Injury from a car accident and traffic crashes continue to be among the most serious public health concerns in the US. According to the National Highway Traffic Safety Administration, Motor vehicle injuries constitute 99% of non-fatal car accident injuries. With yearly increases in travel and no improvement over the current safety performance, injuries are estimated to increase by an unacceptable rate of fifty percent every year. This has made car accident funding more sought after than ever before.
What is Car Accident Funding?
Legal funding companies help victims of car accidents by providing the money they need while waiting for their court case to settle. Car accident funding does not require upfront fees because it is offered to an injured victim to cover expenses while not being able to go back to work yet. The victim can use the money for:
- Medical bills
- Rehabilitation expenses
- Mortgage or rent
- Loan payments that are due
- Automotive expenses
- Any other necessary or basic living expenses
Settling a Car Accident Funding
If you are a victim of a car accident and you are struggling with paying your bills and medical expenses, lending companies offer a simple and free application process for car accident funding options that will help you with your financial woes. Although the process may slightly differ between companies that offer this type of funding, you will expect to accomplish steps similar to the ones below:
- Fill out an application form
Most, if not all lending companies do not ask for a credit check, just basic contact information for you and your attorney and case details. Consider the types of car accidents that qualify for funding:
- ATV collisions
- Truck accidents
- Bus accidents
- Motorcycle accidents
- Broadside collision
- Side sweep accidents
- Rear-end accidents
- Rollover accidents
- Intersection accidents
- Parking lot accidents
- Pedestrian accidents
- Bicycle accidents
The common types of injuries involving victims of a car accident that will qualify for funding may include:
- Head and TBI brain injuries
- Neck injuries such as whiplash
- Burn injuries
- Soft tissue injuries
- Spinal and back injuries
The minor requirements for pre-settlement funding include being over the age of 18, having hired an attorney on a contingency basis, and a valid legal claim against an insurance company or self-insured entity.
- Contacting your auto accident attorney
While the lending company is processing your application for car accident funding, they will talk to your attorney to request for legal documents to ascertain the potential settlement amount if you win your case and you get the settlement claim. The documents you may need to claim are:
- The police report or case number of the car accident
- Your personal details and the details of the person who caused the accident
- All medical documents that support your injury claim
- Witness statements from people who witnessed the accident
- Any motivating testimony from a medical practitioner or lawyer that can testify to your need to claim
- Information about any damage to the vehicle(s) and/or surrounding structures
The lending company will then determine if the claim is valid, if it was submitted in time, the degree of fault, blame, or negligence of both parties (wrongdoer and victim), and if the amount of damage claimed is justified.
- Approval of application
Your application and documents from your attorney will be reviewed by the lending company and then they will decide whether to approve or deny your car accident funding immediately. They often offer modest amounts to help a victim through day-to-day expenses and medical bills while waiting for a settlement.
- Release of Funds
Once your application has been approved and the lending company has found that you have a strong case and it is worth taking the risk, you will be asked to sign a final agreement. It is important to have your attorney with you as you look over the terms of the agreement so that he or she can give you advice. When the contract is signed, you will have the fund within 48 hours.
Car Lawsuit Funding from a Reputable Lending Company
You can get settlement funding from a reputable lending company fast and easy. But you have to make sure that the lending agency will not charge excessive and usurious fees for a car accident funding. Weigh all of your financing options before you decide on applying for a settlement funding as you recover from your car accident injuries.