According to the Rhode Island State Highway Safety Report, vehicle miles traveled (VMT) is on the rise this year. This means, there are more cars on the road than ever, and people are constantly driving, increasing the amount of miles they drive every year. While the reporting does indicate that car accidents and fatalities due to car accidents have occurred at a stable rate in Rhode Island, an increase in traffic on the road means all drivers should take extra caution to avoid an accident.
No one ever expects to get into an accident, and fortunately the Rhode Island motor vehicle fatality rate is lower than the national average, but that doesn’t stop the state from seeing hundreds of accidents every year-- from fender benders to more severe situations. You already know that a personal injury claim can get you a much needed settlement to help offset the expenses of your accident. But are you taking every step possible to maximize your recovery and get your settlement as fast as possible?
What steps should I take after a car accident to get my settlement money faster?
As you may already know, there’s no way to actually get your settlement faster. Some car accident lawsuit settlements can take months, or even years, to settle. While you can’t exactly get your car accident settlement faster, you can get a pre-settlement advance on your future settlement. This enables you to spend your settlement money now you wait for your case to finish.
For many Rhode Island car accident victims, pre-settlement funding is a lifeline that empowers them to pay off medical debt and recover from lost wages while they wait for their case to settle.
To learn more about pre-settlement lawsuit advances, visit Bridgeway's Guide To Funding.
What exactly is pre-settlement funding?
Pre-settlement funding is a cash advance against your pending car accident claim or lawsuit. Sometimes, pre-settlement funding is referred to as a “lawsuit loan,” but this opportunity really is not a loan at all.
Pre-settlement funding is sometimes referred to as a:
- Car wreck settlement loan
- Cash advance for car accident settlement
- Lawsuit settlement loans
- Non-recourse cash advance
- Car accident loan
…and many other names. What’s important to remember, however, is that since pre-settlement funding isn’t a loan, you will not be responsible for paying back the money you borrowed if you don’t get a settlement from your Rhode Island car accident claim.
What expenses can pre-settlement funding cover?
A car accident settlement cash advance can cover any accident-related expenses you anticipate to cover with your settlement money. For many Rhode Island car accident victims this may include:
-Medical expenses: After getting into a bad accident, you shouldn’t have to pay out of pocket to cover the cost of your medical care such as hospital bills, the cost of physical therapy or rehabilitative care, doctor co-pays, and more. Your medical expenses will be factored into your settlement, so you can certainly use your pre-settlement funding to cover these often sky-high costs.
-Rent or mortgage payments: Many people are not able to work while they stay home to heal injuries from an accident. If any important bill is falling past due as you wait for your car accident settlement, you can cover these expenses with our help.
-Car repairs: In Rhode Island, you must carry minimum limits of bodily injury liability. These minimums are $25,000 per person and $50,000 per accident. This means you have coverage up to $25,000 for damages incurred by any one person and up to $50,000 in any one accident should more than one person be involved. Sometimes, the minimum coverage is not enough for your medical bills or car repairs. If your insurance does not provide you with enough coverage, a non-recourse cash advance can help.
-Ordinary living expenses, such food, gas, and daily necessities: In addition to bills and medical expenses, you can simply use your pre-settlement funding to cover everyday expenses that are falling behind after the accident.
How can I get pre-settlement funding while I wait for my settlement?
The application process for getting pre-settlement funding is fast and easy. Contact our team at Bridgeway Legal Funding by phone, fill out this application form on our website or send us an email. We’ll chat briefly about the details of your case and talk to your lawyer to get information about your car accident claim. Once we approve you for the funding, we prepare a contract, and then wire the funds directly into your account or send a check overnight.
Since pre-settlement funding is technically not a loan, you will not be required to do a background check, and we do not consider your credit when reviewing your application. Anyone is welcome to apply.
For more information on how to qualify, read on about the application process here.