Personal injury lawsuits are notorious for taking a long time to work through courts or settlement negotiations. Much of this is by design — the defense knows if they can drag this process out, they can force you to settle for far less than your case is worth. They want to leverage your financial hardships against you so that you will have no option but to accept a lowball offer.
Personal injury loans, also known as pre-settlement or lawsuit loans, can help you pay your current expenses by tapping into your future compensation. As a result, you can relieve the financial pressure and fight to win the maximum award. With a lawsuit loan for a personal injury claim, you can borrow against your expected settlement at no risk to your own finances. Find out if a lawsuit loan is the right financing option for you.
How Does Pre-Settlement Funding Work?
Your settlement may not arrive for months or even years from now. However, it’s possible to estimate its size based on the facts around your case. This is the principle behind personal injury settlement loans, which allow you to borrow against this expected amount.
After a personal injury, you may be facing steep medical bills and other damages. At the same time, you may have lost income or even future earnings, especially if your injury caused you to switch industries. Legal funding allows you to access the money from your future settlement now so you can resist the financial pressure to settle for mere pennies on the dollar.
Legal funding, also known as a personal injury lawsuit loan, can provide you with a risk-free source of cash during your lawsuit. It could be just what you need to win out against well-funded defendants.
What is a Personal Injury Lawsuit Loan?
A personal injury lawsuit loan acts like a cash advance on your future compensation. It is a loan that uses your anticipated settlement as its collateral. Legal lending like this is quite different from the loans you are likely familiar with. The critical difference is that legal funding is structured as non-recourse loans.
In non-recourse loans, the collateral is the only legal course of money to repay the loan. The lender has no recourse to your income, property, or any assets other than the future settlement of the case the loan funds. This single difference has many repercussions on your experience with the debt. First, because your legal lender (like Tribeca) will never see a cent of your own money, our personal injury lawsuit loan application includes:
- NO credit check
- NO income verification
- NO asset evaluation
Second, you will never experience monthly payments or harassing letters or phone calls for repayment. Instead, we get repaid by your attorney when your settlement funds. And third, because your compensation is the only source of money that can be used to repay your personal injury loan, if you lose your case — you don’t have to repay the loan!
Tribeca Lawsuit Loans seeks to level the playing field for your fight for your owed compensation. And with a personal injury lawsuit loan, you may even win a bigger settlement.
How Can Personal Injury Settlement Loans Help to Win Bigger Settlements
We all know that personal injury lawsuits can drag on for months or even years. Yes, the legal system is slow and in desperate need of more personnel. But the primary reason the process is so slow is that this is a deliberate strategy employed by defense attorneys and insurance loans to protect their interests. As noted, they slow the pace of your settlement negotiation, hoping that your mounting bills and financial distress will force you to accept a lower settlement offer rather than hold out for the compensation you’re owed.
It often works, too. Plaintiffs like you routinely settle for just 35-40% of the compensation they deserve just to stop the financial pain. With a personal injury lawsuit loan, you will have the cash reserves you need to pay your bills and give your attorney the time needed to get you the best settlement possible.
Since Tribeca is invested in the successful outcome of your court case, we may provide your attorney with case funding in addition to your loan. That funding can pay for expert witnesses and other litigation expenses that can improve your odds of winning a larger settlement.
Types of Cases That Qualify for Personal Injury Settlement Loans
Pre-settlement funding can be used for a wide array of personal injury lawsuits. Here are some of the most common types of personal injury lawsuit loans we fund:
- Car accident loans
- Workers’ compensation lawsuit loans
- Slip and fall accident loans
- Sexual abuse lawsuit loans
- Medical malpractice lawsuit loans
- Product liability lawsuit loans
- Construction accident lawsuit loans
- Wrongful death lawsuit loans
- Police brutality and misconduct lawsuit loans
- Nursing home negligence loans
- Wrongful imprisonment loans
- Sexual harassment lawsuit loans
- Traumatic brain injury lawsuit loans
- Civil rights violations lawsuit loans
- Spinal cord injury lawsuit loans
The list of cases we fund is ever-growing. We also fund pre-settlement loans for those engaged in mass torts.
After a personal injury, you could be entitled to a substantial award or settlement. However, it will take a great deal of time for your case to be investigated, documented, and argued before you’ll see that compensation. If you cannot afford to give your attorney the time needed to negotiate your settlement, a personal injury settlement loan can give you an advantage in your fight and empower you to outlast the defense’s pressure tactics.
