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Archive 2020

Understanding Same Day Settlement Loans

When you file a lawsuit, you might find yourself struggling with finances, especially if you are injured.

If you cannot work and bills keep piling up, you might want to get your settlement money now instead of later.

Unfortunately, that might mean accepting a low settlement offer.

Instead of taking a lower settlement than you deserve, you should consider same day settlement loans, otherwise known as pre-settlement funding.

Here, we’re going to discuss what pre-settlement funding is and how it can help you pay your bills and continue your lawsuit.

What is Pre-Settlement Funding?

Pre-settlement funding is a cash advance given to you in exchange for a portion of your potential settlement. When you win your case, your lawyer uses a portion of your settlement to pay back the loan.

However, pre-settlement funding isn’t technically a loan since funding is non-recourse. We’ll discuss what that means later.

What is the Difference Between Same Day Settlement Loans and Traditional Loans?

Much like a regular loan, whatever money a funder provides gains interest until the end of your lawsuit. If you win your lawsuit or receive a settlement, you must pay back both the principal amount and interest.

However, same day settlement loans have a few different advantages over regular loans. First, applying for pre-settlement funding doesn’t require a credit check or employment information. The lender only approves applications based on the strength of your case and the amount of money you need. In addition, same day settlement loans are risk-free.

What Can I Use My Same Day Settlement Loan to Cover?

People use pre-settlement funding for a variety of financial obligations. If you cannot make rent or pay your mortgage, you can use your cash advance to make monthly payments. You might also consider using a lawsuit loan to pay for groceries, medical bills, legal fees, and more while you recover from your injuries or find new work. These are just some uses of your same day settlement loan.

Typically, clients use our funding to avoid things like:

  • Eviction,
  • Foreclosure,
  • Utility shut-off,
  • Collections,
  • Vehicle repossession, and
  • Damage to credit history.

However, you may use your same day settlement loan for any expenses you need covered.

What Happens if I Lose My Lawsuit?

Since pre-settlement funding is non-recourse and risk-free, you don’t have to pay back your loan if you lose your case. Lenders take all of the risk, so if you don’t receive a settlement, they don’t require repayment.

How Can I Qualify for Pre-Settlement Funding?

Applying for pre-settlement funding through Nova Legal Funding is fast and easy! All you need to do is submit a short application with your name, email address, phone number, state, case type, and contact information for your lawyer. Keep in mind, you must have a lawyer and must have an active lawsuit in order to qualify for pre-settlement funding.

Next, we discuss your case with your lawyer to determine if a same day settlement loan is right for you. We look at every aspect of your case with your lawyer to determine how much your potential settlement may be and if you have a strong case.

Finally, upon approval, we send your cash advance to your bank account or other preferred method of payment within 24 hours.

Can I Get My Settlement Money Now From Nova Legal Funding?

Yes! Once we approve your application for pre-settlement funding, we send you cash within 24 hours. We transfer cash advances to clients in a variety of ways, including overnight checks, direct deposit, wire transfer, or through Western Union.

Why Should I Get a Same Day Settlement Loan from Nova Legal Funding?

Nova Legal Funding is one of the largest nationwide providers of same day settlement loans for almost any type of lawsuit. In addition, we have the lowest rates in the industry and will match or beat anyone’s rate. Our interest rates are as low as 1-3% and we don’t charge any monthly or upfront fees. Most importantly, our pre-settlement funding is 100% risk-free, meaning you don’t pay us back unless you win your case.

Pre-Settlement Funding Buys Your Lawyer Time to Fight Back and Get a Larger Settlement

When you file a claim, insurance companies often take advantage of your vulnerability by delaying the litigation process. As a result, many victims who desperately need money in order to receive medical treatment or pay bills might accept lower settlement amounts than they deserve.

Getting a pre-settlement lawsuit loan helps you regain enough financial independence to last until the end of your lawsuit. This gives your lawyer time to level the playing field against the insurance company and get you the maximum compensation you deserve.

Cases Eligible for a Same Day Settlement Loan

At Nova Legal Funding, we provide same day settlement loans for a wide range of cases, including but not limited to:

From personal injury to employment law, we consider funding for most types of lawsuits. If you want to know if your case qualifies for pre-settlement funding, call us toll-free at 866-691-0556 to discuss your case.

How Much Funding Do You Provide?

Depending on the value of your case, we can send you funding ranging from $500 to $2,500,000.

In What States Does Nova Legal Funding Provide Same Day Settlement Loans?

We currently provide pre-settlement funding throughout the United States excluding Tennessee, Colorado, and Maryland.

Apply for Pre-Settlement Funding Now

At Nova Legal Funding, we understand the struggles that victims of accidents and job loss go through during the legal process. Pending cases often take months or even years to resolve, leaving you struggling physically, financially, or emotionally. Our pre-settlement lawsuit loans help keep your head above water while you wait for your settlement.

We work together with you and your lawyer to determine the value of your case and assign a funding amount. Once your lawyer provides us with your case documentation, we work hard to get you approved within 24 hours.

If you need your settlement money now but can’t wait for your lawsuit to resolve, apply for one of our lawsuit loans today. We have the lowest interest rates in the industry and offer risk-free loans, meaning you don’t pay us back unless you win your case. To learn more about pre-settlement funding or to apply for funds, give one of our lending specialists a call at 866-691-0556 or fill out our online application.

The post Understanding Same Day Settlement Loans appeared first on Nova Legal Funding.

Do I Need a Lawyer for a Car Accident That Was Not My Fault?

In the United States, you aren’t required to retain a lawyer if you get into a car accident that wasn’t your fault. However, hiring a lawyer usually benefits your claim.

If you suffer injuries in a car crash, you might need to visit the doctor, miss work, or have your car repaired to get your life back on track.

Hiring a lawyer helps you pursue the compensation you deserve and avoid liability for the accident, making recovery easier.

What to Do After a Car Accident That Was Not Your Fault

If you get into an accident, it’s important to remain calm, receive medical attention as soon as possible, and get a copy of your accident report. Make sure to exchange insurance information with the other driver and do not apologize. The insurance company may take your apology as an admission of liability.

As soon as you complete all of these steps, contact a car accident attorney as soon as possible, especially if you have serious injuries that require surgery or ongoing treatment.

At-Fault Vs. No-Fault States

States have different laws regarding insurance claims. A majority of states use an at-fault insurance policy system, which makes the driver who caused the accident responsible for the damages sustained by other people in the crash. The at-fault driver’s insurance company then pays up to the policy limits for those damages.

However, if the party receiving compensation doesn’t agree with the amount offered by the insurance company, they may file a lawsuit seeking damages including medical expenses, lost wages, and pain & suffering.

