Getting into a car accident can be a major inconvenience. Your car is likely damaged in some way, meaning it will be in the shop for a period of time. You will also have to take time out of your day to file a car insurance claim and maybe even have to deal with the other party’s insurance company.
And if you were injured in that accident? That could lead to another round of inconveniences. Car accident-related injuries, depending on the severity, could impact your daily life—especially from a financial standpoint.
The good news is you could be entitled to a cash settlement if you've been injured in a car accident in Oklahoma. The bad news is it could be some time before you receive your payment. What if you don’t have money set aside for an unforeseen situation like this? You’ll need that settlement as soon as possible to help pay for medical expenses, car repairs or to make up for any lost salary from having to miss work.
Fortunately, there are ways to access the funds you need faster—with what’s known as a pre-settlement advance, or a "lawsuit loan". The advances serve as a financial resource to help keep you afloat until you can return to work or your lawsuit is resolved.
What is a pre-settlement advance?
Pre-settlement funding is a cash advance against your pending car accident case or lawsuit. This is not a loan, but rather a non-recourse advance. You would not have to repay the advance if your case is unsuccessful for any reason.
More than 30,000 people were injured in car accidents in Oklahoma in 2021—a 10 percent increase from the year before. The number of car accidents (66,074) in Oklahoma in 2021 also increased from the year before (7 percent), as did the amount of accidents per day (181).
The increase in Oklahoma car accidents is coupled with an increase in registered drivers in the state. Between 2015 and 2020, the number of registered vehicles in Oklahoma went up almost 25 percent.
The combination of increased car crash totals and more cars on the road could increase the odds of you getting into an accident. If that day comes, it’s good to have access to financial assistance if you’re injured.
If you’re entitled to a settlement after being in a car accident in Oklahoma, you might have to wait one to three years for your money. Yes, it can actually take that long.
Bridgeway Legal Funding can help you get your money in days, however. Not only can you get your money faster, but you can get what your case is actually worth. A pre-settlement advance can protect you from accepting an offer that’s well below your case’s value. These advances can also help level 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 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—Who was at fault in the accident? For example, if another driver rear ends your vehicle, they would be considered liable for any damages. Sometimes these cases aren’t as clear, such as a side swipe incident, and each driver might share some fault.
• Damages—How much money will be awarded following the accident cost between 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 preform 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 Oklahoma:
• Bodily injury liability: $25,000 per person and $50,000 per accident
• Property damage liability: $25,000 per accident
Remember, these are minimum car insurance requirements for Oklahoma 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
Don’t wait to file your car accident lawsuit. In Oklahoma the statute of limitations is two years from the date of the accident. https://www.nolo.com/legal-encyclopedia/what-is-the-personal-injury-statute-of-limitations-in-oklahoma.html