A car accident in Georgia can be financially overwhelming, but pre-settlement funding provides cash based on your expected settlement, helping cover essential costs while you wait for your lawsuit to resolve. Unlike traditional lawsuit loans, pre-settlement funding is based on your expected Georgia auto accident settlement, allowing you to cover your expenses without added financial strain.
Find out everything you need to know about pre-settlement funding for auto accident cases in Georgia, from how it works to whether it’s the right choice for your situation.
What Is Pre-Settlement Funding?
Pre-settlement funding provides much needed cash to plaintiffs awaiting a settlement in their personal injury lawsuit. Additionally, pre-settlement funding is a non-recourse obligation, meaning you only repay if you win your case; if you lose, you don’t owe anything.
Who Needs Pre-Settlement Funding?
Pre-settlement funding is a valuable option for individuals in Georgia who are struggling financially while waiting for their lawsuit to settle. For example, say David, a delivery driver in Atlanta, was rear-ended on Interstate 285, suffered a back injury, and totaled his car, leaving him unable to work. With mounting medical bills and rent due, he’s eligible to apply for pre-settlement funding to cover essential expenses, allowing him to focus on recovery while his attorney works towards a fair settlement.
How Pre-Settlement Funding Works in Georgia
The pre-settlement funding application process in Georgia is similar to applying for a loan in some superficial ways, but with significant differences: The process involves three main steps:
1) Requesting the funding, where you apply and provide case details
2) Receiving the funding, which is typically fast and delivered via direct deposit or check
3) Repaying the funding, which only happens if you win your case and comes directly from your settlement.
Have you been involved in an auto accident in the state of Georgia and need help with pre-settlement funding? Oasis Financial is here to help!
How Does Pre-Settlement Funding Work in Georgia?
Getting pre-settlement funding is a simple process with just a few key steps. However, we recommend speaking with your attorney to thoroughly understand pre-settlement funding before beginning the process. Here’s a brief look at what to expect from submitting your application to accessing the funds.
1. Applying for Pre-Settlement Funding
To get started, you’ll need to provide basic details about your case, including documentation such as your attorney’s contact information, proof of your injury claim, and details about the accident that led to your lawsuit.
A few key requirements for eligibility include:
- You must have an active injury claim: This means you’re pursuing compensation for injuries sustained due to someone else’s negligence.
- Your injury must match the type of lawsuit you’ve filed: For example, if you were injured in a Georgia auto accident, your claim must be related to that specific incident.
- You must be a resident of the state where you apply for legal funding: Since laws vary by state, Georgia residents must apply within Georgia.
Who Can Apply for Pre-Settlement Funding?
Pre-settlement funding is ideal for plaintiffs struggling financially while waiting for their personal injury lawsuit to settle. Anyone who meets the eligibility criteria stated above can apply. Both the plaintiff and their attorney have the option to submit a funding application.
2. Case Evaluation
Here, the funding company reviews the main details of your lawsuit to determine how much funding can be approved. Factors considered include:
- Case merit
- Injury severity
- Estimated settlement value
- Liability & fault
- Insurance coverage
3. Funding Approval
for pre-settlement funding is typically fast, often within 24 to 48 hours after case evaluation. A large percentage of applicants with strong cases qualify, and the amount approved is based on the case details, with the pre-settlement funding company offering a portion of the expected settlement value to minimize financial risk.
4. Pre-Settlement Funding Process Once approved, pre-settlement funds are disbursed within 24 to 48 hours via direct deposit, check, or money transfer, with the full approved amount typically provided upfront for immediate access.
Pre-Settlement Funding for Car Accidents in Georgia
Auto accidents in Georgia can involve a variety of vehicles, from small sedans to large semi-trucks, and can result in injuries to drivers and passengers. While Georgia auto accident laws typically cover incidents involving motorized vehicles like cars, trucks, motorcycles, and commercial vehicles, they do not usually apply to non-motorized vehicles (such as bicycles or pedestrians) or boats. For example, if Emily is rear-ended by a semi-truck on I-285 in Atlanta and suffers severe back and neck injuries, she may qualify for pre-settlement funding to cover medical bills and living expenses as her case progresses.
Auto accident lawsuits make up a significant portion of personal injury cases in Georgia, with motor vehicle accidents being a primary reason people seek pre-settlement funding. Studies show that auto accidents are a major cause of personal injury claims in the state. However, Georgia’s legal system also handles other types of lawsuits, such as slip-and-fall, medical malpractice, and wrongful death cases, all of which can also benefit from pre-settlement funding options.
Have you been involved in an auto accident in the state of Georgia and need help with pre-settlement funding? Oasis Financial is here to help!
Common Questions About Car Accident Pre-Settlement Funding
What Does Pre-Settlement Funding Pay For?
Pre-settlement funding can cover various expenses during your lawsuit, including medical bills, living costs (rent, utilities, groceries), lost wages, legal fees, vehicle repairs, transportation, childcare, debt, court fees, and personal bills.
Is There a Pre-Settlement Limit?
Yes. Pre-settlement funding limits are based on factors like case strength, expected settlement value, and injury severity, with companies typically offering a portion of the anticipated settlement.
Can I Take Out More Than One Pre-Settlement Funding?
You can take multiple pre-settlement fundings, but doing so may reduce your final settlement amount, so it’s important to consider the impact.
What Are the Risks of Pre-Settlement Funding?
Pre-settlement funding is non-recourse, so you only repay if you win or settle, with charges applied in that case.
Non-Recourse Obligation
A non-recourse obligation means you’re only liable for repayment if you win, with the funding company collecting from the settlement or judgment.
Why Choose Oasis Financial?
Oasis stands out by focusing on compassionate customer service and offering personalized support every step of the way. We listen, answer your questions, and provide tailored solutions to make the process smoother and less stressful.
Work With Oasis Financial
Oasis Financial is a reliable provider of pre-settlement funding, known for our fast approvals, clear terms, and no hidden fees. By choosing Oasis, you gain a trusted partner dedicated to guiding you through the process. For more information, visit our FAQ section or start your online application today.
The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. No attorney-client or confidential relationship is or will be formed by use of the site. Readers of this website should contact their attorney to obtain advice with respect to any particular legal matter. No reader, user, or browser of this site should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction.
Oasis provides pre-settlement funding, also known as consumer litigation funding, to its customers through different products depending on their state of residence or cause of action. Many consumers will be provided pre-settlement funding in the form of a purchase agreement, which assigns a portion of the pending proceeds from their legal claim. Other consumers, such as those in SC and CO will be offered a funding in the form of a pre-settlement loan, sometimes referred to as a lawsuit loan. These transactions have important differences, therefore, consumers should carefully review and be aware of the type of transaction that is offered to them by any funding company.