In no-fault insurance policy systems, the insurance company pays the policyholder for minor injuries regardless of who was responsible for the accident. This is usually referred to as personal injury protection. Typically, each victim in the accident receives compensation for medical expenses and lost wages from their own insurer. However, some states require the policyholder to exhaust their medical insurance coverage before their auto insurer pays towards their medical expenses. Some no-fault states even require victims to provide the insurer with a recorded statement or a medical examination.

The states of Pennsylvania, Kentucky, and New Jersey allow drivers to choose whether they want an at-fault or a no-fault policy. These are considered “choice” states.

An experienced car accident attorney will know the specific system your state uses, so we suggest contacting a lawyer immediately following your crash.

Why You Should Hire a Lawyer After an Accident That Wasn’t Your Fault

To receive compensation after being injured in an accident that wasn’t your fault, you must file a claim with the at-fault driver’s insurance company or your own insurance provider. After filing a claim, your insurance company assigns an adjuster to your case.

Before talking to the adjuster, we highly suggest you contact a lawyer. The insurance company’s goal is to reduce your claim as much as possible, so they sometimes use your own recorded statements against you to lower your settlement or deny your claim altogether.

A lawyer helps strengthen your case by helping you determine the damages available to you, negotiating with the insurance company on your behalf, and fighting for a higher settlement.

Lawyers Help Determine What Damages You Can Collect

After getting injured in an accident that wasn’t your fault, you may be wondering how much compensation you should receive. While you might need your car repaired or help paying your medical bill for treatment, there are other damages you might be eligible to collect. For example, many states allow you to collect for:

  • Lost wages,
  • Reduced earning capacity,
  • Future medical costs,
  • Punitive damages, and
  • Pain and suffering.

Depending on the laws in your state, you may recover any or all of these damages after being injured in a car accident. An experienced personal injury lawyer knows what damages you may be able to pursue successfully and can help navigate state laws and requirements regarding damages.

Lawyers Negotiate With the Insurance Company and Take Them to Court if Necessary

Typically, the at-fault driver’s insurance company ends up paying for your claim, but they only pay up to the policyholder’s limits. If your claim exceeds the policy limits of the at-fault driver, you might have to file a lawsuit against the driver or make a claim with your own insurance company for more compensation.

Instead of haggling with an insurance company, you should focus on recovery. If you hire a lawyer, they will negotiate with the provider on your behalf, ensure that you are receiving the best settlement possible, and bring the lawsuit to court if necessary.

Hiring a Lawyer Increases Your Chances for a Higher Settlement

Sometimes, victims who decide to negotiate on their own settle their claim before they know the full extent of their injuries. If you discover that you need ongoing treatment or therapy for your injury after settling your claim, you can’t reopen it.

However, hiring a lawyer to represent you increases your chances of reaching a more favorable settlement. In addition, an experienced lawyer will find medical specialists to examine you and determine whether or not you’ll need any further treatment for your injuries.

How a Pre-Settlement Lawsuit Loan Can Help You Even the Odds

After an accident, you may struggle to stay financially afloat, especially if you suffer an injury and cannot work. At Nova Legal Funding, we understand that victims often struggle to make ends meet after being injured in an accident that wasn’t their fault. A pending case may take months or years to resolve, leaving you financially at risk.

Here at Nova Legal Funding, we offer pre-settlement lawsuit loans to personal injury victims who cannot wait for their settlement. Our application process is fast and easy, giving you the money you need when life won’t wait for your settlement.

First, we gather your case information from your lawyer to determine if a lawsuit loan is right for you. Then, once we review your documentation, we approve your application and send you money within 24 hours.

If you ever get involved in an accident that wasn’t your fault and need help paying for medical bills, rent, groceries, or more while you pursue your case, apply for a pre-settlement lawsuit loan. We guarantee the lowest rates in the industry and offer risk-free loans, meaning you don’t pay us back unless you win. To apply for pre-settlement funding, give us a call at 866-691-0556 or fill out our online application today.

The post Do I Need a Lawyer for a Car Accident That Was Not My Fault? appeared first on Nova Legal Funding.

Determining Pain and Suffering Damages for a Car Accident Settlement

While most personal injury damages like medical bills and car repairs are easy to calculate after a car accident, it’s difficult to figure out a dollar amount for your pain and suffering.

It’s even harder to convince an insurance adjuster that you deserve compensation for emotional and physical pain.

However, most states allow personal injury victims to pursue damages for pain and suffering. Here are some of the things that impact the value of your pain and suffering after a car accident.

What is Pain and Suffering?

Pain and suffering is the emotional distress that a victim endures after being injured by a negligent party. In general, pain and suffering includes non-economic damages that must be interpreted.

Several things may cause pain and suffering after a car accident, including:

  • Temporary or permanent physical pain;
  • Emotional disorders like depression or anxiety;
  • Cognitive disorders like memory loss or insomnia;
  • Psychological trauma; and
  • Physical limitations;

For car accidents, you may add pain and suffering damages to your claim if any of these conditions affect you due to the negligence of the at-fault driver.

What is the Typical Pain and Suffering Settlement for a Car Accident?

Since pain and suffering damages are intangible and difficult to calculate, it’s nearly impossible to come up with an average compensation amount.

However, there are two ways that your lawyer may calculate your pain and suffering: either per diem or by using a multiplier.

Per Diem

Per diem means “per day” in Latin. The per diem method calculates a dollar amount for each day you lived through your pain and suffering. However, you may have difficulty justifying the amount you pursue per day. Sometimes, your lawyer may use the amount of money you would typically make in a day to calculate your per diem pain and suffering.

Multiplier

The multiplier method is the most common approach to calculating pain and suffering for a car accident settlement. For this method you add up all of the economic damages you sustained due to the accident, like past and future medical expenses, and multiply that number by 1.5 or higher.

The multiplier depends on several factors related to your claim, including the severity of your injuries, the impact of your injuries on day to day function, your chance of recovery, and the liability of the other driver. Generally speaking, severe injuries that require lifelong treatment have a higher multiplier.

Are Online Car Accident Settlement Calculators Accurate?

Online calculators for car accident settlement pain and suffering amounts aren’t accurate. Since every case has unique circumstances and injuries, it’s best to leave settlement estimations to your personal injury lawyer.

Factors That Help Maximize Your Compensation

Typically, injuries that result in a long recovery or permanent disability have a higher pain and suffering value. As a result, pain and suffering amounts usually increase in the following cases:

  • Traumatic brain injuries,
  • Spinal cord injuries,
  • Serious burns,
  • Amputations,
  • Facial disfigurement, and
  • Accidents with fatalities.

