car accident in Rhode Island is inconvenient—for a number of reasons. You have to file a claim with your car insurance company. insurance company. There’s a good chance you’ll have to take your car to the shop for repairs. And if you do, you have to figure out how to get around until you get your vehicle fixed.
Those are just time-related inconveniences. Getting into a car accident in Rhode Island can also cost you money, especially if you’re injured. You may have to pay medical bills as well as your car insurance deductible. Meanwhile, if you’re an hourly employee, you could lose income if you are too injured to work.
Thankfully, financial settlements are designed to help you cover these kinds of costs if you’re ever injured in a car accident in Rhode Island. The downside is there’s no guarantee that you will receive that settlement right away — which is likely when you need it.
A pre-settlement advance could help solve your problem. 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 can’t work.
If you were injured in a car accident in Rhode Island and need money right away, let Bridgeway Legal Funding help you get 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 a pre-settlement advance?
Pre-settlement funding is a cash advance against your pending car accident claim or lawsuit. You might have heard this funding referred to as a “lawsuit loan,” but that term is incorrect because pre-settlement 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.
As a Rhode Island driver, it’s beneficial to know what financial resources are available to you following an accident. Again, a settlement can be a big help, but what if you can’t get the funds for months, or even years from now? Immediate access to money after a car accident is what makes pre-settlement advances so valuable.
Know your options just in case you’re injured in a car accident
Fortunately, serious car accident injuries are on the decline in Rhode Island. There were 407 serious car accident-related injuries in Rhode Island in 2016, and that total fell to 274 in 2022. Totals are projected to continue to remain about the same in 2024 at about 280.
While it’s good news that injury numbers are going down, car accidents and in turn injuries, are still occurring. With more than 700,000 licensed drivers in Rhode Island and it being the second most densely populated state in the U.S., roads remain busy, which increases the odds of a car accident.
At Bridgeway Legal Funding, we hope you’re never in a car accident—and especially not injured in one. In the event that you are, however, please know that we are here to help you if you need access to funds to help you cover medical bills, vehicle repairs, lost wages and more.
If you’re entitled to a settlement after being in a car accident in Rhode Island, you might have to wait up to three years, yes years, for your money.
Bridgeway Legal Funding can help you get your money in a matter of days, however. Not only can you get your money faster, but you can receive what your case’s true monetary value is. A pre-settlement advance can protect you from accepting an offer that’s much less than your case is worth. These advances can also help even the playing field against large car insurance companies that have virtually unlimited resources.
Want to get your pre-settlement advance as quickly as possible? Keep reading to learn how Bridgeway Legal Funding’s process works.
We help our clients access pre-settlement funding in three simple steps:
• Have a brief conversation with the plaintiff (you)
• 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.
Can I really get a pre-settlement advance in a few days?
Yes. Getting funds to you quickly is one of the biggest benefits you can get when you work with Bridgeway Legal Funding. We are set up to provide clients with cash within 24 to 48 hours. The process begins by calling (800) 531-4066 or filling out our questionnaire.
How much can I borrow with a pre-settlement advance?
We typically will advance our clients up 10 to 20% of their case’s value. We base the case’s value on three key factors:
• Liability—Whose fault was the accident? If another driver rear ended your vehicle for example, they would be considered liable for any damages.
• Damages—How much money will be awarded following the accident based on injuries and lost wages? Some of the factors calculated to determine total damages include:
• Medical expenses and treatments (current 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 use 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 Rhode Island:
- Bodily injury: $25,000 per person and $50,000 per accident
- Property damage liability: $25,000 per accident
- Uninsured/Underinsured motorist bodily injury: $25,000 per person and $50,000 per accident
- Uninsured motorist property damage: $25,000 per accident
Note: Uninsured motorist property damage coverage can be rejected.
Remember, these are minimum car insurance requirements for Rhode Island drivers. Chances are the person you get into an accident with has additional coverage.
Click here to learn more about how much funding you can get for your pre-settlement advance.
How can I get the most out of my pre-settlement advance?
Bridgeway Legal Funding will do everything we can to help you get the most amount of pre-settlement funding possible. Here are a few things you can do as well to help yourself in the process:
• Hire an attorney that specializes in motor vehicle accidents
• Keep good records of your car accident, medical treatment(s) and injury/injuries
• Request a copy of the police report for your records
Don’t wait to file your car accident lawsuit. In Rhode Island the statute of limitations is three years from the date of the accident.