If you’ve been in a car accident in Florida, you’re likely facing physical recovery, dealing with monthly bills, car repairs, and lost wages while waiting for your personal injury lawsuit to settle. Florida’s auto accident settlements can take a long time due to complex legal and insurance systems, leaving many plaintiffs financially struggling while waiting for a fair settlement.
That’s where pre-settlement funding can help. This non-recourse obligation gives you access to a portion of your expected settlement upfront, with no repayment required if you lose your case, easing the financial strain until your case is done.
What is Pre-Settlement Funding?
Pre-settlement funding provides cash to individuals involved in personal injury lawsuits—like car accident claims—who need financial support while their case is still pending. Unlike a loan, it’s based on the strength and value of your legal claim. Approval depends on the details of your case, rather than your financial history.
One of the biggest differences is how repayment works is that pre-settlement funding is non-recourse, which means you only repay the funding if you win or settle your case. If your case doesn’t result in compensation, you owe nothing. The fees and terms vary by provider, but they’re always disclosed upfront, so you know exactly what to expect.
How Does Pre-Settlement Funding Work in Florida?
Before moving forward with pre-settlement funding, it’s important to consult with your attorney to fully understand any potential risks, especially those tied to the strength of your case. Once you’re confident in moving ahead, the funding process typically follows four simple steps.
1. Applying for Pre-Settlement Funding
To qualify for pre-settlement funding, you must have an active injury claim directly related to your lawsuit (such as a car accident or slip and fall), reside in the state where you’re applying, and be working with an attorney.
Before applying, gather important documents like medical records or a police report and speak with your attorney to make sure you understand any potential implications.
Who Can Apply for Pre-Settlement Funding?
Pre-settlement funding is designed for plaintiffs who are experiencing financial pressure while waiting for their personal injury case to resolve. Anyone who meets basic eligibility criteria, including having an active injury claim and working with an attorney, can apply.
2. Case Evaluation
Once an application is submitted, the funding company evaluates the case to determine if (and how much) funding can be approved. Key factors include who’s at fault, the severity of your injuries, medical treatment received, available insurance coverage, and whether you have legal representation.
3. Funding Approval
Approval for pre-settlement funding is typically quick, often taking 24 to 48 hours once the necessary case details are provided. Approval rates are generally high, especially for strong cases with clear liability.
4. Pre-Settlement Funding Process
Once approved, pre-settlement funds are typically disbursed within 24 to 48 hours. The entire approved amount is usually provided upfront, and the funds can be delivered via direct deposit, check, or money transfer, depending on your preference and the lender’s options.
Have you been involved in an accident in the state of Florida and need help with pre-settlement funding? Oasis is here to help!
Pre-Settlement Funding for Car Accidents in Florida
Car accidents are a leading cause of personal injury lawsuits in Florida, with drivers, passengers, and even pedestrians eligible for pre-settlement funding, sometime incorrectly referred to as an accident loan. This includes car accidents in Orlando, Miami, Tampa, and other cities, as well as less populated areas in the state. Accidents eligible for funding may involve various vehicles like cars, motorcycles, and semi-trucks, however, non-motorized vehicles such as bicycles and boats aren’t typically covered.
For example, if you’re injured in a Miami car accident on I-95, pre-settlement funding can help cover expenses while you await your lawsuit’s resolution. Car accident injury lawsuits are the most common cases for pre-settlement funding in Florida, but funding is also available for other cases, including slip and fall, medical malpractice, and workers’ compensation.
How Much Money Could You Earn from a Car Crash Lawsuit in Florida?
The amount you can receive from a car accident lawsuit in Florida depends on several key factors:
- Amount of Damages: Compensation depends on medical bills, lost wages, pain and suffering, and property damage. Severe injuries lead to higher potential settlements.
- Other Party’s Fault: Florida uses comparative negligence, meaning your compensation is reduced if you’re partially at fault. If you’re 51% or more at fault, you may lose eligibility for compensation.
- Car Accident Liability and Damages Laws: Florida’s no-fault system covers your injuries through your own insurance, but severe injuries allow you to sue the at-fault driver for additional compensation.
- Insurance Coverage: The amount you can recover depends on the at-fault party’s insurance. Minimal coverage can limit your compensation, requiring potential legal actions to cover the gap.
Common Questions About Car Accident Pre-Settlement Funding
Below are some of the most frequently asked questions about car accident pre-settlement funding in Florida.
What does Pre-Settlement Funding Pay For?
Pre-settlement funding can cover a wide range of living expenses, including:
- Rent or mortgage payments
- Utility bills
- Groceries
- Medical bills
- Car repairs or transportation costs
- Childcare and daycare expenses
- Credit card payments or other debt obligations
- Everyday living expenses
This type of funding is particularly helpful for those who cannot work and who may have no income while waiting for their case to settle.
Is There a Pre-Settlement Limit?
Yes, there is a pre-settlement funding limit, which is determined by the funding company based on several factors:
- Expected settlement value
- Strength of the case
- Severity of the injury
- Level of fault of the other party
- Amount of insurance coverage available
Other factors such as the borrower’s financial need, state laws, and attorney involvement, also impact the funding limit.
Can I Take Out More Than One Pre-Settlement Funding?
It is possible to take out more than one pre-settlement funding in Florida. Additional fundings may be needed if initial financial estimates were miscalculated or if the case takes longer to resolve than originally anticipated.
What are the Risks of Pre-Settlement Funding?
Pre-settlement funding is non-recourse obligation; if you lose, you owe nothing, making it a low-risk option.
Non-Recourse Obligation
Non-recourse debt means the borrower isn’t personally liable if they lose their case. Repayment is only required if they win, which reduces financial risk for the plaintiff.
Why Choose Oasis Financial
What sets Oasis Financial apart from other pre-settlement funding companies in Florida is our genuine compassion and commitment to customer service. We prioritize understanding your unique situation and providing personalized support, so you feel supported every step of the way.
Work with Oasis Financial
If you’re seeking pre-settlement funding in Florida, we’ve got you covered. Visit our FAQ page for answers to frequently asked questions, or apply online.
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 CO, CT and SC 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.