Any injuries that severely impact the victim’s ability to live a comfortable life may justify higher compensation.

How Insurance Adjusters Try to Minimize Your Claim

The goal of an insurance adjuster in your claim is to give you the lowest compensation acceptable. As a result, they usually challenge any money you seek for pain and suffering after a car accident, especially if your claim involves:

  • Prior injuries or conditions;
  • Low-impact collisions or minor accidents;
  • Soft tissue injuries like strains, sprains, and whiplash;
  • A lack of significant medical bills; or
  • Shared liability for the accident.

In general, if you have serious injuries, you have an easier time justifying compensation for pain and suffering.

How Long Will My Case Take to Resolve?

Many personal injury cases take months or even years to resolve, depending on whether or not they go to trial. Car accident cases with serious injuries and claims for pain and suffering might take longer, especially if you need to file a lawsuit. However, simpler cases with low claim amounts may settle in just a few weeks. Every case is different, so we highly recommend you discuss the potential length of your case with a personal injury lawyer.

What is the Likelihood That I Will Receive a Settlement Instead of Going to Trial?

Most personal injury cases usually end in a settlement, especially since defending a lawsuit is expensive for insurance companies and victims alike. However, your lawyer might decide to take your case to trial if the insurance company won’t budge on their settlement offer or deny your claim when you have strong evidence.

Evidence That Helps Your Claim

Before you make a demand for extra damages due to pain and suffering, your lawyer finds justifiable reasons for the demand and uses them in settlement negotiations. This usually involves physical evidence such as:

  • Photos of your injuries,
  • Medical records,
  • Witness statements, and
  • A personal statement about the impact of your injuries on day to day life.

If you take time to prepare your demand for extra damages in advance, you might convince the adjuster to offer a higher settlement amount.

How Do I Know if My Car Accident Lawyer is Handling My Case Well?

Like many victims, you might have difficulty finding the right lawyer for you after a devastating car accident. After all, the lawyer you choose makes or breaks your case.

The best personal injury lawyers typically do the following:

  • Request copies of medical records of your injury for you;
  • Obtain important documents like accident reports on your behalf;
  • Hire medical experts and find potential witnesses;
  • Collect as much evidence as they can from your accident;
  • Communicate with you directly instead of through a case manager; and
  • Answer your questions promptly.

If you ever suspect that your lawyer isn’t doing a good job with your case, make sure you get a second opinion from another personal injury lawyer.

If You Need Money While You Wait for Your Settlement, Consider a Lawsuit Loan from Nova Legal Funding

At Nova Legal Funding, we understand that pain and suffering after a car accident makes everyday life difficult. Many car accident victims with serious injuries have difficulty paying bills while they recover, leaving them in a financial hole. If you suffer injuries in an accident and need help paying rent, utilities, groceries, or other expenses while waiting for your settlement, contact Nova Legal Funding today.

We provide pre-settlement lawsuit loans to victims who can’t wait for their settlement. Our interest rates are the lowest in the industry at just 1-3% and we offer risk-free funding, which means you don’t have to pay back your loan unless you win your case. Call one of our lending specialists today at 866-691-6570 or apply online. Once approved, we send you money within 24 hours.

The post Determining Pain and Suffering Damages for a Car Accident Settlement appeared first on Nova Legal Funding.

Understanding Personal Injury Lawyer Fees

If you suffer a personal injury, you might be wondering how much it would cost to hire a lawyer to oversee your claim. Fortunately, you probably won’t have to pay any attorney’s fees upfront when you decide to hire a lawyer.

However, there are other legal costs you might incur while pursuing a personal injury claim.

Here we will discuss the different legal fees and costs associated with your claim and how personal injury lawyers get paid for their services.

What Percentage Do Lawyers Take for Personal Injury Cases?

The typical attorney fees for personal injury cases is around 25-40% of your settlement after expenses. However, if you’ve done a lot of work for your personal injury claim before you hire a lawyer, you could negotiate for lower fees. Most personal injury attorneys expect one-third of the claim settlement, but may increase their take if you have to file a lawsuit.

Contingency Fee Agreements

The fee structure above is known as a contingency fee agreement. This is the most common type of agreement that personal injury lawyers use. Under a contingency fee agreement, the lawyer doesn’t charge any money upfront and only gets paid for their services if they get a settlement or win the case. If you win, a percentage of your settlement pays for your lawyer’s services.

If your lawyer has to file a lawsuit, they may increase their percentage of the take using a sliding scale. Lawsuit and arbitration require more time to resolve, often lengthening your case by months while you wait for a trial. Trial preparations always require extra litigation activities, including written legal pleadings, depositions, and court hearing attendance.

In addition, your lawyer may need to hire expert witnesses or get several certified copies of legal documents. The charges for these additions are usually included in your contingency agreement just in case your claim cannot be settled and goes to trial instead.

Carefully Read Your Agreement

Make sure you read the entirety of your agreement, especially the clauses that explain your payout or settlement. If you have questions about any sections of your agreement, ask the attorney to explain them to you. Personal injury lawyers must work in the best interest of clients, so they usually provide a thorough explanation.

Most clauses in contingency agreements outline the expenses taken out of your settlement or judgment payout, including medical liens, the attorney’s fees, and miscellaneous legal costs for filing paperwork.

The Difference Between Personal Injury Lawyer Fees and Legal Costs

For personal injury cases, hiring a lawyer doesn’t usually cost anything upfront. However, lawyer’s use contingency fees to guarantee that they get paid if you win. In addition, there may be other costs associated with your case depending on the circumstances, including:

  • Requesting an accident report,
  • Getting copies of medical records,
  • Paying court filing fees, and
  • Hiring expert witnesses.

However, this isn’t an exhaustive list. As claims evolve into lawsuits, they become more complex and require more documentation and court appearances. Your lawyer can explain all of the possible legal costs you might encounter while pursuing your case.

How Medical Liens Affect Your Case

A medical lien may be taken out of your settlement by a hospital or other medical provider for treatment you receive after an injury if you can’t pay for it. Before you receive your settlement, your lawyer must pay for the lien to be removed with the compensation you receive.

For example, let’s say you have a settlement worth $20,000. You must subtract medical liens, legal costs, and lawyer compensation from that amount to get your net settlement award.

Settlement Amount                                       $20,000.00
Legal Costs (Paperwork)                                -$500.00
Subtotal                                                          $19,500.00
Personal Injury Lawyer Fee (33.3%)              -$6,493.50
Medical Lien                                                    -$4,000.00
—————————————————————————
Net Compensation for You                          $9,006.50

As you can see, having a medical lien placed on your settlement significantly decreases the amount that you receive.

