Injured in a car accident in Tennessee, but need cash now? If so, you might want to consider a pre-settlement advance, also known as a “lawsuit loan.” Motor vehicle accidents can cause significant financial strain, especially if you end up having to miss work, have unplanned medical expenses, need to get your car fixed or other bills that pop-up. A pre-settlement advance will help you stay afloat financially until you’re able to return to work or resolve your lawsuit.
What is pre-settlement funding?
Pre-settlement funding is a cash advance against your pending car accident case or lawsuit. Pre-settlement advances are commonly called “lawsuit loans”, but they are not technically loans. Pre-settlement funding is a non-recourse advance—meaning if your case is unsuccessful, for any reason, you don’t have to pay the money back.
Currently, more than 5 million vehicles occupy Tennessee roads ,which result in more than 200,000 car accidents a year. For more information visit: Tennessee Car Crashes by year.
If you are in one of those accidents, but it was not your fault, or you were a passenger, you could be legally entitled to a fair settlement. That’s the good news—the bad news is it could take a long time to get that settlement—typically one to three years.
Many plaintiffs will use pre-settlement funding so they don’t accept an offer that’s below their case’s value. These advances help level the playing field against large insurance companies that have almost unlimited resources and capital.
How do pre-settlement advances work?
At Bridgeway Legal Funding, we have a simple three-step process to help our clients secure a pre-settlement:
- Have a brief conversation with you (the plaintiff)
- Review your case to estimate what it could be worth
- If the math makes sense, we’ll offer you an advance for up to 20% of what we think your case is worth
Visit our website’s “How pre-settlement funding works section” to learn more about this process.
How long the pre-settlement advance process take?
If you work with Bridgeway to secure a pre-settlement advance, you’ll notice we’re faster than our competitors. If you need a cash advance fast, Bridgeway can help you—we’re set up to get cash in our clients’ hands within 24 to 48 hours. The fastest way to get your pre-settlement advance process started is to call us at (800) 531-4066 or apply on our website
How much can I borrow?
How much can I borrow? We get this question a lot. Our clients are usually eligible to receive up to 10 to 20% of their case’s value.
A more fitting question might be how does Bridgeway determine a case’s value. Well, when we review cases, we focus on three main factors:
- Liability—this means who was at fault. Sometimes this is easy to determine such as instances like a rear-end car accident. Other times, such as a side swipe, it is less clear and the drivers might share the fault.
- Damages—these are typically divided into two main parts. The first is injuries suffered in the car accident—what type of medical treatment was needed, medical expenses, length of treatment and estimated future medical expenses. The second part of the damages is your wage loss. This figure is determined by multiplying how much work you missed by how much you earn at work. Other wage loss factors include if returning to work is a possibility, if you can do the same work you did prior to the car accident and if you lost your job because of the accident.
- Insurance—Usually, you can only sue for up to what insurance is available in the accident. In Tennessee, drivers have to carry at least the following required car insurance coverage and limits:
• Bodily Injury Liability: $25,000 per person and $50,000 per accident*
• Property Damage Liability: $15,000 per accident
• Uninsured Motorist Bodily Injury: $25,000 per person/$50,000 per accident
*In Addition, some motorists may elect to have more insurance then the state mandated minimum, usually up to $500,000 for a personal use vehicle. To learn more about what car insurance covers, visit: What Liability Insurance Covers.
Also, there are situations where both parties involved in a car accident carry umbrella policies. This is often the case with corporations. For more information on how much insurance Tennessee drivers may have visit: Auto Insurance Requirements in Tennessee.
What else can I do to obtain a pre-settlement advance?
Hiring a qualified attorney who specializes in motor vehicle accidents is a great first step to ensuring you’re fairly compensated. Be sure to also keep good records of the car accident and your injury. Get a copy of the police report, collect names of any witnesses and keep detailed notes and records of all medial treatments you receive. Make sure your law firm files a lawsuit within the legally allowed time—also known as the statute of limitations. In Tennessee, the statute of limitations is one year from the date of the car accident involving personal injury, or three years after an accident involving vehicle or property damage. For more information about the statute of limitations, visit: Tennessee Car Accident Process.
Visit Bridgeway’s website for more information regarding pre-settlement funding for car accidents in Tennessee.