New York Lawsuit Loans
A personal injury can cause several financial complications for you and your family, especially if you cannot work.
Medical bills, rent or mortgage payments, and other expenses may pile up, leaving you unable to fulfill your financial obligations during recovery.
At Ally Lawsuit Loans, we help plaintiffs in New York take control of their financial situation by offering pre-settlement funding.
Laws for Pre-Settlement Funding in New York
In New York, lawsuit loans are available to plaintiffs who need pre-settlement funding to stay financially afloat.
However, there are a few rules and regulations that affect your ability to bring a personal injury lawsuit.
Here are some of the different laws regarding personal injury cases and lawsuit loans in New York.
Lawsuit Loan Regulations
While the state legislature doesn’t consider pre-settlement funding in New York an ethical issue, the New York State Bar Association states that there are a few potential issues with lawsuit funding.
According to the Rules of Professional Conduct set forth by the NYSBA, a lawyer must show that they aren’t losing control of a plaintiff’s case and insist that litigation funders don’t control their professional judgment.
In New York, third-party litigation funders must clearly indicate to their clients the amount of the cash advance, an itemization of fees, the interest rate, and the total amount expected as repayment in six-month intervals over three years.
The plaintiff’s lawyer must also review the terms and conditions of any lawsuit loan contract, and the plaintiff must have the ability to cancel their loan within five business days of receiving the funds.
Statute of Limitations
In New York, the statute of limitations for personal injury claims is three years from the date of the injury.
After the statute of limitations expires, the New York court system usually refuses to hear the case.
However, if you suffer injuries due to the negligence of a government agency or employee, the statute of limitations is 90 days to file a claim and one year to file a lawsuit.
New York is a no-fault state with a pure comparative negligence doctrine. Under this law, the judge determines a percentage of responsibility for each party.
If the court rules that a plaintiff is partially at fault, the judge or jury reduces the plaintiff’s compensation to match their fault.
FAQs About Lawsuit Loans in New York
How Do I Qualify for Pre-Settlement Funding in New York?
If you sustain any personal injuries due to the negligence of another person or entity, you qualify for a lawsuit loan in New York.
All you need is a lawyer representing your case.
How Can I Spend My Lawsuit Loan?
There aren’t any restrictions on how you spend your lawsuit loan in New York.
At Ally Lawsuit Loans, our clients typically use the funding to pay rent, groceries, utilities, medical bills, debts, and more.
Apply for Pre-Settlement Funding in New York Today
If you can’t wait for your settlement, contact Ally Lawsuit Loans today. We offer lawsuit loans in New York to plaintiffs who sustain personal injuries due to the negligence or recklessness of another.
We have the lowest interest rates in the industry and our loans are risk-free, which means you don’t have to pay it back unless you win your case or receive a settlement.
To find out more about pre-settlement funding in New York, call us at 844-572-2966 or apply online today.