Why Does the Settlement Check Go to My Lawyer First?

Your settlement check goes to your lawyer to ensure that they receive payment for their services. Since personal injury lawyers take cases on a contingency fee basis, they risk not getting paid if they don’t receive a settlement.

Once your lawyer receives your settlement check, they provide you with an itemized list of deductions from your settlement to cover all fees and costs. If you decide to dispute charges, your lawyer might put the disputed amount in a trust account until you settle the dispute.

How Do I Know if I Hired the Right Lawyer?

If you suspect that your lawyer isn’t working with your best interests in mind, you should get a second opinion from another attorney. The best personal injury attorneys usually:

  • Collect evidence relating to your accident;
  • Request records or other related documents for you;
  • Locate potential witnesses;
  • Hire expert witnesses;
  • Keep track of medical bills relating to your injury;
  • Communicate with insurance companies on your behalf; and
  • Answer your questions in a timely manner.

Try to hire a lawyer that works with you directly and honestly discloses their fees. A good lawyer takes the time to personally manage your case instead of using a case manager.

What Happens if I Fire My Lawyer Before My Case Ends?

If you decide to switch lawyers or represent yourself during your case, your first lawyer places a lien for the expenses they incurred prior to being fired. In some cases, they may try to sue you and the defendant for not honoring the lien.

Before firing your lawyer, make sure you get them to agree in writing that they have no interest in collecting fees for the work they’ve already done.

Questions You Should Ask Your Personal Injury Lawyer

When looking for the right lawyer, you usually get the chance to meet in-person for an initial consultation. Your consultation is a good opportunity to ask questions and determine if the lawyer you are considering is the right choice for you. During your consultation, make sure you ask the following questions:

  • What is your experience with cases like mine?
  • What is your litigation strategy?
  • How much will my case cost?
  • How long will my case take to resolve?
  • What is your preferred method of communication with clients?

Questions like these help you gauge the lawyer’s ability to communicate quickly and efficiently. You also get to know them and how they approach cases like yours.

Apply for Pre-Settlement Funding To Get Cash Today

If you are suffering from a personal injury and need help paying for medical bills, legal costs, or other expenses, consider applying for a lawsuit loan through Nova Legal Funding. We provide pre-settlement lawsuit loans to plaintiffs who can’t afford to wait for their settlement.

Our loans are non-recourse, which means you don’t pay us back unless you win. In addition, we have the lowest interest rates in the industry, with rates as low as 1-3%. If you want to apply for pre-settlement funding, give us a call at 866-985-0472. Once approved, we send you cash within 24 hours.

The post Understanding Personal Injury Lawyer Fees appeared first on Nova Legal Funding.

How to Get a Pre-Settlement Lawsuit Cash Advance in Chicago

If you are struggling to pay your bills after suffering injuries in an accident, you aren’t alone. Many people struggle to keep financially afloat during lengthy legal battles, especially if they require medical treatment for their injuries.

At Nova Legal Funding, we understand how difficult pursuing a claim is for personal injury victims. We offer pre-settlement lawsuit loans in Chicago and the rest of the nation to plaintiffs who need help recovering after an accident.

🤔 Is a Chicago Lawsuit Loan Right for You?

A pre-settlement lawsuit loan is a cash advance that lenders give to plaintiffs in exchange for a portion of their expected settlement. Like a traditional loan, the principal amount borrowed gains interest over time. However, there are a few advantages that cash advance loans in Chicago have over traditional loans.

Most importantly, pre-settlement lawsuit loans in Chicago are non-recourse. This means that if you get pre-settlement funding but you lose your case, you don’t have to pay back the loan or the interest.

Second, applying and qualifying for pre-settlement lawsuit loans in Chicago doesn’t require a credit check or employment verification. Reputable lenders only take into consideration the strength of your case when deciding whether or not you qualify for funding.

Finally, the underwriting process for cash advance loans in Chicago is quick. While traditional loans may take anywhere from several days to weeks to be deposited into your bank account, most pre-settlement lenders send you a cash advance within 24-48 hours of approval.

If you have a pending lawsuit and have retained a lawyer to represent your case, you may qualify for lawsuit funding. However, you should only take out a lawsuit loan if you cannot pay for basic living expenses, medical bills, or legal costs. For example, most of our clients at Nova Legal Funding take out lawsuit loans to pay for:

  • Rent or mortgage payments,
  • Utilities,
  • Groceries,
  • Attorney’s fees,
  • Medical bills, and
  • Car repairs.

If you struggle to pay with any of these things while waiting for your lawsuit to settle, a lawsuit loan might be your best option.

📍 Does it Matter if the Lawsuit Loan Company is Not Located in Chicago?

Not in the least. At Nova Legal Funding our office is actually located in Los Angeles. However, we fund cases across the US, and have helped hundreds of Chicago plaintiffs get pre-settlement cash to help cover their expenses while their lawsuit plays out.

Far more important than location is whether the lawsuit funding company you choose is reputable, and has your best interest at heart. At Nova Legal Funding we are proud to have hundreds of positive reviews from our clients.

🏅 How to Choose the Best Chicago Pre-Settlement Funding Company

Since lawsuit lending is a relatively new industry, there are loan sharks out there looking to take advantage of desperate plaintiffs. Picking the wrong lender could result in paying back more interest than necessary. The most reputable lawsuit lending companies in Chicago:

  • Give upfront information about the cost of their loans,
  • Provide direct funding instead of using brokers, and
  • Calculate a payoff schedule or table for you to view before signing a contract.

Lawsuit lending remains largely unregulated, so make sure you go with a company that is transparent about their fees and policies.

About Nova Legal Funding

Nova Legal Funding is one of the largest pre-settlement lawsuit loan lenders in Chicago as well as nationwide. Unlike most lenders in our industry, we offer transparency and honesty with all plaintiffs who apply for our lawsuit loans. We put payoff schedules on the first page of every contract, keep you updated on the status of your loan, and provide upfront information about our interest rates, which are some of the lowest in the industry.

Types of Chicago Lawsuits We Fund

From employment law to personal injury, Nova Legal Funding has you covered. We fund a wide variety of lawsuits, including but not limited to:

If you don’t see your case type listed above or on our “Cases We Fund” page, you might still qualify for a lawsuit loan, so give one of our specialists a call at 866-670-6131.

Apply for a Lawsuit Loan in Chicago Today

If life won’t wait for your settlement, apply for a cash advance through Nova Legal Funding today. Our lawsuit loans in Chicago are 100% risk-free and have interest rates as low as 1-3% monthly. In addition, you don’t have to pay us back unless you win your case.

