Hit and Run Accident Lawsuit Loans Provide Cash Prior to Settlement
Injured hit and run accident victims can pursue hit and run accident loans to help bridge the financial gap between making an injury claim and settlement. Hit and run accident lawsuit loans offer immediate cash to help injured victims pay expenses while they wait for their cases to resolve.
Hit and Run Accidents Happen Every Day
Hit and run accidents are when at least one person involved in an automobile accident flees the scene before reporting the crash or offering the required information (name, address, insurance information) to the other parties in the crash.
Unfortunately, according to the American Automobile Association’s Foundation for Traffic Safety, hit and run accidents are on the rise. In fact, there are over 700,000 hit and run crashes each year resulting in almost 2,000 fatalities. This is simply tragic.
While sticking around might not have changed the above numbers, hit and run accidents do take their toll on both those involved in the crashes and society as a whole. Because one party simply leaves the scene, which is a crime in and of itself, those left at the scene and law enforcement are left navigating additional hurdles when trying to investigate the crash, seeking medical treatment, or pursuing compensation.
Hit and run accidents can be a life changing event. Many injured victims face a life long struggle to cope with their conditions.
Hit and Run Accident Lawsuits
Fortunately, laws are in place to compensate injured hit and run victims. Unfortunately, since tortfeasors are unknown, victims may not have access to insurance benefits to pay for medical expenses and pain and suffering. This is especially true for pedestrian hit and run accident victims who many not have their own automobile insurance policy.
In response, many states require special funds to protect those injured in hit and run accidents. Injured victims can make a claim for damages against these funds under certain circumstances which can vary from state to state. The purpose of the special funds is to offer some monetary compensation to hit and run victims.
Delays in Justice
Although injured hit and run victims have access to compensation, the wheels of justice turn slowly. Hit and run plaintiffs face the very same challenges other personal injury plaintiffs face. Those challenges include not only medical treatment but also enduring the long drawn out legal process. In fact, many hit and run accident lawsuits can take years to ultimately resolve.
Meanwhile, hit and run plaintiffs, many of whom are out of work due to injuries, must still face their monthly obligations including:
- car payments
- school tuition
- and many others
In certain instances, hit and run plaintiffs must accept lower than just compensation to ease their immediate financial burdens. They simply cannot wait out the process and allow their attorneys to get a fair settlement. In these situations, a hit and run accident loan can help.
What is a Hit and Run Accident Lawsuit Loan?
Hit and run accident loans are specialty funding solutions in which hit and run plaintiffs offer a portion of their future settlement in exchange for immediate cash now from a funding company. The financial products are not technically “loans” in the traditional sense of the word.
Essentially, a lawsuit funding company purchases a portion of the settlement ahead of time. Accident loans are a sale of property rights. As such, hit and run accident loans are not actually loans at all.
Whereas typical loans require repayment of the principal under almost all circumstances, hit and run accident lawsuit loans are only repaid if the case is successful.
Further, hit and run accident lawsuit loans are “non-recourse” funding. This means that the sole source of repayment MUST be the lawsuit settlement itself. The lawsuit funding company cannot pursue the plaintiff personally for repayment.
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How is a Hit and Run Accident Loan Repaid?
When your case is resolved, most often your attorney receives the settlement money and deposits it into the firm’s trust account. From there, the attorney will usually pay expenses associated with the pursuit of the claim. These will include any medical liens, court costs and fees, attorney’s fees, lawsuit loans and other claims on the proceeds. The client then receives the rest of the funds free and clear.
How Do I Qualify?
If you were injured through no fault of your own in a hit and run accident, you are eligible to apply for hit and run accident loans from Fair Rate Funding. The process is simple and straight forward.
Simply contact us or give us a call at 888-964-2224. A representative will talk with you about the program and what to expect. With your permission, we send a request for information to your lawyer(s) and discuss the merits of the case with them.
Once approved, we forward you a contract for your signature. Once all of the paperwork is in order, we fund your hit and run accident loan via overnight courier or electronic bank transfer. It’s really that easy!
Call us now and secure your funding. The call is free and you are under no obligation whatsoever.