How Much Funding Can Passenger Plaintiffs Get?
You will find a great deal of information about car accident loans on this and other lawsuit funding sites. In this post, we examine how being a passenger can affect an application for passenger lawsuit loans.
Lawsuit Loan Basics
Remember, lawsuit loans are financial transactions where companies advance money on pending settlements. Designed as a sale of future settlement proceeds, lawsuit loans are non-recourse funding intended to allow financially strapped plaintiffs the ability to pay their expenses while their cases are litigated.
The majority of lawsuit loan transactions involve personal injury claims. And a great deal of personal injury lawsuits involve automobile accidents. So car accident lawsuit loans represent the “bread and butter” of the lawsuit funding business. Likewise, passenger lawsuit loans are commonplace in the industry.
Driver and Passenger Lawsuit Loans
Auto accident lawsuits involve car passengers who were injured through another’s negligence. Being successful in a negligence case means the plaintiff (injured party) must prove the defendant(s) breached a duty of care and that breach resulted in the claimed injuries (damages).
There are three aspects to a negligence claim:
- Liability – some one else is responsible for your damages
- Damages – you must have been harmed in some way
- Collect-ability – this practical aspect of the case means that if liability and damages are shown, will the defendant(s) have the ability to compensate. In other words, is there a general liability insurance policy in place.
When an injured driver is a personal injury plaintiff, he/she must show it was someone else’s fault. It most states, personal injury damages will be limited by the driver’s “comparative” fault in causing the accident. In others (pure contributory negligence standard), a personal injury case will be dismissed if the plaintiff contributed to the accident in any way.
The Effect of Fault on Passenger Lawsuit Loans
Passenger lawsuit loans generally do not have contributory or comparative negligence issues. Since passengers were not operating the vehicle at the time of accident, it is unlikely they will share in any responsibility. Yet, someone’s negligence must have caused the accident, we just know it was not the passenger.
Thus, if a standard negligence case is the proving of the 3 elements listed above, being a passenger takes care of the liability requirement. The only two remaining requirements are showing of the injury through medical records, lost wage information, etc., and the defendant’s ability to compensate the passenger.
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More About Lawsuit Loans
How to Qualify
If you are 18 years old, have a pending claim and are represented by an attorney, you are eligible to apply for a passenger lawsuit loan. Applying for a passenger lawsuit loan is easy. Simply contact the best lawsuit loan company and let them know you need funding. They will be happy to assist you.
How Can I Spend the Money?
Most clients spend their passenger lawsuit loans on living expenses such as:
- car payments and transportation
- rent or housing payments
- school tuition
- past medical bills
- surgeries and future medical treatment
Although the majority of our clients use the money for the above, there are actually no restrictions on its use. After all, it is the plaintiffs’ money, they’re just getting it prior to settlement.
What is the Process?
The lawsuit loan process goes like this:
Lawsuit Loan Application
- You contact us.
- You provide your name and contact information, date of accident and the name and contact information for your attorney.
- We request certain documents from attorney’s office.
- Once paperwork is reviewed, we ask your attorney some additional questions.
- These might include whether there have been any settlement offers, motions pending, etc.
- We approve your case for passenger lawsuit loan.
- The passenger lawsuit loan contract is drafted and forwarded to you.
- You sign and return the contract.
- Your attorney signs an acknowledgement indicating agreement terms will be honored.
- Cash advance is sent via overnight or electronic bank transfer.
- When the case is successful, the lawyer repays us out of the proceeds.
Getting a Passenger Lawsuit Loan
If you were a passenger in a car accident, have an attorney and want to get cash prior to settlement, Fair Rate Funding can help you!
We work with our car accident clients to secure advances with the best possible terms. We are a direct lender so whenever possible, we pass the savings along to you.
Car accidents often cause both physical and financial hardship. If you have any questions regarding lawsuit loans, lawsuit funding, or another type of legal financing, please do not hesitate to contact us at 888-964-2224.
Thank you for your interest in passenger lawsuit loans.