Being injured due to someone else’s negligence can cause tremendous financial strain. Lawsuit settlements can take months or even years, and many people cannot afford the financial situation they are placed in due to extended legal fights. Obtaining pre-settlement lawsuit loans can provide you time to fight for the compensation you deserve.
Pre-settlement funding allows you to borrow from your projected settlement, putting money in your hands to cover your current financial expenses at no financial risk to you. Your attorney can help determine if pre-settlement legal funding is right for you. Pinnacle Legal Funding has helped thousands of injury victims stay afloat while they await their settlement checks.
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What Is New York Pre-Settlement Funding?
After being injured in New York, you could wait years for a personal injury settlement. Your bills can quickly pile up, especially if your injuries cause you to lose time at work. In addition to daily expenses, you may be dealing with medical expenses and property damage.
Legal funding, also known as pre-settlement funding, can help you cover these costs while you wait for a settlement in New York. You can receive lawsuit funding upfront based on the projected value of your personal injury settlement. Legal funding can be used for most personal injury cases, including motorcycle, pedestrian, truck, bicycle, or car accident cases, slip and falls, or surgical malpractice.
Unlike bank loans that are recourse loans, pre-settlement funding does not have to be paid back if your case is lost. Legal funding companies assume all the debt risk since pre-settlement loans are non-recourse. With the help of your New York personal injury attorney, a legal funding company can determine your eligibility for pre-settlement funding.
Can You Borrow Money From a Pending Lawsuit?
Lawsuit funding in New York can provide financial relief for the daily living expenses you have while you await your settlement. Oftentimes, plaintiffs with a strong personal injury lawsuit are faced with defendants attempting to drag out the settlement process. This is a tactic to push a plaintiff to settle for less money by making them endure financial pressure while waiting for compensation.
Pre-settlement funding allows you to get a cash advance on your settlement without the waiting period. Pre-settlement funding can help you cover the expenses you may have after an accident, such as groceries and rent or medical costs for your injuries. Legal funding allows you to resist the pressure tactics by the defense so that you can fight for the full compensation you deserve.
Qualifying for a New York Lawsuit Pre-Settlement Loan
Pinnacle Legal Funding makes it easy for injury victims to qualify for a New York lawsuit pre-settlement loan. If you need lawsuit funding in New York to cover your expenses while awaiting payout from the insurance company, look no further. We help personal injury victims throughout New York receive the funding they need.
To qualify for pre-settlement funding, lawsuit loan companies like Pinnacle Legal Funding often require the following:
- Email, call, or fill out our secure online application
- Allow our team to quickly review your information
- Once you qualify, receive the money you need within 24 to 48 hours
The process is as simple as that. When you provide your information online, we only ask for the basics, such as:
- Your full name
- Your email address
- Your phone number
- A brief description of your personal injury case
Cases That Qualify for New York Pre-Settlement Lawsuit Loans
If you are a New York plaintiff in a pending or ongoing lawsuit, our team can provide you with pre-settlement lawsuit loan funding. You must be working with a personal injury attorney to qualify. Some of the more common cases our team funds include:
- Medical malpractice
- Commercial litigation
- Personal injury lawsuits
- Labor law disputes
- Whistleblower Act violations
- Employment discrimination lawsuits
- Premises liability
- Civil rights abuse
- Sexual abuse
This list is not exhaustive. If you do not see your case listed above, reach out to us for guidance. We will thoroughly review your application so that we can do our best to provide you with lawsuit settlement funding.
Can Lawsuit Loans New York Help You Get a Bigger Settlement?
You can ease your financial burden by receiving a New York lawsuit loan. This can allow you and your attorney to continue to pursue justice and compensation for your case. Pinnacle Legal Funding can provide lawsuit funding to your attorney to cover forensic testing, expert witnesses, as well as other litigation expenses to strengthen your case and seek more compensation on your behalf.
