Bicycle accident lawsuit loans provide immediate cash to injured cyclists involved in pending litigation. The money is advanced prior to settlement and can be a much-needed financial lifeline to injured plaintiffs.
Bicycle Accidents Can Be Severe
Bicycle accident lawsuits can be severe. According to the Centers for Disease Control and Prevention (CDC), bicycle accidents account for 2% of automobile accident fatalities in the United States. The study shows nearly 1,000 deaths and over 130,000 injuries occur every year. Further, costs associated with these accidents was an estimated $23 billion. These costs include wage and productivity losses, medical expenses, administrative expenses, property damage, and employer costs.
With the rise in environmental concerns, bicycle traffic is sure to increase. Especially in urban areas where traffic considerations make cycling more attractive. According to pedbikeinfo.com, non-motorist fatalities increased by 43.6 percent in the ten-year period between 2010 and 2019. During that same time, total traffic fatalities increased by 9.4 percent.
Because of the unprotected nature of bicycles, cyclists involved in accidents with cars, pedestrians, or other moving or immovable objects can sustain very severe injuries even with low impact collisions.
These might include:
- Broken bones
- Back and spinal injuries
- Head injuries
- Facial fractures and broken teeth
- Sprains and strains (whiplash)
- Ligament tears
- Joint injuries (knee, ankle, shoulder, elbow, wrist, etc.)
Whatever the injury, those injured in bike accidents can expect extensive medical treatment and lengthy recovery from their conditions.
Bike Accident Lawsuits Available
There is some good news. Bike accident victims can seek monetary compensation for their injuries if the accident was not their fault. If you were injured in a bike accident through no fault of your own, you file a lawsuit against the at-fault party in state or federal court.
Bicycle accident lawsuits are sought through negligence laws and can offer monetary damages for injuries sustained in the accident. Common lawsuit damages for bicycle accidents include:
- Medical bills and treatment
- Pain and suffering
- Lost wages
- Loss of earning capacity
- Loss of consortium
In cases where the cyclist perishes, beneficiaries can seek damages under the wrongful death statutes of the jurisdiction where they or their loved one died.
Lawsuits Take Some Time to Resolve
While laws protect individuals by providing the means for compensation, the wheels of justice turn slowly. In other words, lawsuits take time and sometimes years elapse before victims are compensated.
The legal system is a complex one and there are only so many resources to go around. If you are involved in a bicycle accident lawsuit, you may not win your case for years!
Meanwhile, injuries can hinder the ability to earn a living or an accidental death may cost other members of the household much needed monthly income. The bills keep coming however, leaving some plaintiffs in financial strain following a bicycle accident. In this situation, a bicycle accident lawsuit loan can help.
What is a Bicycle Accident Lawsuit Loan?
A bicycle accident lawsuit loan is a financial transaction in which a lawsuit “lender” advances money to cycle accident plaintiffs prior to settlement. In exchange, the plaintiffs pledge a portion of the future proceeds of the case. Because these transactions advance money and the repayment of these advances are normally calculated by a percentage rate, they are sometimes referred to as lawsuit loans. They are also known as lawsuit funding, settlement loans, and settlement funding.
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How Do Lawsuit Loans Help Plaintiffs?
Lawsuit loans advance money to personal injury plaintiffs who need immediate cash to pay expenses. There are no restrictions on the use of bike accident lawsuit loans. Many clients use the funds in the following ways:
- Pay for medical treatment (surgical funding)
- Pay for monthly expenses such as rent, groceries, car payments, etc.
- Pay for case expenses such as experts or filing fees
Any expenditure which immediately benefits a plaintiff can be a worthwhile use of a cycling accident lawsuit loan.
How do Bike Accident Lawsuit Loans Work?
The lawsuit funding process for bicycle accident plaintiffs is easy. There are some requirements however.
- The applicant must have a valid claim or lawsuit pending.
- The applicant must be damaged by the accident.
- The applicant must have an attorney.
- The attorney must be hired on a contingency fee basis (attorney is paid only if successful).
Once an application is pre-qualified, the lawsuit funding company contacts the attorney and requests some relevant paperwork. This might include a police report, medical records, lost wage information, and insurance coverage.
Once received, the funder and attorney discuss the merits of the case and likelihood of success. The lawsuit loan company will then approve/deny the application.
When approved, a lawsuit loan contract is drafted and forwarded to the plaintiff for signature. The attorney will sign off on the document as well, indicating the bicycle accident lawsuit loan will be repaid from the settlement proceeds.
Afterwards, funds are forwarded via overnight courier or electronic bank transfer.
How are Lawsuit Loans Repaid?
Lawsuit loans for bike accident plaintiffs are repaid only if the case is successful. If you lose your case, for whatever reason, you are not expected to repay the advance.
When you enter into a bike accident lawsuit loan, you are selling a portion of the settlement ahead of time. The lawsuit loan company “buys” this portion in anticipation that a recovery will be made. If there is no settlement, then what the funder bought from you is worthless. Therefore, no repayment is necessary.
Lawsuit loan repayment MUST come from the settlement proceeds. It cannot come from you personally. Lawsuit funders cannot pursue their clients personally for repayment.
How Do I Get Started with a Bicycle Accident Lawsuit Loan?
If you have a bike accident lawsuit, you are eligible to apply for a bicycle accident lawsuit loan from Fair Rate Funding. If you can’t wait for your case to finish, please contact us or complete our submission form.
We will contact you immediately and begin the process. You can then relax and allow Fair Rate Funding to work for you. We routinely provide lawsuit settlement funding for bike accident cases within 24 hours of receiving the paperwork from your attorney.