A personal injury can leave you feeling disoriented and lost. Making a claim can be an easy process, or can take longer, depending on the circumstances, but some claims can take months or years to resolve and even go as far as needing a court trial.

However, most cases end in the victim being awarded a settlement! Lawyers do not usually take on personal injury cases unless they think you are likely to win your case. This can prove to be incredibly stressful for you and your loved ones. Queue, a loan for personal injury cases!

On this page, we will discuss everything about taking out a loan for personal injury cases, including what factors you need to consider, what to expect when filing a case, and the length of time that this whole process may take.

Personal Injury Lawsuit – Defined

While we may hear the term “personal injury” a lot, what does the phrase really mean?

Personal injury lawsuits are defined as when one person suffers an accident or injury due to the negligence of somebody else. 

Litigation begins when a victim obtains legal representation. Using court action is a way to find another person legally at fault for something that happened to you. In most cases, your case will not make it all the way to court but instead will get settled. Many settlements, in fact, are done informally without the court’s intervention. 

Formal vs Informal Lawsuit:

Formal:

In a formal lawsuit, the lawsuit commences when a victim hires an attorney. The complaint will be taken against an individual, company, or another type of entity. 

This is a common practice when there is a debate over whose fault the incident was or when they need the court’s determination of the amount of the settlement award.

Informal:

Because proceeding in a formal lawsuit often costs a lot of money, and can be stressful for everyone involved, most lawsuits are settled out of court. This often happens in a type of negotiation, preceding a written agreement, and a fee to finalize the action.

While this may also sound overwhelming, there is no need to worry. Less than 5% of cases make it all the way to court, and this is often not the goal for any of the parties involved. 

What Determines Personal Injury?

While “personal injury” is often considered to include some form of physical harm, the term is quite broad and can encompass a wide range of actions taken against someone.

Most of “personal injury” cases fall into the following 4 categories:

  1. Physical and Bodily Harm – Bodily damage including both minor and severe.
  2. Financial Loss – If the victim needs to take on medical bills, or loses income due to the inability to work.
  3. Damage to Reputation – This can be outlined by financial loss or emotional damage by harming someone else’s reputation.
  4. Intended Injury – If someone is intentionally trying to hurt you, or extreme cases of gross negligence.

Cases are not confined to only fit one category. In some cases, they can involve 2, 3, or even all 4!

Personal Injury

What Determines Personal Injury?

Personal Injury

While “personal injury” is often considered to include some form of physical harm, the term is quite broad and can encompass a wide range of actions taken against someone.

Most of “personal injury” cases fall into the following 4 categories:

  1. Physical and Bodily Harm – Bodily damage including both minor and severe.
  2. Financial Loss – If the victim needs to take on medical bills, or loses income due to the inability to work.
  3. Damage to Reputation – This can be outlined by financial loss or emotional damage by harming someone else’s reputation.
  4. Intended Injury – If someone is intentionally trying to hurt you, or extreme cases of gross negligence.

Cases are not confined to only fit one category. In some cases, they can involve 2, 3, or even all 4!

loan for personal injury cases

Factors of Personal Injury Lawsuits

How do you know if you should file a personal injury claim or not?

There are a few things to consider.

The first thing you want to do is get in touch with a trusted attorney to help you with your case.

These are some of the things they will walk you through:

  • Statute of Limitations – Determining what this is in your state and how it applies to your case. Essentially, this is how much time you have to file a claim.
  • Defining the Injury – Your lawyer will work with you to determine which type of injury it is, and how long you will have with the statute of limitations for this specific type of personal injury claim.
  • Ages of those involved – Depending on the state, there will be different laws for people of different ages. Minors, for example, will have a different statute of limitations than an adult involved in an accident would.
  • When was the injury found – Generally, the statute of limitations clock starts ticking for personal injury claims the day the incident occurred. However, you can work with your lawyer to determine if you can use the Discovery of Harm rule, which states that the statute of limitations begins the day you found out about the injury.

Factors of Personal Injury Lawsuits

loan for personal injury cases

How do you know if you should file a personal injury claim or not?

There are a few things to consider.

The first thing you want to do is get in touch with a trusted attorney to help you with your case.

These are some of the things they will walk you through:

  • Statute of Limitations – Determining what this is in your state and how it applies to your case. Essentially, this is how much time you have to file a claim.
  • Defining the Injury – Your lawyer will work with you to determine which type of injury it is, and how long you will have with the statute of limitations for this specific type of personal injury claim.
  • Ages of those involved – Depending on the state, there will be different laws for people of different ages. Minors, for example, will have a different statute of limitations than an adult involved in an accident would.
  • When was the injury found – Generally, the statute of limitations clock starts ticking for personal injury claims the day the incident occurred. However, you can work with your lawyer to determine if you can use the Discovery of Harm rule, which states that the statute of limitations begins the day you found out about the injury.

Personal Injury Lawsuit – What to Expect

Initiating a personal injury lawsuit can seem scary and overwhelming. Hiring a lawyer or someone experienced in personal injury litigation is the first step to alleviating these worries.

But how long will it take and what does the process look like for a personal injury claim?

1. Investigating the Case

Once you have found legal counsel, the first thing they will do is analyze your case. Generally, this is a free service where they will interview you and have you walk them through the incident.

They will want to know as many details as possible, including any injuries suffered, medical treatment, and any other details about the accident. 

