How to Get a Loan for a Catastrophic Accident Injury

catastrophic injury lawsuit loan

If you sustained severe injuries in an accident caused by another party’s negligence, you are likely very concerned about how you will cover your bills and expenses that have probably started piling up.

A catastrophic injury lawsuit can take more than a year or two to resolve, so you could be waiting a considerable amount of time for any financial compensation.

However, you have options rather than risk settling for less than your case is worth.

A lawsuit loan can help ease your monetary worries while your attorney fights to resolve your case for the maximum amount.

Ally Lawsuit Loans offers lawsuit loans, also called pre-settlement funding, giving you access to your potential settlement funds without forcing your case to resolve now.

However, pre-settlement legal funding is not the same as a traditional loan.

Unlike a regular bank loan, you do not need to pay back a lawsuit loan should your serious injury lawsuit not result in any settlement or jury award.

A catastrophic injury lawsuit loan is a non-recourse cash advance.

However, this term is not something many people would likely understand, so the industry usually refers to it as a lawsuit loan.

What Is Considered a Catastrophic Injury?

A catastrophic injury often results from a serious injury accident. This type of injury can have a significant impact on your life.

Devastating injuries can result in permanent damage and ongoing pain for many people. Victims may need ongoing medical treatment for the rest of their lives.

If a catastrophic injury isn’t permanent, it could still take one year or longer to resolve.

Life-threatening injuries impact a victim’s entire family. The injured person cannot contribute to household needs or provide income.

They may need modifications made to their home or find they need to move into a rental that is more accessible.  

Common Causes of Catastrophic Injuries

Numerous events and incidents can lead to catastrophic injuries. Some of the most common causes include:

  • Car accidents,
  • Construction site accidents,
  • Motorcycle accidents,
  • Semi-truck accidents,
  • Slip and falls,
  • Boating accidents,
  • Bicycle accidents,
  • Pedestrian accidents,
  • Medical malpractice,
  • Intentional violence,
  • Defective products, and
  • Fires or explosions.

If you sustained severe injuries in an accident, you could have the right to file a serious injury lawsuit against the responsible party.

That is why it’s so important to contact an experienced lawyer who can assist you. Ally Lawsuit Loans works with many claims and all types of personal injury lawsuits.

How Catastrophic Injury Lawsuit Loans Work

A catastrophic injury lawsuit loan will give you access to the funds you need now to cover living expenses and bills while litigation is pending.

Litigation involving severe injuries is typically complicated, which is why it can sometimes take multiple years to resolve.

Receiving monetary assistance from a lawsuit loan can help ease the financial burden you and your family are experiencing.

This financial assistance allows your attorney to pursue your case to negotiate the maximum settlement possible.

As we mentioned, a serious injury lawsuit loan from Ally Lawsuit Loans does not need to be repaid should you lose your case.

You will not receive a repayment schedule, no negative credit inquiries or reports, and no harassing bill collectors.

Pre-settlement funding is a risk-free option to get an advance on your future funds. Lawsuit loans also differ from traditional loans in that your interest rate does not depend on your credit score.

Your case is the collateral for the funds. We don’t check your employment history or do credit checks.

If your attorney can negotiate a successful settlement or a jury awards you compensation, you repay your loan from these funds.

How Much Funding Can You Get with a Lawsuit Loan?

The amount of funding you can get with a lawsuit loan depends on your case.

Someone in a similar serious injury accident could qualify for more money or less depending on circumstances.

Some of the factors that influence your potential funding include:

  • The severity of your injuries;
  • Whether your injuries are temporary or permanent;
  • Your total amount of medical expenses, including future treatment costs;
  • Your total amount of lost wages and loss of earning capacity;
  • Who has liability;
  • What the available insurance coverage limits are; and
  • The total amount of your damages, including pain and suffering.

Catastrophic injuries are typically worth more. Your attorney will discuss specifics with you and explain how these factors impact your case value.

Applying for a Catastrophic Injury Lawsuit Loan

Do you want to learn more about applying for a serious injury lawsuit loan? To apply for funding, contact Ally Lawsuit Loans today.

You can fill out the online application or contact one of our helpful representatives on the phone. You will need to provide some general information about yourself and your lawsuit.

Then, we will contact your attorney to learn more about your pending litigation.  

Assuming your case is a good fit for funding, we will approve your lawsuit funding right away. That means you could have much-needed compensation within 24 hours of approval.

Ally Lawsuit Loans offers some of the lowest rates in the industry.

We have no unfair financing charges or hidden fees, and we strive to always beat out other companies by ensuring our rates are the best.

At Ally Lawsuit Loans, we know this is a stressful and challenging time for you and your family. Let us be the ally you need right now.

Contact Ally Lawsuit Loans today. We can help you access your funds without compromising your pending catastrophic injury lawsuit.   

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