If you were injured in a California car accident or other incident due to someone else’s negligence, you can seek financial compensation. Unfortunately, you must face many legal battles before you can recover damages. This may put you under financial pressure while you await your settlement. This is where California lawsuit loans come into play.
Can You Borrow Money From a Pending Lawsuit?
Anyone who’s filed a lawsuit can apply for pre-settlement funding. Personal injury plaintiffs often find themselves facing a critical financial need. They can turn to California lawsuit funding to cover various expenses while they await a judgment or settlement.
The plaintiff begins the pre-settlement lawsuit loans application process, describing their injury case details, the lawsuit type — such as a civil rights, Workers’ compensation, or personal injury case — and the name of their legal representation. Once the application has been submitted, the approval process begins. The funding company evaluates the strength of the case, carries out a risk assessment, and determines the likelihood of the case ending successfully and the potential settlement amount.
After approval for California lawsuit loans, the funding company will determine the amount the plaintiff can receive against their potential settlement. The plaintiff is not required to repay this amount if they don’t succeed in their case since lawsuit cash advances are non-recourse loans. This shifts all risk from the plaintiff to the funding company.
How Do Pre-Settlement Lawsuit Loans Work?
The legal funding company will provide a detailed document outlining important terms of the loan. This information can include repayment terms and the interest rate of the lawsuit loan. The interest rate indicates the rate at which the pre-settlement funding loan accrues over time.
Other fees may contribute to the total amount that must be repaid upon the settlement. These fees can include processing and origination fees, where applicable. Once all parties agree to the loan terms, the funding company will advance the money directly to the plaintiff.
The loan process generally considers various implications, including the potential influence legal funding may have in the litigation process, borrowing against your future settlement, and the terms of the pre-settlement loan agreement. Obtaining pre-settlement funding is a multi-layer process that includes the legal funding company, the plaintiff, their case, risk assessment, and loan repayment. Ultimately, it serves as the financial bridge for plaintiffs needing help while they await settlement.
California Lawsuit Loans
If you’re filing a California lawsuit — whether that be a surgical malpractice claim or other personal injury case — you’re up against a well-financed and powerful opponent. If you have been injured by a defective medical device or product, you’ll be up against a corporation’s entire legal team. Even in a slip and fall accident, you are not only facing the other party but also their insurance company.
In most cases, they will attempt to delay the lawsuit, dragging out the legal proceedings for as long as possible. They do this deliberately to leverage the financial hardships you are facing to force you to settle for a lower amount. California lawsuit loans can provide the cash needed to cover your expenses so your attorney can fight for the compensation you deserve.
Pinnacle Legal Funding can help you out of the legal fight you face. Our settlement loan company wants to support you in your fight for compensation. Funding can allow you to work toward the compensation you need without worrying about the bills or your bank account.
Legal Funding Process in Personal Injury Lawsuits
If you have found yourself stressed out with finances while you and your personal injury attorney handle your lawsuit, it may be time to consider a California lawsuit loan. The legal funding process is relatively easy and can even be started online. The following is a general outline of the application process.
Apply for Our California Pre-Settlement Loans
First, you can fill out our online application for a California lawsuit loan. If you prefer, you can call or email us directly. We will begin reviewing your application as soon as it comes through.
Our expert team will go over the details of your case. We will collaborate with your lawyer to assess the potential outcome of your lawsuit. Our team will assess all aspects of your case, from its strength to the evidence your attorney has collected.
You can expect our team to quickly work on your case. Our approval process generally takes around 24 to 48 hours. Once approved, you can expect to see your funds the same day.
Disbursement of Funds
Once you have signed the loan agreement, your pre-settlement funds will be in your hand. You decide how you would like to receive your California lawsuit loan funds. We tailor your payment to your needs, whether through a check or direct bank deposit.
Using Your California Legal Funding
Once your funds are in your hands, it’s up to you how you use the money. There are no restrictions on usage, but the money should be spent wisely. California plaintiffs use their funding in a variety of ways, including:
- Everyday living expenses
- Litigation expenses
- Medical expenses, including medical bills for doctors and surgeries
- Mortgage payments
- Rent payments
Receiving pre-settlement funding will help you keep your head above water. Since only a portion of your potential settlement amount can be provided to you, you must spend the money wisely on expenses that need to be covered. If you find yourself needing more funds, you can request an additional lawsuit cash advance, and a decision will be made based on the current outlook of your case.
