If you were injured in a car accident in Oklahoma, you may be be entitled to a cash settlement. At first glance, that’s great news. The bad news however is it could be awhile before you get the money. If you were relying on the car accident settlement to pay for expenses like vehicle repairs, medical bills or lost salary, the delay could be an issue.
You do have options however. Pre-settlement advances, which are also sometimes called “lawsuit loans”, are available to you to help you stay afloat financially until your lawsuit is settled or you can return to work.
What is pre-settlement funding and how does it work?
Pre-settlement funding is a cash advance against your car accident injury claim. This funding is sometimes called a “lawsuit loan”, but that terminology is not accurate. A loan is made with the understanding that it will be paid back. However, pre-settlement funding in Oklahoma is non-resource advance. That means if you were to lose your case, you would not have to pay back your pre-settlement advance, where you would have to if the funding was a loan.
More than 3 million vehicles were registered in Oklahoma in 2018, with that many cars on the road, the chances of car accidents increases. That’s why it’s hardly a surprise that more than 12,000 people were hurt in a car accident in Oklahoma in 2018.
If you find yourself injured in a car accident in Oklahoma and can’t wait until the lawsuit is settled to get your money, contact Bridgeway Legal Funding right away so we can help you secure your pre-settlement advance.
How does the pre-settlement advance process work?
Bridgeway Legal Funding uses a consistent, three-step approach with each case we handle to help our clients secure their pre-settlement advance:
- We’ll speak with you, the plaintiff.
- We’ll review your case and estimate its potential value.
- If the numbers work, Bridgeway Legal Funding will offer you a pre-settlement advance for up to 20% of what we believe your case’s value is.
Check out our video “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 our website to learn more about this process.
How long does the pre-settlement advance process take in Oklahoma?
When you work with Bridgeway Legal Funding, you won’t have to wait long to get your pre-settlement funding. We secure pre-settlement advances in Oklahoma faster than our competitors—usually within 24 to 48 hours of you contacting us. If you’re injured in a car accident in Oklahoma, we can get your pre-settlement advance process started almost immediately.
Call Bridgeway Legal Funding at 1-800-531-4066 or apply to our website to get your pre-settlement cash advance process started right away.
How much can I borrow with my pre-settlement advance?
We’re asked this question most often regarding pre-settlement in Oklahoma. Our clients are usually eligible to be advanced for 10% to 20% of their case’s value.
The next step is determining how much your case is worth. We take 3 factors into consideration to do so:
- Liability—this pertains to who is at fault in the car accident. This is easy to determine in come cases—like when one car is rear-ended. Other times when either party could be at fault, like when a vehicle is sideswiped, it could take a little longer to figure out whom the guilty party is.
- Damages—these include necessary medical treatments, future medical expenses and salary lost from missing work. Bridgeway Legal Funding calculates lost wages by multiplying how much work you missed by your current salary. We will also determine if you can perform your work duties going forward, or if you have to leave your position.
- Insurance—in many cases you can only use for up to what insurance is available to you after an accident. Oklahoma 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* (*if purchased by policy holder)
For More information on available insurance coverage in Oklahoma, visits here.
Keep in mind these are the minimum required insurance coverage limits in Oklahoma. If you feel you need more coverage however, you can buy more—the maximum amount of coverage 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 Oklahoma, visit the “How much funding can I get against my car accident lawsuit?” section on our site.
What else do I need to do to get a pre-settlement advance in Oklahoma?
Here are three key steps you should take to get a pre-settlement advance in the event you’re in a car accident in Oklahoma:
- Hire an attorney who specializes in 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 Oklahoma is two years within the date of the accident.