To apply for a lawsuit loan in Chicago or to learn more about the cash advance loans available in Chicago, give us a call at 866-670-6131 or fill out our online application. We send cash advances to approved applicants within 24 hours.

The post How to Get a Pre-Settlement Lawsuit Cash Advance in Chicago appeared first on Nova Legal Funding.

Lowest Cost Pre-Settlement Funding

At Nova Legal Funding, we understand how slow the personal injury claims process is for many claimants. Since insurance companies take months or even years to resolve a personal injury claim, bills might begin to pile up after an accident.

If you want to apply for a pre-settlement lawsuit loan, you need a lender that provides you with affordable funding. Nova Legal Funding offers lawsuit funding for plaintiffs to pay for bills if they can’t wait for their settlement. We have the lowest cost pre-settlement funding in the industry, guaranteed.

We Have the Lowest Rates Guaranteed

At Nova Legal Funding, we offer the lowest rate pre-settlement funding in the industry.

We beat other lenders by offering varying rates that depend on the strength of your personal injury case. The stronger your personal injury case, the lower your interest rate. In addition, we keep our rates low by only accepting the strongest case. We only look for cases with serious injuries or clear liability.

Unlike a traditional loan, your interest rate isn’t affected by your credit score. We also don’t need to verify your employment history or income. We only base your interest rate on the likelihood of you winning your case. Most of our rates range anywhere from 1-3%.

Why Interest Rates Matter

When you start looking for a lawsuit funding company, you will find that there are plenty of loan sharks out there. We highly recommend you find a trusted legal financing company that offers low interest rates. Beware of any lender that refuses to tell you the specific interest rate for your case.

In addition, make sure you understand how your legal lender compounds their interest. Over time, interest adds up. If you go with a company that has high interest rates, you might end up paying back more than you expected. At Nova Legal Funding, we explain our interest rates upfront and provide concise, detailed agreements.

How Fast Can I Get My Money?

At Nova Legal Funding, we know how fast plaintiffs need money to keep themselves afloat. Once we approve your application for pre-settlement funding, we send you money within 24 hours. We also offer a variety of payment options, including direct deposit, wire transfer, paper check, and more.

Cases We Fund

We fund all types of lawsuits at Nova Legal Funding, including the following:

If you don’t see your case type in this list, give us a call at 866-691-6570 to discuss the details of your case. You may still qualify for the lowest cost pre-settlement funding in the industry.

States We Serve

At Nova Legal Funding, we are a nationwide provider of pre-settlement lawsuit loans. Currently, we have funding available in 47 states, excluding Colorado, Tennessee, and Maryland.

Why You Should Work With Nova Legal Funding

Nova Legal Funding’s pre-settlement loans help keep you in the game. We empower plaintiffs financially, helping them pay bills and give their lawyer time to win or settle their case. In addition, we make the process easy and pride ourselves on our simple, three-step process. Once you complete your application for our lowest rate settlement funding, we take care of the rest.

We work with your lawyer or law firm to complete the underwriting process and determine your funding amount. Once your lawyer provides us with your case documentation, we work hard to get you approved for funding as fast as possible.

Most importantly, we offer risk-free funding for all plaintiffs. Since we purchase part of your future settlement in return for funding, we take all of the risk. You don’t have to pay back your loan unless you win your case.

Ready to Get Started?

If you’re already fighting a personal injury lawsuit, we know that you may need financial support to level the playing field against the insurance company. At Nova Legal Funding, we provide the lowest cost pre-settlement funding for personal injury cases. Not only do we offer interest rates as low as 1-3%, but we also offer risk-free loans. That means if you don’t win your case, you owe us nothing.

To get started with your application or to ask questions about our pre-settlement funding, give us a call at 866-691-6570 or fill out an online application today.

The post Lowest Cost Pre-Settlement Funding appeared first on Nova Legal Funding.

Getting a Cash Advance (Loan) on Your Pending Lawsuit

8 Facts & Tips Plaintiffs Should Know Before Getting a Cash Advance on a Pending Lawsuit Settlement

Pending lawsuit loans are sky-rocketing in popularity.

Cash-strapped plaintiffs all across America are taking out loans against settlements to financially hold themselves over until their cases settle.

Unfortunately, there isn’t much coverage on the industry by the mass media. This has resulted in the public being misinformed, leaving room for companies to take advantage of unsuspecting plaintiffs and their attorneys.

Also known as pending settlement loans, this service can benefit you greatly—but only if you score the right deal (and with the right company).

Like anything else, the key to getting a fair deal on a cash advance on pending lawsuit is knowing the ins and outs of the process BEFORE you apply anywhere.

This post will show you how to…

  • get the most cash against your lawsuit
  • get the lowest interest rates possible
  • secure a pending lawsuit loan without upsetting your law firm
  • get the funds as fast as possible

What You Need to Know About Getting a Cash Advance on Pending Lawsuit

Pending lawsuit loans (or loans against settlements) can be tricky and misleading for beginners. This article is meant to help you, the plaintiff, get the best deal when you apply to borrow against your pending settlement or lawsuit. In an industry full of sharks, making a smart decision can be the difference between paying 200% of interest or 35%.

Here we go:

1: Many companies are not direct in explaining the cost of the lawsuit loans they offer.

**TIP: Always ask what the interest rate is. When a company charges high rates, they are less likely to be straightforward with you when you ask about it. Before answering any of their questions when you call, ask them this first: “What do you charge?”. If the representative doesn’t give a direct answer, be very wary.

2: Applying with brokers is expensive, slow, and more likely to aggravate your attorney.

**TIP: Avoid working with brokers and only deal with direct pending lawsuit loans companiesLawsuit loan brokers can add an unnecessary 15-20% in cost to your transaction. Even worse, they will send your case information to dozens of different funding companies, all of which will call your attorney’s office at the same time. Needless to say, your attorney will not be happy.

3: Your law firm will respond to a funding company sooner if you mention their name in advance.

**TIP: Give your lawyer a heads-up before applying. Before applying for pending lawsuit loans, notify your attorney first. This will help your law firm be prepared for any document requests by the funding company. Remember: the whole process occurs between the funding company and your attorney’s office. Keeping the two parties in-sync can do wonders for expediency.

4: Finding the right company for your case is tough.

**TIP: Ask your lawyer if he or she regularly works with/ or is aware of a professional pending lawsuit loans company. Why risk trying a new company if your lawyer already has a working relationship with one? Nonetheless, you must stay vigilant—just because your law firm works with a funding company doesn’t mean it’s the right one for you.

5: The more questions you can answer about your case, the fewer questions the funding company will have for your attorney.

**TIP: Know your case like the back of your hand before applying. To get the process moving along faster, review all the general facts of your case before calling to apply. Every question you answer is one less question your attorney will have to spend time answering.