Using a lawsuit loan to cover your expenses, your attorney is granted extra time to work on your case, potentially resulting in a bigger settlement. There are many ways you can use your New York pre-settlement loan funds. Some of the common ways our clients use their funds are to pay expenses such as:
- Monthly mortgage payments
- Monthly rent payments
- Medical bills
- Monthly utilities
- Personal property repair or replacement
- Replacing lost income
- Childcare
- Credit card debt
- Basic daily expenses, including gas, food, etc.
- Expenses associated with educational costs, such as student loans or private school
Pinnacle Legal Funding never restricts the ways you can use your funds. Many personal injury victims utilize their New York settlement loan funds for financial obligations and expenses due to the accident. You can use them on any expenses you need to cover, but we suggest considering the amount of time it could take for your lawsuit to settle and use the funds accordingly.
Are Pre-Settlement Loans Legal in New York and How Do They Work?
New York lawsuit loans, also known as “pre-settlement funding”, are perfectly legal. Lawsuit funding is considered a non-recourse loan and is regulated by the state to protect you from assuming any risk. Unlike recourse loans that must be paid back in full no matter your situation, non-recourse loans are not paid back unless you win.
Non-recourse lawsuit loans like a New York wrongful death lawsuit or accident loan utilize your potential settlement as the loan collateral. Since the collateral is the main source of repayment of the loan, lenders have no recourse to go after your assets, income, or personal property to recoup the balance of the loan. If you lose your personal injury case after agreeing and signing for a loan with Pinnacle Legal Funding, you will not owe us a dime.
When you apply for legal funding, we never ask for personal information that would normally be asked for during the conventional loan process. Best of all, there’s:
- No credit check
- No income verification
- No asset accounting
- No employment verification
None of the above is considered when approving your pre-settlement funding loan. Your future potential settlement will be the only source of loan repayment. Additionally, our loan application process is easy, straightforward, and always free.
New York Statute of Limitations
After being injured in an accident, you likely have a lot on your mind. By working with an experienced personal injury attorney, you have a better chance of recovering maximum compensation. You must stay aware of the statute of limitation placed on personal injury victims according to New York law.
Like many other states, New York has varied statutes of limitations for personal injury claims. Most cases involving negligence — including product liability, slip and fall, emotional distress, and automobile accidents — are given three years from the date of the accident to file a lawsuit. Other cases, such as medical malpractice and wrongful death, have shorter time frames.
Lawsuit Settlement Loan Frequently Asked Questions
How much money can I receive?
Your lawsuit loan is determined by the details of your case, including the value of the compensation you are expected to receive, the severity of your damages, and the percentage of fault placed on you. Without reviewing the details of your case, we can’t say the amount of pre-settlement funding our team can provide.
In most situations, we can provide anywhere from $500-$500,000. After thoroughly analyzing your loan application and discussing your personal injury case with your attorney, we can make our final decision.
Do you provide a cash advance or a personal injury lawsuit loan?
Though pre-settlement funding is generally referred to as a lawsuit loan, it’s a cash advance against the final lawsuit settlement you may receive. This cash advance is non-recourse, which means you will never have to repay us if your personal injury case is unsuccessful. Pinnacle Legal Funding will only collect repayment from clients who are successful in their cases or obtain a settlement from the court.
Do I need an attorney to receive lawsuit funding?
Yes. To be approved for pre-settlement funding, you must have a pending or ongoing injury case and have legal counsel. We can’t determine eligibility for lawsuit funding without case details provided by your attorney.
How do I know what amount I can ask for?
Since each case differs based on several factors, a specific dollar amount cannot be provided before approval. In general, Pinnacle Legal Funding can offer approved applicants anywhere between 10% to 20% of the total estimated value of their projected settlement. The specific amount our team can lend will depend greatly on the circumstances of your personal injury case.
Apply For New York Lawsuit Loans Today
If you have been injured in a New York accident and need financial assistance while you wait for a settlement, our team will handle lawsuit funding during your case with sensitivity and efficiency. We have specialists who are ready to serve personal injury victims at any time of the day. Reach out for a free case evaluation and to discuss the details of your case using our secure online form.
