Bicycles are a convenient and green way to get around town, but America’s roads are owned by car drivers. Sometimes car drivers forget they must share the road with bike riders. This can create a painful or even fatal accident for the bicycle rider.
If you’re a cyclist waiting on a lawsuit after an accident, you may be worried about replacing your bike and paying for your medical bills. Thanks to Tribeca’s lawsuit loans, you don’t have to wait. You can get money from your future settlement in just 24 hours most times.
How Expensive Are Bicycle Accidents?
A study from the University of California San Francisco found that medical costs are soaring in bicycle accidents. As going by bicycle gets more popular, costs have risen by $789 million annually. Between 1997 and 2003, there were 3.8 million non-fatal accidents and nearly 10,000 deaths.
A large portion of bike riders are people ages 45 and older, which adds to the costs of the accident. Older bodies get damaged more easily and take longer to heal than healthier people. Also, with more people using bicycles without proper road improvements, like in Europe where cycling is far more popular, the risk goes up.
It’s clear from the data that bike accidents are quite expensive and happen often enough to make them a common theme in injury lawsuits. Plus, due to the lack of crash protection, many riders find they can’t work or afford to pay for care while they wait on their lawsuits.
How Do Lawsuit Loans Work in Bicycle Accidents?
Lawsuit loans work just the same for bicycle accident cases as they do for other civil cases we cover. The important part is whether your case has a chance for financial compensation. This means that even non-injury civil suits, like discrimination cases, can apply for a lawsuit loan.
After you apply, we’ll contact your lawyer for more information about your case and come to a decision about offering a loan. If you qualify and you accept the loan, we will put the money into your account as soon as possible. You’re free to spend it however you like.
If you prevail at the end of your case, your lawyer will pay back Tribeca through your winnings plus interest and send the remainder of your settlement to you. If you don’t win your case, then you don’t have to pay us back since we use only non-recourse loans.
What Are Non-Recourse Loans?
When you can’t pay a loan back, that’s called a default. When someone defaults on a loan, the lender may have legal recourse to seek the money they’re owed in other ways. You could have your property seized or your wages garnished to cover the bill.
A non-recourse loan removes that option. Tribeca is only allowed to take money from your settlement. If you “default” by losing your case or getting less than your loan amount, we can’t get paid back. We feel this is the fairest way to offer funding to plaintiffs in a financial bind.
Think of how terrible it would be if you lost your case and had to face even more debt than when you started! There’s no justice in that. We take our time to scrutinize cases before extending loans to protect our business, but there is no risk for you to apply or to take our loan.
How Much Legal Funding Can I Get for My Bicycle Accident Case?
Our decision on how much money to loan depends on the factors of your case. Our minimum and maximum loan ranges are $500 and $1 million. The more your case is worth, the more we’ll be able to offer.
Tribeca requires borrowers to hire a lawyer for their case before applying for a lawsuit loan. This not only protects you, but it will also raise your borrowing limit. Why is that? It’s because insurers know that when you have a lawyer on your side you mean business.
There are a lot of unfair settlement tactics that insurers like to pull on people to give them compromising information and reduce the value of their settlements. A lawyer stops these and works to raise the value of your settlement, which gives our loan team more money to offer with a loan.
Get Bicycle Accident Pre-Settlement Funding Fast
Don’t struggle with paying expenses you can’t afford while you wait on your bicycle accident settlement. Tribeca is ready to help you get a bicycle accident loan fast. The first step is to set up a risk-free consultation meeting.
You can do that by phone or by email by clicking the Apply Now button at the top of your screen. Remember, you will need an active claim or lawsuit and a lawyer representing you to prequalify for a lawsuit loan. We look forward to helping you get justice.