How Much Do California Lawsuit Loans Cost?
Every pre-settlement legal funding company will vary and can have different terms and rates for their California lawsuit loans. You must do your research, especially for information regarding fees and interest rates. Some lending companies will charge compound interest, which means your loan amount could significantly increase over time.
Interest rates are determined by the total amount of your loan and are added to your repayment obligation. As the interest rate goes up, so does the interest accrual. Pinnacle Legal Funding never has any hidden fees, and you will know what your interest rate will be before receiving any funds.
When searching for a pre-settlement funding company, you should look for one that has solid online reviews from various sources. You should avoid any funding companies that hesitate or refuse to provide information regarding the cost of using their services. Any reputable legal funding company will want you to make informed decisions before accepting a lawsuit loan.
Personal Injury Statute of Limitations in California
California Code of Civil Procedure §335.1 provides a two-year time limit in which a personal injury lawsuit must be filed. If a plaintiff files after the statute of limitations has passed, they have minimal chances of winning even when the injuries they suffered were not their fault.
This timeframe may differ for injuries that do not appear immediately following the accident. Injuries including back, head, and neck pain may take weeks to months to present themselves. The delayed discovery rule in California considers these situations.
Delayed Discovery Rules
If injuries appear well after the accident, you are given one year from the date you discover the injuries to file a lawsuit. For instance, say you were in a car crash on August 22, 2023, but did not realize the severity of your injuries until several months later on October 15th. In this case, you would be given until October 15th, 2024, to file a lawsuit.
California Fault Laws
California is an “at-fault” state, meaning the driver who caused an accident is liable for covering the other driver’s damages. Additionally, California has a “pure comparative negligence” rule. Under the pure comparative negligence system, a court allows an accident victim to be compensated for their damages, even if the accident was 99% their fault.
It’s important to note that the total compensation victims can recover is reduced by their percentage of fault. For example, if you were in a car crash and the damages totaled $30,000, but you held 30% responsibility for the accident, you would only be able to recover $21,000.
This statute comes into play when applying for legal funding. The degree to which you are possibly at fault for your accident will affect the amount of funding you can receive. Pinnacle Legal Funding can help you receive a California lawsuit loan after suffering an injury while you await your lawsuit settlement.
How Much Your California Lawsuit Settlement Loan Could You Be Approved For?
With the help of your personal injury attorney, you can establish the extent of your damages to determine how much your California pre-settlement lawsuit loan could be worth. The compensation amount you will be awarded in your insurance settlement or civil claim is based on many factors. Two of the major factors include:
- The value of the insurance coverage purchased by the liable party
- The amount your life has been negatively affected by the injuries you suffered
You have the right to seek compensation for both economic and non-economic damages. Economic and non-economic damages are collectively known as compensable damages. You can recover compensable damages following an illness or injury that was caused by someone else’s negligence.
Economic damages include the financial losses faced by an individual. These losses can be proved by showing receipts or credit card statements. Some of the most common types of economic damages that are awarded in injury cases include the following:
- Loss of income, including backpay
- Loss of future earnings such as wage increases, 401(k) contributions, and retirement savings
- Current and future medical expenses
- Expenses for property repair or replacement
- Additional insurance coverage expenses
Non-economic damages encompass how a victim’s life has been affected by their injuries. These damages are the intangible losses incurred by an injury victim. Non-economic damages can include:
- Physical and emotional pain and suffering
- Loss of quality of life
- Permanent scarring and disfigurement
- Professional and personal reputational damages
- Loss of consortium
The above losses are only a few types of damages for which you can seek compensation. Your personal injury lawyer can fully explain what damages you may be entitled to receive. Our loan specialists will discuss with your lawyer how much you are expected to receive for your personal injury case.
Turn to Pinnacle Legal Funding For Your California Settlement Loans
If you have been injured in a California accident due to someone else’s negligence, contact Pinnacle Legal Funding. Our team can offer you risk-free pre-settlement funds to cover your daily expenses while you await your settlement. Pre-settlement funding is not like traditional lawsuit loans that require monthly payments and accrued interest.
Our pre-settlement lawsuit funding experts are available to chat with you to help you better understand your lawsuit loan options. Additionally, we will work closely with your personal injury attorney to determine the outlook of your injury lawsuit and the amount of compensation you are likely to recover. You can apply now for your risk-free pre-settlement lawsuit funding from Pinnacle Legal Funding using our secure online form.