6: Funding companies move as fast as your attorney send them your case documents. This often takes time as law firms are usually very busy.

**TIP: For faster service, come prepared with case documents.If you want to get the ball rolling sooner, collect the following information from your attorney prior to applying: filed complaint, key medical reports, demand letter and police report (if you have a personal injury case). These are the general documents a funding company would request from your law firm. Having these documents available ahead of time will help you skip this step.

7: The loan amount you qualify for is equal to 10-20% of your case’s entire monetary value.

**TIP: Ask your attorney for the estimated value of your case before applying. This will help you expect a realistic amount when you apply for loans against settlements or lawsuits. Approximately knowing the amount you can qualify for will help you better manage your expenses down the line.

8: Pending lawsuit loans against settlements can be expensive.

**TIP: After finding a direct funding company with low rates, only take what you truly need to survive. While the money is yours to spend as you wish, it is recommended you only use the cash for living expenses and other necessities.

WATCH: How to Qualify for a Lawsuit Cash Advance

 

3 Questions to Ask Before Applying for a Lawsuit Cash Advance

1. Will I be required to repay the cash advance if I lose my case?

If the answer you receive is anything but a clear and resounding ‘no’, it’s suggested that you move on. Under no circumstance should you have to repay the advance if you lose your case. A credible funder will only expect repayment if you win your case. Legal funding is suppose to be non-recourse, which unlike a loan, carries zero risk to the plaintiff. This is because repayment is contingent upon you winning a recovery — if you lose your case it should be your right to keep the money for free.

2. What fees and rates does your company charge?

Always know what you’re paying before signing up for a lawsuit cash advance. Most funding companies assign rates based on the risk-profile of a case, while other have fixed rates for all types of cases. You need to know if your interest accrues monthly or if a fixed payback is assigned for defined ranges of time. Always ask the company’s representative if the rate is compounded monthly or if a fixed payback is expected.

As a usual guideline, anything below 3.5% per month is considered industry standard. Be wary of lawsuit cash advance services that charge interest above 4%. Timing of when you’re applying for a lawsuit cash advance must also be taken into account. The earlier you apply during litigation, the larger the payoff will be once your case is settled one or two year down the line. A safe way to protect yourself is to find the lawsuit cash advance company with rates below 3% per month.

3. Does your company require early paybacks or monthly payments?

If the answers to either of these questions is ‘yes’, do not work with this company. As mentioned before, the non recourse nature of this transaction doesn’t require the usual terms that come with a regular loan. Therefore, you should never have monthly payments due, nor  should you be pressured for early paybacks. As a general rule, legal funding companies will charge you nothing until—and if—your case is settled. That means: no application fee, no hidden fees, and and no monthly payments.

Is Getting a Cash Advance on Your Lawsuit the Right Move for You?

Loans against lawsuits are for plaintiffs who are injured and can’t wait for their cases to settle.

If you are in stable financial footing, it is not recommended that you borrow money against your lawsuit. You should only consider getting loans against lawsuits if you truly cannot wait for your case to settle. Otherwise, waiting patiently for your case to settle is your best course of action.

If you’re in an ongoing lawsuit and the bills are piling up, call Nova Legal Funding at 800-760-0704—or apply online by filling out the contact form at the top-right hand side of your screen.

Ready to apply for a pending settlement loan? Nova Legal Funding is here to help.

This post was written by Nova Legal Funding (NLF), a California lawsuit settlement loans company that serves plaintiffs nationwide. Unlike other companies, NLF is open and transparent about our funding process. As a result, we’ve been able to help a countless number of plaintiffs get loans against pending lawsuits. NLF provides funding to all types of cases, including but not limited to:

  • General personal injury accidents
  • Car accidents
  • Defective products
  • Medical malpractice
  • Premise liability
  • And much more (for a complete list of the cases we fund, click here)

“Nova Legal Funding went above and beyond to help me.”

“I have a lawsuit against Wal-Mart and unfortunately my case won’t be settled until some time next year. In the meantime I am unable to work due to the extent of my injuries. With no money coming in, I decided to apply for a pending lawsuit loan. Ron with Nova Legal Funding went above and beyond to help me. Even though I was denied twice, Ron didn’t give up. I can’t thank Ron enough for all of the time he spent to get an approval.”

Lisa B. via Facebook ⭐⭐⭐⭐⭐

The post Getting a Cash Advance (Loan) on Your Pending Lawsuit appeared first on Nova Legal Funding.

How Long Can a Lawyer Hold Your Settlement Check?

When your case finally settles, you will probably want to ask how long your lawyer can hold your settlement check. After several months or years of legal proceedings, you deserve to get paid, especially if you have bills piling up.

When you finally reach a settlement, there are a few more things you and your lawyer need to do before the defendant gives your lawyer the check. Even so, once the check reaches your lawyer, there are a few obligations they must attend to before they give you the final balance.

Factors That Affect the Delivery Time of Your Settlement Check

Depending on the details of your case or your settlement agreement, the actual time it takes for your check to be delivered varies. While many settlements finalize within six weeks, some settlements may take several months to resolve. Here are some of the reasons why your settlement check may arrive later than expected.

Release Forms

The first form you have to sign to get your settlement is a release form. This form is a legally binding agreement stating that you will not pursue further legal action against the defendant for your specific case. Most defendants or insurance companies won’t give you a settlement check unless you sign the release form. However, if you have concurrent lawsuits against the same defendant for a different matter, you don’t have to stop pursuing those claims.

The release form must state which claims you plan to release the defendant or insurance company from. Usually, your lawyer reads through the release form before you sign it to make sure that the terms are fair. Keep in mind that you may have to sign multiple release forms depending on the number of parties involved in the case. If the defendant has an insurance company handling your claim, you may have to sign two release forms; one for the defendant and one for the insurance company.

In rare cases, you may experience delays if you or the defendant disagree with the provisions of the release form. This usually requires the release form to be redrafted.

Processing Delays

Every state has different laws regarding the amount of time a defendant has to issue a settlement payment once you sign the release form. Unfortunately, some organizations use this to delay the processing of your settlement check as much as possible. For example, a defendant or insurance company may take the full time given by the law to process your settlement check once they receive your release form.

This means that if you live in a state where the legal processing time is 30 days, the defendant or their insurance company may take 30 days to formally accept your release form.

Check Clearance

In most cases, the defendant sends the check to your lawyer. Once your lawyer receives the check, they usually hold it in a trust or escrow account until it clears. This process takes around 5-7 days for larger settlement checks.

Once the check clears, your lawyer deducts their share to cover the cost of their legal services. They also pay any outstanding liens or bills for you. After your lawyer honors all financial obligations regarding your case, they send the check to you by mail or wire transfer.