“I was in a bind to get caught up on my rent and car note/insurance, and Tribeca Lawsuit Loans came through with the funding I needed without a worry or a hitch in the process. I love the customer service and care and how attentive they are to details. Thank you Tribeca.”
- Testimonial by Stephen A Triplett Jr.
What Expenses Can Be Paid By Personal Injury Loans?
A personal injury case can take months or even years to settle. During that time, you could face mounting bills and have less money to pay them than before your accident. A personal injury settlement loan can help you cover the following expenses so you can resist the defense’s pressure to settle for less:
- Medical bills
- Rent or mortgage payments
- Car payments
- Child care expenses
- Educational expenses, such as student loans
- Credit card debt
- Groceries, utilities, and other daily expenses
There are no limitations on how you can spend your personal injury lawsuit loan. The money is yours to use however you would like. You don’t have to worry about repaying your pre-settlement funding, either. Your settlement will be the sole source of repayment for your lawsuit loan. Therefore, your personal finances will never be at risk when repaying your legal loan.
Am I Qualified for a Personal Injury Pre-Settlement Loan?
You’re likely pre-qualified to receive legal funding if you have a pending settlement. However, that alone won’t be enough to help you obtain a personal injury pre-settlement loan. You’ll need to meet a few other basic qualifications to get approved for a lawsuit loan.
The primary factor impacting your eligibility for personal injury lawsuit loans is the quality of your case. If it appears clear that you were the victim of the defendant’s actions and the defendant’s insurance company accepts liability, you’ll be able to qualify for more legal funding at lower rates.
To get a lawsuit loan for a personal injury claim, you only need to fulfill a handful of basic qualifications:
- You’re at least 18
- You have filed a personal injury lawsuit
- You have retained a contingency-based lawyer
Unlike other forms of financing, there are no credit checks you have to pass to obtain a personal injury loan. Therefore, your credit score, employment history, and amount of personal assets don’t impact your eligibility for an injury lawsuit loan. All that determines whether or not you get legal funding are the facts around your case and whether a lawyer represents you.
Before funding your personal injury lawsuit loan, we require that an attorney represents you to protect your interests and our own. Lawyers consistently outperform plaintiffs who represent themselves, winning more cases and larger settlements. To ensure that you win the best possible compensation, you must have legal representation.
Personal injury pre-settlement funding is an investment, and the company offering it to you wants to see a return. They risk a total loss of their investment if you don’t win your case, so they are often selective about who they offer lawsuit loans to.
What State Laws Impact My Legal Funding Eligibility?
The most common state laws that can impact your eligibility for personal injury pre-settlement loans are statute of limitations laws. In some states, you have as little as a year to file a lawsuit for a personal injury claim. Unfortunately, it can take a year or more to even know the full scope of damages you suffered.
You must run a balancing act and file your case before the statute of limitations expires, but only after knowing the full extent of your damages. By filing too early, you run the risk of suing for damages that are too low.
Some states are also not as friendly to third-party lawsuit funding as others and make it difficult for personal injury pre-settlement funding companies to operate. Another hurdle that can keep you from getting a personal injury lawsuit loan is a state’s fault laws. Several states have shared fault, with a percentage of fault assigned to each party. Shared fault can affect the size of your compensation.
Also, some states simply find in favor of the defendant if the plaintiff is found to be more than 50% at fault. That is why some lawsuit loan companies are averse to working in at-fault states, as they can absorb a total loss if the plaintiff is found to be partly at fault in their case. Fortunately, Tribeca Lawsuit Loans provides personal injury settlement loans in most states in the country, including those with complex shared fault laws.
How Much Can I Get in Personal Injury Lawsuit Loans?
In most cases, you’ll be able to get anywhere from 10-30% of the estimated value of your settlement as a personal injury lawsuit loan. The amount of money you receive will depend on the specific circumstances of your case. We’ll take a detailed look at who is liable for your damages, what kind of coverage is available for them, and their potential amount.
- Damages: The amount of damages you suffered will serve as an upper limit to the amount you can recover in a personal injury settlement. You may face hospital bills and lost income, along with long-term physical damage. You could also face soft tissue damage and pain and suffering, each of which should be covered in your final compensation package.
