Settlement Loans New Jersey
Settlement Loans New Jersey
Looking for a settlement loan in New Jersey? We can get you a cash advance in 24 hours whether your case is close or far from being settled. A settlement loan is not actually a loan, but a non-recourse form of borrowing. Non-recourse means that if you lose your case you don’t have to pay us back.
Case Still Pending?
If your case is still pending you can still get a settlement loan! In fact most of the cases we fund have yet to be settled. We are able to fund up to 10% of our estimated value of your case. We determine the value of your case from 3 factors; damages, liability and insurance.
Some damages caused by car accidents, work accidents and slip and fall accidents are easily measured in dollars. Common bodily injuries from these types of accidents affect the head, neck, back, shoulders, chest, legs, and abdomen. Common injuries include concussions, herniated disks, whiplash, broken bones, fractures and torn ligaments. These injuries require treatment ranging from surgery to physical therapy that is quantified in the form of medical bills. However, you won’t know the exact value of your injuries until you’ve stopped treating and reach maximum medical improvement (MMI). The more serious the injury, the greater chance you will have of qualifying for a settlement loan.
Wage loss is simply calculated by multiplying your earnings by the amount time you were absent from work as a result of the accident. If you missed a lot of time from work or if you earn a lot, the odds are you will qualify for a settlement loan.
Other damages are difficult to measure in dollars such as depression, anxiety, post-traumatic stress, emotional distress, loss of life and limb. When calculating the approximate value of your settlement, the difficult to measure damages will likely not be factored in.
Liability is important because the defendant should only have to pay when they caused the accident. It is the plaintiff’s responsibility to prove who was at fault for the accident. Proof of the accident could come in the form of witnesses stating on a police report that the defendant’s car went through a stop sign colliding with the plaintiff’s car. Sometimes the defendant will be ticketed or issued a citation for the accident.
In some car accident cases liability is clear, such as a rear end auto, but in other cases liability is hard to prove. If liability is hard to prove then qualifying for a settlement loan becomes more difficult.
New Jersey has a minimum amount of car insurance that it requires its drivers to carry on their vehicles. In any given accident you should only expect to recover up to the limit of the policy. If the insurance amount is unknown then you must assume that you can only recover up to the limit of a minimum policy.
For example the minimum insurance requirements in New Jersey are 15,000/30,000/5,000. That’s 15,000 for bodily injury or death of one person in an accident, 30,000 for bodily injury or death of two or more persons in an accident, and 5,000 for injury or destruction of property or property of others in accident.
If a driver has significant assets they can buy more coverage to protect themselves in the event of an accident. Many drivers without significant assets are living paycheck to paycheck and opt for less insurance coverage to save money on their premiums. If the at fault driver lacks significant assets then you can only expect to be compensated up to the insurance limits of the policy. It is hard to estimate the settlement if the insurance limits are unknown. If the limits are unknown at the time you apply for a settlement loan, then you can only expect to be advanced up to 10% of the minimum insurance limit. In New Jersey the minimum limit per person is $15,000 so one could expect an advance of $1,500 at most. If the driver has $100,000 of coverage per person then one could expect an advance of up to $10,000.
Commercial vehicles in New Jersey have larger insurance limits than personal vehicles because businesses have more assets to collect from than individuals. Commercial vehicles are also typically larger and heavier like trucks and buses, which could result in more severe injuries.
Expect your case to settle?
Apply for your New Jersey settlement loan today by calling Bridgeway at 800-531-4066 or filling out the form on the right hand side of your screen.
*The term settlement loans is used for illustrative purposes only. Settlement loans are not like other loans. Settlement loans do not require monthly payments, proof of employment, a credit check, or personal guarantee to pay us back. The repayment of settlement loans is contingent upon the success of your case. Settlement loans can be more expensive than other forms of borrowing and you should consult with your attorney before taking one.