While many types of personal injury cases may qualify for pre-settlement funding in New York, three of the most common types of qualifying lawsuits are auto accidents, premises negligence (often referred to as slip and fall), and workplace negligence.
How Pre-Settlement Funding Works In New York
In New York, obtaining pre-settlement funding is a distinct process that’s different from securing a conventional loan. Initially, you apply without the need for credit checks or income verifications. The application process focuses solely on the merits of your personal injury lawsuit or auto accident claim. If your application is approved, the swiftness and simplicity of access to these funds will provide immediate financial relief.
Common Types of Pre-Settlement Funding in New York
In New York, auto accidents, premises negligence, and workplace negligence occur with unsettling frequency. Victims often find themselves in dire need of pre-settlement funding to get them through the financial issues that arise. From personal injury lawsuits to auto accident settlements, and slip and fall settlements, the financial relief offered through legal funding becomes essential for many. This support allows individuals to pursue justice without the added stress of immediate financial burdens.
Auto Accidents In New York
New Yorkers know all too well the toll auto accidents can have on their personal and professional lives. Whether seeking a personal injury lawsuit in New York, a car accident lawsuit, or a car accident settlement, the legal process can be a long journey. Injuries from auto accidents vary widely, from minor bruises to life-altering conditions.
This reality underscores the need for financial support and, often, pre-settlement funding is a good option. The financial relief provided helps individuals manage expenses, from medical bills to daily living costs, while their legal case is underway. It can be an essential means of support, ensuring they can recover without the stress of financial insecurity.
Car Accidents In New York: By the Numbers
In New York City, auto accidents are on the rise, presenting a notable risk to drivers, pedestrians, and cyclists. Each year, thousands find themselves entangled in car accident lawsuits and personal injury lawsuits due to these collisions. Car accident settlements in New York often involve complex legal battles, emphasizing the need for pre-settlement funding to navigate these financially draining times. According to a state data resource, New York state sees an enormous volume of car accidents per year. In 2018, there were 434,596 auto accidents, with 882 fatalities and 9,585 serious injuries.
Motorcycle accidents, in particular, make up a large portion of auto accident lawsuits and personal injury lawsuit settlements. Approximately 166 people in the state of New York die each year because of motorcycle crashes.
Auto Accident Lawsuit Funding In New York
Victims of auto accidents in New York may be faced with seemingly unsurmountable financial burdens as they await a resolution to their personal injury lawsuit, and the legal process may extend far beyond initial expectations.
Pre-settlement funding helps to cover a wide array of vehicles involved in accidents, from cars to motorcycles. This financing assists in managing expenses from medical bills to everyday living costs, ensuring plaintiffs can stay afloat financially while pursuing justice in their auto accident lawsuits.
Have you been involved in an auto accident or slip & fall in New York and need help with pre-settlement funding? Oasis is here to help!
Advantages and Limitations
There are several advantages to getting pre-settlement funding in New York. However, it’s important to also take the limitations, like repayment terms, into consideration.
Advantages Of Pre-Settlement Funding
Some advantages of pre-settlement funding are:
- It levels the playing field between the plaintiff and the defendant
- It allows time for negotiation
Another significant advantage is that it helps you manage living expenses while you’re waiting on your settlement. These expenses include:
- Mortgage or rent
- Clothing
- Transportation
- Medical costs that aren’t covered by insurance
- Groceries
- Utility bills like electricity and water
- Childcare
Is There a Pre-Settlement Limit?
Pre-settlement funding limits in New York are set by the funding company. The limits are dependent on case value and take the following factors into consideration:
- Strength of your case
- Potential settlement amount
- Extent of your injuries
- Your current and future medical bills
- Estimated legal fees and court costs
- Your current and future lost wages
- Your insurance coverage
- Expected duration of case
- Previous fundings received, if any
Can I Take Out More Than One Pre-Settlement funding?
Yes, but it will be subject to the funding company’s assessment. An individual may need to take out more than one pre-settlement funding if:
- Their case is taking longer than anticipated
- Their financial needs were miscalculated
- There are unforeseen medical expenses
- They’re experiencing an additional loss of income
Pre-Settlement Funding FAQs
What are the Risks of Pre-Settlement Funding?
Pre-settlement funding in New York for personal injury lawsuits is a non-recourse obligation, which means you won’t be responsible for repaying if your case doesn’t win. This makes the financial risk for you very low.
Non-Recourse Obligation
Non-recourse obligation means you owe nothing if your lawsuit yields no settlement or award.
What Is the Probability of Defaulting?
You aren’t at risk of default because Oasis is only paid if your case is won.
Choosing the Right Pre-Settlement Company
Make sure the funding company you choose to work with has a transparent process, no hidden fees, and a fast approval timeline.
Do You Need Pre-Settlement Funding?
If you’re considering pre-settlement funding, evaluate whether you really need it. Factors to consider when making this decision include:
- Amount of current financial pressure
- Desire to keep savings untouched
- Need to stay current on all your bills and avoid debt collectors
- Lost wages due to serious injuries and being out of work for an extended time
- Length of anticipated wait for your personal injury settlement
- Keep in mind that pre-settlement funding can also be used as a back-up plan.
Why Choose Oasis Financial?
We’re known for our commitment to compassion and excellence in customer service. As the industry leader for over 25 years, we’re proud to be able to say we’ve helped over 350.000 individuals and families get financial help.
Coverage for Auto Accident Lawsuit Pre-Settlement Funding In New York
Oasis Financial covers NY residents throughout New York State for pre-settlement funding, including (but not limited to):
New York City, Buffalo, Yonkers, Airmont, Albany, Amsterdam, Auburn, Babylon, Batavia, Beacon, Binghamton, Canandaigua, Chestnut Ridge, Cohoes, Corning, Cortland, Depew, Dobbs Ferry, Dunkirk, East Rockaway, Elmira, Endicott, Floral Park, Freeport, Fulton, Garden City, Geneva, Glen Cove, Glens Falls, Gloversville, Great Neck, Harrison, Haverstraw, Hempstead, Ithaca, Jamestown, Johnson City, Kenmore, Kingston, Kiryas Joel, Lackawanna, Lake Grove, Lancaster, Lindenhurst, Lockport, Long Beach, Lynbrook, Mamaroneck, Massapequa Park, Massena, Middletown, Mineola, Mount Kisco, Mount Vernon, New Hyde Park, New Rochelle, Newburgh, Niagara Falls, North Tonawanda, Ogdensburg, Olean, Oneida, Oneonta, Ossining, Oswego, Patchogue, Peekskill, Plattsburgh, Port Chester, Poughkeepsie, Rochester, Rockville Centre, Rome, Rye, Rye Brook, Saratoga Springs, Scarsdale, Schenectady, Spring Valley, Suffern, Syracuse, Tarrytown, Tonawanda, Troy, Utica, Valley Stream, Watertown, Watervliet, West Haverstraw, Westbury, White Plains, Woodbury
Work with Oasis Financial
When you work with Oasis Financial, you’ll enjoy a smooth and fast application process.
If you have any questions or comments, check out our FAQ page or contact us to speak with a representative.
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.