They will also analyze the cases’ potential for success, and how big or small the settlement will likely be before taking it on. 

In extreme cases, the lawyer will hire another investigator to interview witnesses and try to find more evidence for your case.

This step usually takes the longest because your attorney will want to know as much as possible before preceding. 

2. Launching the Negotiation Process

As we mentioned earlier, most personal injury cases will never even see a courtroom. Small lawsuits are generally settled amongst the proper legal representation.

As the side making the claim, your lawyer will typically start with an initial offer or demand, and wait for the other side to respond. It is rare that this offer is accepted on the first go-around. The legal teams will battle amongst themselves in the background until they can either come to terms or not.

3. Lawsuit, Filed

If an agreement cannot be made between the two parties, you and your lawyer will file a lawsuit for the court. This lawsuit must be filed within the timely deadline of the statute of limitations, which your lawyer should be keeping track of.

Filing the case in court does not necessarily mean a court trial will take place. 

Sometimes, filing a lawsuit is a tactic used by attorneys to get the other side to come around to their terms. 

This pre-trial back-and-forth process can take upwards of two years, which is why most cases are settled out of court.

4. Discovery

This is part of the pre-trial procedure where each side is allowed to investigate the other. The legal teams on either side will assess the claims of the other side, trying to find holes and strengths within the claim.

During this time, they may request documents and conduct interviews with the plaintiff, defendant, and other witnesses involved. 

This process can take anywhere from half to a full year.

5. Negotiation and Mediation

Once the discovery phase is over, negotiation and mediation can commence! Once both sides are familiar with the other’s arguments, this is when settlement discussion can begin again. 

This may require the use of an alternative resolution, where a third-party mediator gets involved. 

This can take a few days, but the two sides still may not be able to come to an agreement.

6. Court Trial

Court trial begins when negotiation, mediation, and arbitration have all failed. 

This involves taking the case to a judge, who at this point will determine how much compensation the plaintiff is entitled to.

This can take anymore from one day to multiple weeks. For some states, it is even longer, depending on the case.

How Long Will It Take To Settle?

As the months go by, many people worry that they will not be able to pay their medical bills and other expenses while they await their settlement or verdict. 

Your legal team should be doing their best to get you the justice you deserve, but in the meantime, your time and money will be spent while you wait.

The easiest ways to secure a settlement is if the following factors are present:

  • Insurance covers liability
  • Minor Injuries
  • Recovered quickly
  • Opposition accepts full fault responsibility
  • Opposition is cooperative

In many instances, this is not usually the case but it shows how easy it is to file a personal injury lawsuit claim.

It is important to note, that each case is different and unique, and can take a wide range of varying times. 

Can I Make My Claim Go Faster?

As we have mentioned, the timeline for your case depends on a wide range of factors. 

However, there are a few things you can do to try to speed it up:

  • Give your lawyer all of the details, even ones you think may not be relevant or may hurt your claim.
  • Do not change any of your medical appointments and continue to fill your prescriptions on time. Follow the instructions given to you by your healthcare provider.
  • Get documents to your lawyer when they request them.

Having proper legal representation can also have a big impact on the speed at which your case gets settled. 

Get Pre-Settlement Funding Now!

For those who are struggling to pay their bills or having financial trouble, getting a loan for personal injury cases can be a great option. You are given an amount based on your anticipated settlement award, and will not be expected to pay it back unless if you win.

Why use a pre-settlement loan versus a standard loan?

Get Your Bills Paid

If you are not able to work, if the end of your case is nowhere in sight, or if you are going through your savings, pre-settlement loans may be the best choice for you.

Your expenses are not going to wait for you to win your case. And your settlement may not be as high as you were hoping for. Deciding to take legal action can be a gamble as you continue to spend money on legal fees, and other expenses. 

You are allowed to use your pre-settlement funding for anything from your house bills to your credit card bills- this is up to your discretion. The only thing you cannot spend the money on is your legal fees.

Only Pay If You Win

If you decide to get a traditional loan, you will be paying it back from the moment you get it. If you are not able to pay it back, it will ruin your credit score and lead to a road down further debt and financial struggle.

Pre-settlement funding, on the other hand, provides you with a lump sum of money to spend, with no financial obligations if you are not able to settle.

If you win, the whole amount is paid back in a lump sum from the settlement or verdict amount. If you lose, you will not be required to pay the money back, even if you haven’t spent it all yet. 

No Credit No Problem

At Fair Legal Funding, your credit score is not important to us. Because the funding is generally secured against the settlement/verdict money, you will not be making payments over time.

Don’t Be Afraid to Hold Out

Because they know how emotionally draining a personal injury claim can be, some insurance companies and law firms will try to take advantage of this. They will try to lowball you, leaving you without the total compensation you deserve.

Getting legal funding will allow you to fight for the compensation you deserve and hold out longer to get the most out of your claim. 

Apply Now For Pre-Settlement Funding!

Get Pre-Settlement Funding with Fair Legal Funding

If you or a loved one has been involved in an incident that you are not at fault for, it can be incredibly stressful. At Fair Legal Funding, we are here to support you through this process and provide a loan for personal injury cases to soothe your worries.

We know how long these cases can take, and we are here to help.

As a licensed legal funding company, Fair Legal Funding provides fast, fair pre-settlement funding for personal injury claims. If you want to learn more or fill out an application, call our team today! Let’s get started on your journey toward justice and financial freedom.