Pre-settlement funding serves as a financial safety net for plaintiffs waiting on the resolution of an auto accident lawsuit and is different from a standard loans. This type of funding allows you to access a portion of your anticipated settlement upfront, providing crucial financial relief while your case is pending. Sometimes these are incorrectly referred to as lawsuit loans or settlement loans, though they generally are not loans. For those recovering from an auto accident, pre-settlement funding offers a simpler way to manage financial needs during a challenging and stressful time and even pay your medical bills.
What Is Pre-Settlement Funding for Motor Vehicle Accident Lawsuits?
Pre-settlement funding for auto accident lawsuits is a type of legal funding available to those who’ve been in an auto collision. It is also commonly and mistakenly referred to as either an auto accident loan or lawsuit loan. Different from a loan, pre-settlement funding is a payout you can receive based on the potential value of your settlement. It doesn’t take your credit history into account and only needs to be paid back if your lawsuit is won. This no-risk feature sets auto accident pre-settlement funding apart from a loan, which require you to begin repayment immediately and need to be paid back regardless of the outcome of your lawsuit.
Additionally, pre-settlement funding is a non-recourse obligation meaning the amount is only repaid if the lawsuit is successful. This important distinction alleviates the financial burden for car accident victims who may already be facing considerable medical bills and other expenses.
Who Qualifies for Motor Vehicle Accident Pre-Settlement Funding?
For many who have been involved in a motor vehicle accident, the immediate concerns revolve around medical bills, vehicle repairs, and everyday expenses that can’t wait. That’s where pre-settlement funding for car accident lawsuits comes in. It’s a financial lifeline for individuals in the midst of court battles or settlement negotiations, providing a much-needed financial relief while waiting for a resolution.
If you were driving when involved in an auto accident, whether you were injured in the car crash or your vehicle was severely damaged, the need for financial assistance after a car accident is pressing. Pre-settlement funding is designed to ease this burden, offering a way to cover the mounting costs, from medical treatments to household bills, without the added strain of a tedious loan application process. Securing pre-settlement funding empowers you to handle your immediate financial obligations without the added stress of uncertainty.
Covered Types of Motor Vehicle Accidents
It’s important to note that not all types of vehicles or circumstances may be covered by pre-settlement funding. For instance, accidents involving non-motorized vehicles or boats may not qualify. However, a wide range of motor vehicle accidents, from small cars to motorcycles and large trucks, can qualify for this important financial assistance after a car accident.
Have you been involved in an auto accident and need help with pre-settlement funding? Oasis is here to help!
How Car Accident Lawsuit Pre-Settlement Funding Works
One of the many benefits of pre-settlement funding is that the entire process is quick and easy. It consists of the following:
1. Applying for Pre-Settlement Funding
Before applying, it’s essential to consult with your attorney to determine if pre-settlement funding is the right option for your case.
Whether a pre-settlement funding application is approved or not is largely dependent on the strength of your case. Factors such as the potential amount of your lawsuit settlement and if you have any outstanding debts are strongly considered when making a decision.
2. Case Evaluation
The funding company thoroughly reviews your pre-settlement funding application.
3. Funding Approval
Approvals for applications happen quickly. Oasis Financial prides itself on quick evaluations, with most decisions being made within 24 to 48 hours.
4. Pre-Settlement Funding Agreement
After approving an application, the final step before disbursing funds is for Oasis Financial to obtain signatures from both the plaintiff and their attorney. This pre-settlement funding agreement assures set terms and conditions and specific details about the payment schedule and rates. The funds are released after the documents are signed.
5. Pre-Settlement Funding Process
Oasis Financial often provides same day pre-settlement funding, with funds typically being paid through direct deposit or Western Union money transfer.
Is There a Pre-settlement Limit?
Pre-settlement limits are set by Oasis Financial. Limits are largely dependent on the variables of the plaintiff and the case, which may include:
- Strength of case
- Expected case length
- Potential settlement amount
- Extent of injuries
- Estimated legal fees and court costs
- Current and future lost wages
- Insurance coverage
- Current and future medical bills
- Any previous funding received, if applicable
Can I Get More Than One Pre-Settlement Funding?
You can sometimes receive more than one pre-settlement funding. However, this varies based on the specifics of the case, and any recent updates that may have occurred, such as additional medical procedures.
Reasons you may need to get additional pre-settlement funding can include:
- Miscalculation of financial needs
- Case taking longer to settle than initially expected
- Additional loss of income
- More medical expenses than anticipated
Pre-Settlement Funding FAQs
Pre-settlement funding offers several benefits to a plaintiff. But some factors should still be considered before applying.
What are the Risks of Pre-Settlement Funding?
Pre-settlement funding is a non-recourse obligation. Since you aren’t responsible for repaying if your case doesn’t win, your financial risk is very low.
What Is the Probability of Defaulting?
Oasis only collects fees if your case wins, so you aren’t at risk of default.
Choosing the Right Pre-Settlement Funding Company
When researching pre-settlement companies to work with, it’s important to opt for one with a transparent process, that doesn’t charge hidden fees, and that has a fast approval timeline.
Why Choose Oasis Financial?
Oasis Financial is a trusted leader in the industry. For over 25 years, we’ve provided financial assistance to more than 350,000 individuals and families. Our commitment to compassionate care and personalized customer service sets us apart.
Does Oasis Service Your State?
Oasis provides auto accident pre-settlement funding in the following states: Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming
Work with Oasis Financial
You’ll enjoy an easy application process that doesn’t require out-of-pocket fees when you work with Oasis Financial. To get started, connect with one of our customer service representatives through our application page.
For additional information, see our FAQ page.
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.