Paying Liens and Bills

If you have a personal injury case, chances are you need to pay outstanding medical bills or liens. As soon as your case settles, you have a legal obligation to pay these bills. Once your lawyer receives the settlement check from the defendant, they usually use the proceeds to pay any liens on your settlement for you.

It’s usually easy to settle liens, unless the government has a lien against your settlement. If you have any liens from a government-funded program like Medicare or Medicaid, it takes months to resolve them.

Your lawyer also uses your settlement check to resolve any bills related to your lawsuit. This includes medical tests, private investigations, expert witness testimony, and more. Most of these bills have a fixed amount, but your lawyer might have to negotiate a payment for other services.

While your lawyer cannot release your settlement check until they resolve liens and bills associated with your case, it’s usually best to be patient so you don’t end up paying more than necessary.

What About Structured Settlement Payments?

In rare instances, a defendant might pay through a structured settlement. Unlike a regular settlement that pays the settlement amount in full, a structured settlement is when a defendant pays the settlement amount over time. These types of settlements usually occur when the case involves a minor or if there was a catastrophic injury that requires extensive ongoing medical care.

In structured settlements, the defendant or insurance company usually sets up an annuity for the victim, which pays out on a fixed schedule. If you and the defendant agree to a structured settlement, make sure to ask your lawyer about your settlement payout. Agreeing to a structured settlement without carefully reviewing the terms may add unexpected delays, risks, and financial complications.

How to Speed Up the Delivery of Your Settlement Check

If you need your settlement check as soon as possible, there are a few ways to speed up the process.

Once you get close to a settlement, start drafting a release form ahead of time so it’s ready once you reach an agreement. Next, you should work with your lawyer to figure out your liens and bills while the defendant processes the release form. Finally, make sure you respond to your lawyer’s requests quickly to avoid delays.

If you find yourself in a situation where you need a portion of your settlement while it’s pending, ask your lawyer if they can advance a portion to you. Your lawyer isn’t obligated to provide an advance, but they may do so as a kind gesture.

Can’t Wait for Your Settlement Check? Consider a Lawsuit Loan

If you need your settlement check and your lawyer cannot give you an advance on your pending settlement, consider applying for a lawsuit loan from Nova Legal Funding.

A lawsuit loan, also known as pre-settlement funding, is a cash advance given to a plaintiff in exchange for a portion of their settlement. Unlike a regular loan, a lawsuit loan doesn’t require a credit check or income verification. Instead, we examine applicants based on the strength of their case. Most importantly, our loans are risk-free, meaning that you don’t pay us back unless you win your case.

If you need to pay bills or other living expenses and cannot wait for your settlement check, give one of our specialists a call today at 866-670-6131 or apply online for a free consultation.

The post How Long Can a Lawyer Hold Your Settlement Check? appeared first on Nova Legal Funding.

What are the Pros and Cons of a Structured Settlement?

When you reach the end of your personal injury lawsuit, you have a few options regarding your settlement. One of those options is whether you want to receive a lump-sum payment or a regularly disbursed structured settlement.

For larger settlements, plaintiffs and defendants usually agree to a structured settlement. So you may be wondering, what are the pros and cons of a structured settlement or how does a structured settlement work? Here’s what you need to know.

How Does a Structured Settlement Work?

When you file a lawsuit, your attorney tries to negotiate compensation for your injuries with the defendant or their insurance company. Once you and the defendant reach an agreement on the amount the defendant must pay, you create a settlement.

During settlement negotiations, the defendant’s attorney might present a structured settlement option to you. Through this option, the defendant pays the total amount they owe over time through installments.

You continue to receive these payments until the defendant pays the full award. To do this, defendants usually purchase an annuity from an insurance company, who is then responsible for managing your payments.

Types of Cases That Allow Structured Settlements

In the United States, plaintiffs in personal injury cases have the option of accepting a structured settlement. This includes pharmaceutical injury and product liability cases. Keep in mind that not all lawsuits qualify for a structured settlement.

Pros and Cons of a Structured Settlement

While structured settlements are a good option for plaintiffs who require long-term health care, they may not be the right option for some cases. They are some risks associated with structured settlements to take into consideration. Here are some of the factors to consider before agreeing to a structured settlement.

Pros of Structured Settlements

There are several reasons why a structured settlement may be right for you. Here are some of the best features of a structured settlement option.

Tax-Free Payments

In the United States, the IRS gives structured settlements good treatment. Every disbursement of a structured settlement is tax-free.

Beneficiaries Allowed

Most structured settlements allow you to name a beneficiary in case you die before the insurance company pays out your entire settlement.

Guaranteed Income

Unlike a lump sum, a structured settlement gives you steady income for many years after your lawsuit. This means that you won’t burn through the money as quickly. In addition, you are entitled to the full amount of your settlement regardless of economic changes.

Options to Sell

If you decide during your structured settlement that you want to use a portion of your settlement to pay off debt or make a large purchase, you can sell a portion of your structured settlement.

Cons of Structured Settlements

Sometimes, agreeing to a structured settlement comes with a few risks. Here are some of the reasons you may want to reconsider before agreeing to a structured settlement.

Taxes on Punitive Damages and Fees

While most of your settlement is tax-free, other portions including punitive damages and attorney fees are taxable.

Strict Payment Plan

Structured settlements lack flexibility for payment scheduling. Once you agree to a payment schedule, you cannot change it, even if your financial circumstances change.

Penalties and Fees

Selling or withdrawing a portion of your structured settlement involves several penalties and fees from both the IRS and the managing insurance company.

Loss of Interest

Since a structured settlement doesn’t accrue interest, you miss out on any interest you could have earned if you accepted a lump sum and placed it in an interest-bearing account.

A Note on Selling Your Structured Settlement

Since structured settlements don’t have any payment flexibility, some plaintiffs choose to sell their structured settlement in exchange for a lump-sum payment. People choose to sell their structured settlement for a variety of reasons, but these are by far the most common.

Pay Medical Bills

Since many people who end up getting structured settlements need long-term medical care, they may be in and out of the hospital. Instead of taking out personal loans for medical treatment, plaintiffs might decide to sell a portion of their structured settlement to pay for short-term medical bills.

Pay Debt

After a lawsuit or personal injury claim, a plaintiff may have thousands of dollars in unresolved credit card debt, especially if they were out of work. Plaintiffs sometimes sell their structured settlement to resolve these debts.

Purchase a Home

One of the most common reasons plaintiffs sell their structured settlement is to make a down payment on a house. If the plaintiff already has a home, they may use the money for renovations.