- Liability: When determining who is responsible for your damages, we’ll look at your case. If the defending party can be held fully liable, you’ll have a much stronger chance of winning your case. You may still obtain personal injury legal funding with partial liability in some states, but this usually isn’t possible in at-fault states.
- Coverage: The maximum amount of your potential settlement will be determined by the defending party’s amount of coverage. States may impose a minimum policy limit for auto accidents, which we can use as a baseline for your personal injury lawsuit loan. Commercial policies tend to be substantially larger, which can allow you to receive more funding for your personal injury claim.
Once we’ve taken these factors into account, we’ll have a better idea of the amount of legal funding we can offer. Should you require more, you may be able to apply for a second loan on your personal injury settlement.
All this being said, Tribeca Lawsuit Loans provides legal funding for personal injury loans ranging from $500 to $2 million. Once you apply for a personal injury lawsuit loan, we can dig into the specifics of your case and let you know how much we can provide for your case.
How Much Do Personal Injury Loans Cost?
The price of your legal funding will depend on the circumstances around your case. There is no one set price you can expect to pay for a personal injury loan. Each settlement is different and varies in both risk and potential payout for you and your lender.
Unfortunately, we can’t give you an estimate of how much your legal funding will cost ahead of time. However, we can say that we have no hidden fees, and we charge only a low, simple interest rate. Be sure to avoid high compound interest rates, which can add significant costs during longer cases, and eat right through your compensation.
Once you apply for a personal injury lawsuit loan with Tribeca, we can review your case and provide you with our loan offer, complete with all the details and the specific interest rate spelled out in clear, easy-to-understand terms.
How Risky Is Legal Funding for Personal Injury Claims?
Legal funding has several advantages over other funding sources you might turn to, such as a personal loan, second mortgage, or credit cards. Remember that the IRS classifies personal injury loans as non-recourse loans. This means that:
- Your personal finances, assets, or property cannot be attached to repay the debt
- You don’t have to repay the loan at all if you lose your case, and
- You won’t ever owe more than your settlement is worth
Non-recourse personal injury lawsuit loans carry no risk at all for borrowers.
Again, the only collateral at stake with injury lawsuit loans is your future settlement. Therefore, any repayment of your lawsuit loan comes only from your settlement, leaving your personal assets untouched.
How Does Personal Injury Lawsuit Loan Repayment Work?
With conventional loans, monthly payments begin immediately. But legal funding can only be repaid from your future compensation, so we’re prepared to wait. When your personal injury lawsuit finally resolves, the at-fault party will cut a check for the total compensation you are awarded. That check will be sent to your attorney, who will deduct the agreed-upon portion to repay our personal injury loan. They will also deduct their fees and then send the balance of the payment to you.
It’s just that simple and hassle-free.
How to Apply for a Personal Injury Settlement Loan?
At Tribeca Lawsuit Loans, we understand that you’re likely in desperate financial straits by the time you decide to apply for legal funding. So, we have worked hard to streamline our personal injury loan application to make it quick and easy to apply, get your answer, and then get your money. It’s just three simple steps:
- You Apply: Simply visit our Apply Now page to provide your contact information, your attorney’s, the background on your case, the state you live in, and how much money you need.
- We Evaluate: Our team of underwriters contacts your legal team to research your case. Then, they crunch the numbers to determine how much money we can offer you.
- We Deposit: Just as soon as we get all the documents signed by you, your attorney, and our team, we will deposit your money directly into your personal account.
Often, you can get your money within just 24-48 hours, and in some cases, we can fund the same day that you apply! To ensure your application moves smoothly and quickly, please contact your attorney right after sending us your application. Let your lawyer know that you have applied for a personal injury settlement loan with Tribeca Lawsuit Loans and that you authorize your legal team to speak with us.
Applying for Personal Injury Lawsuit Loan is FREE!
Tribeca Lawsuit Loans offers pre-settlement legal funding for personal injury cases. We can provide you with up to $2 million in personal injury lawsuit loans. Our application process is quick, easy and FREE to complete. Simply visit our Apply Now page or call us at (866) 388-2288. One of our friendly team members will be happy to assist you.
We can send money to your bank account within 24 hours of the approval of your application for personal injury lawsuit funding. We’ve disbursed over $45 million to our clients across the United States and have the financial power to help you win your case. Contact us today to get the resources you need to complete your fight for justice.