Were you injured in a car wreck in Texas? If so, you could be entitled to a cash settlement. The only problem is you may not receive that money right away. And if you were relying on the settlement to cover expenses like vehicle repairs, medical bills or lost wages, the wait could be even more problematic.
Believe it or not, there is good news—pre-settlement advances, also commonly known as “lawsuit loans” are at your disposal so you can manage financially until your lawsuit is settled or you’re able to get back to work.
Pre-settlement funding is a cash advance based on your car accident lawsuit. Although this funding is often referred to as a “lawsuit loan”, that wording is not accurate. Pre-settlement funding in Texas is a non-recourse advance; meaning if you were to lose your case, you would not have to pay back the money. If your pre-settlement advance were actually a loan, you would be responsible to pay it back no matter what.
The annual vehicle miles traveled in Texas reached 282.037 billion in 2018—a 3.31% increase from the prior year. With so much road being traveled, the likelihood of Texas car crashes & wrecks increases too. That’s why it’s not surprising that there were more than 12,000 incidents involving serious injury in Texas for 2018 and almost 15,000 people sustained a serious injury as a result.
If you find yourself with an injury after a car accident and can’t wait until the lawsuit is settled, contact Bridgeway Legal Funding right away so we can help you secure your pre-settlement funding.
How does the pre-settlement funding process work?
At Bridgeway Legal Funding, we use the same three-step approach with every case we handle to help our clients secure their pre-settlement advance:
- We will 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 of 10% to 20% of what we think your case could be worth.
You can also review the “How pre-settlement funding works section” on the Bridgeway Legal Funding website to learn more about this process.
How long does the pre-settlement advance process take?
You won’t have to wait long to access your pre-settlement funding when you work with Bridgeway Legal Funding. We secure pre-settlement advances in Texas faster than our competition—most people receive their money within 24 to 48 hours. So, if you’re injured in a car accident in Texas, we can get you pre-settlement advance process started almost immediately.
Call Bridgeway Legal Funding at 800-531-4066 or complete our short application to start your get your pre-settlement cash advance process started right away.
How much can I borrow with my pre-settlement advance?
This is a common question we get regarding pre-settlement funding in Texas. Our clients are usually eligible to receive 10 to 20% of their case’s estimated value.
Now you may wondering how we estimate the value of car accident claim, well we take three factors into consideration:
- Liability—in other words, who was at fault in the car accident? Sometimes that is easy to see—like when one car rear-ends the other. Less obvious cases like when a vehicle is sideswiped and either party could be at fault take a little longer to figure out.
- Damages—these could account for any necessary medical treatment, future medical expenses or lost wages. We calculate lost wages by multiplying how much work you missed by your current salary. Bridgeway Legal Funding 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. Texas car insurance laws require drivers to have the following coverage to operate a vehicle:
Bodily injury liability coverage: $30,000 per person and $60,000 per accident
Property damage liability coverage: $25,000 per accident
Uninsured motorist coverage: $30,000 per person and $60,000 per accident (unless you reject this coverage)
Uninsured Motorist Property Damage: $25,000 and a $250 deductible (unless you reject this coverage)
Personal Injury Protection (PIP): $2,500 (unless you reject this coverage)
Please note that these are the minimum required insurance coverage for Texas. However, if you feel the minimum isn’t enough coverage for you, 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 Texas, check out the “How much funding can I get against my car accident lawsuit?” section of the Bridgeway Legal Funding site.
What else can I do to obtain pre-settlement funding in Texas?
Here are a few important steps you should take to get a pre-settlement advance if you’re ever in a car accident in Texas:
- Hire an attorney whose specialty is 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 Texas is two years within the date of the accident.