Pay Student Loans

Since the average college student graduates with more than $30,000 in student loan debt, many people choose to get a lump sum for their structured settlement to get rid of that debt. For younger plaintiffs, the money might be used to pay for college.

Still Waiting on a Settlement? Consider a Lawsuit Loan from Nova Legal Funding

If you are still waiting on your settlement and are struggling financially, consider applying for a lawsuit loan. At Nova Legal Funding, we offer pre-settlement lawsuit loans for plaintiffs who need cash now to pay for bills, medical treatment, and more.

We have some of the lowest rates in the industry and work with a variety of cases. Most importantly, our funding is risk-free, which means you don’t have to pay us back unless you win your case.

If you have any questions about structured settlements or would like to apply for a lawsuit loan, give us a call at 866-985-0472 or fill out our online application today.

The post What are the Pros and Cons of a Structured Settlement? appeared first on Nova Legal Funding.

Personal Injury Calculator

How to Calculate Your Personal Injury Settlement

If you were injured in an accident, you’re probably wondering how much your settlement is worth. There are several factors that affect the final amount of your settlement check, including the severity of your injuries, the number of liens on your settlement, and the amount of attorney fees you owe.

Here, we discuss ways for you to estimate your personal injury settlement and the different factors that affect the value of your claim.

What is the Average Settlement for a Personal Injury Case?

Since every personal injury lawsuit varies significantly, it’s difficult to find a realistic average for personal injury cases. Even though most settlements range from around $3,000 to $75,000, some cases may reach six figures or more.

The most important factors that determine the value of your potential settlement are:

  • Negligence,
  • Personal liability,
  • Pain and suffering,
  • The severity of your injuries,
  • The cost of medical treatment,
  • Estimated future medical expenses, and
  • The wages you lost while recovering.

The amount also varies depending on the circumstances of the accident. For example, a victim in a car crash could claim additional compensation for the damage done to their vehicle. Most personal injury attorneys use this information to determine the value of your settlement.

Types of Injuries That Result in Higher Settlements

The highest value cases usually involve injuries to the neck, back, head, or knees. Generally, injuries involving these areas of the body result in permanent disability, requiring long-term medical care and major surgery.

Neck or Back Injuries

These are among the most serious personal injuries. Typically, victims with neck or back injuries suffer from a herniated disc, which is when a part of your vertebrae in your spine shifts out of place, ruptures, or breaks. Herniated discs often require multiple surgeries and cause permanent disability.

One of the only ways to fix herniated discs is to perform spinal fusion surgery. At Nova Legal Funding, our own research found that clients who required this surgery typically received a settlement between $300,000 and $600,000.

Head Injuries or Traumatic Brain Injuries (TBI)

This type of injury typically occurs in construction accidents or auto collisions. Some head injuries are more severe than others. Whiplash is one of the most common head injuries and results from muscle strains due to sudden, unexpected movement.

Traumatic brain injuries, or TBIs, are much more severe. If not treated, TBIs lead to painful and sometimes fatal complications, including loss of memory, chronic headaches, insomnia, reduced brain function, stroke, and more.

Knee Injuries

Serious knee injuries usually occur in slips and falls or auto collisions. If your knees impact a hard surface like the ground or a dashboard, they might slide out of place, break, or tear ligaments. Knee injuries typically require a lot of surgery to correct or even rebuild the knee. The recovery time is long too, and you may have to wear a brace and use crutches to get around.

Calculating Your Personal Injury Payout

While it’s possible to estimate your personal injury settlement, you should always consult with an experienced personal injury attorney. They know how the details of your specific case affect the value of your settlement better than any calculator you may find. However, if you want a general estimate of what your case might be worth, here are the different economic and non-economic losses you need to calculate.

#1: Medical Expenses

This should be the total value of all medical bills for your injuries, even if you don’t pay out of pocket. Make sure to include charges for prescriptions, emergency transportation, etc.

#2: Future Medical Expenses

Next, estimate how much ongoing medical treatment you need for your injuries. This includes any prescription medications or surgeries you may need in the future.

#3: Lost Earnings

If you end up missing work because of your injuries, determine the amount of income you lost since you couldn’t work. Make sure to include any paid time off you used during recovery.

#4: Future Lost Earnings

If your ongoing treatment requires you to miss work more in the future or makes it impossible to continue working at your current job, estimate the amount of earnings you will lose.

#5: Property Damage

This expense typically only applies to car accidents. If you were in a car accident, determine how much it would cost to repair or replace your vehicle.

#6: Pain and Suffering

Estimating pain and suffering is the most difficult part of calculating your personal injury settlement. For pain and suffering, lawyers use a multiplier. Generally, the more serious and painful your injuries are, the higher the multiplier is. Most multipliers fall within the range of 1.5x to 5x the victim’s economic losses.

Once you determine an appropriate multiplier, add your medical costs and future medical expenses. Then, multiply that total using your chosen multiplier.

Example of a Settlement Estimate

Let’s say that you are in a car accident that shatters one of your knees. Your economic damages include $35,000 in medical expenses, $6,500 in vehicle damage, and $18,000 of lost income. In addition, you have to work less hours due to your injury, so you anticipate $12,000 in future lost income.

Your injury will also require further treatment in the coming years, so you estimate $15,000 in future medical expenses. Finally, your injury is painful and life-long, making day-to-day movement moderately difficult. As a result, your lawyer uses a multiplier of 2.5.

To calculate your personal injury settlement, add all of your expenses to get your economic damages, which in this case is $86,500. Next, multiply this number by 2.5. This gives you your non-economic damages, which is $125,000 in this example.

Finally, add your economic and non-economic damages together to get the value of your settlement. For this example, the estimated settlement is $211,500. Keep in mind that this is just an example and attorneys may calculate your non-economic damages a little differently.

Always Discuss Your Case With a Lawyer

While this is the basic calculation of a personal injury settlement, it is only a start. Make sure you discuss your case with a qualified personal injury attorney before making any settlement demands. A lawyer can tell you whether or not your expected settlement is realistic and help you determine an appropriate multiplier.

Can’t Wait for Your Settlement? Consider a Lawsuit Loan

If you are pursuing a personal injury claim but can’t wait for your settlement, consider applying for a pre-settlement lawsuit loan from Nova Legal Funding.

Unlike a traditional loan, a pre-settlement lawsuit loan doesn’t require a credit check or income verification. Instead, we discuss the details of your case with your lawyer to determine your loan amount. Most importantly, our lawsuit loans are risk-free, which means you don’t have to pay back the loan unless you win your case.

For more information on pre-settlement lawsuit loans, call one of our funding specialists today at 866-670-6131 or apply online for a free consultation.

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