A harsh reality of driving is that every person on the road is susceptible to getting into a car accident. A car accident—whether it be as minor as a fender bender or as dire as getting T-boned—can leave everyone involved with a stack of costly medical, auto, and legal settlement bills in a matter of a few days. Even when you’re not at fault for the accident, you’ll still have to find a way to cover the different expenses for various medical treatments.
Many people involved in car accidents file for a car accident settlement. A settlement requires the person liable for the accident to cover the damage caused to the victim’s car. In some cases, the court may decide that the person who’s at fault must cover the victim’s medical costs that were acquired from the incident, too. Though settlements are a common way to sort out any damage caused by a car accident, a car accident claim can take anywhere from a few months to a few years to settle. That’s where the benefits of cash advances for victims of car accidents come into play, especially for those without car insurance.
If you are the victim of a car accident, or if you are representing a victim in court, and you are eagerly waiting for the court to settle your claim, consider a personal injury cash advance in the meantime. Apogee Capital Partners explores why cash advances are advantageous to a wide bandwidth of people, including car accident victims, their lawyers, the medical professionals who treated the victim, and more. First, we’ll dive into what cash advances are and how they work.
The Basics of Cash Advances: What Are They and How Do They Work?
Cash advances have helped relieve many individuals from varying unfortunate financial scenarios that were often out of the individual’s control, to begin with. Before investing your time and energy into acquiring a cash advance, you should have a complete understanding of how they work.
What Is a Cash Advance?
A cash advance eases the financial burden off victims of car accidents who are waiting on a claim settlement so they can focus on their recovery rather than how they’re going to pay next month’s rent. Essentially, victims can access the money that they assume they’ll receive from the settlement before a claim has been settled.
Cash advances are especially helpful to folks who have acquired steep medical bills as a result of the accident, were injured to the point they can’t work, or have ongoing treatment due to a chronic neck or back injury from the accident.
How Does It Work?
While the victim of a car accident waits for their attorney to settle their car accident claim, they can apply for a cash advance. While you can apply for a cash advance with your credit card company, credit cards typically have lower credit limits and are re-course. Pre-settlement funding is non-recourse and the credit limit on the advance is tied specifically to your case! Pre-settlement funding companies, such as Apogee Capital Partners, have a more robust layout that ensures you don’t fall into financial debt while trying to tackle your settlement.
Typically, repaying your cash advance is contingent upon a successful settlement. Of course, this means that when the claim is finally settled, the victim will redistribute the amount of cash advance money to the company that administered the cash advance.
The Benefits of Cash Advances for Victims of Car Accidents
Now we’ll explore the benefits of cash advances for victims of car accidents in detail to give you a better idea of just how valuable they can be to people who are undergoing a lot of financial pressure. This will also give you a sense of how litigation funding can grant you access to prompt medical care.
Reduce the Chances of Getting Evicted
For some, a compilation of medical and auto repair bills can pose an obstacle to successfully paying rent. Cash advances keep the bills at bay, so you can focus on covering your rent each month.
Cover Legal Fees
Throughout your journey to settling your car accident claim, you’ll inevitably collect legal fees for your attorney and legal processes. A cash advance minimizes the financial impact of these fees and ensures they’re paid off along the way instead of accumulating into an inconceivable expense for you to pay after the settlement.
Access To Essentials While on Leave from Work
Many families live paycheck to paycheck, making the sudden need to take off work due to injuries a stressful and scary thought. With the help of cash advances, you can still pay for essentials, such as groceries and utilities, to keep your home life afloat.
Overall Stress Management
Having the stress of current financial obligations is stressful, especially when the cost of bills is compounded by legal fees, physical pain, and the inability to work. Having to trust your attorney’s performance on delivering you an unknown future settlement and unknown timeframe can cause for additional stress. Let Pre-settlement companies take on the stress of the future uncertainties to give you the peace of mind you deserve.
Most Common Types of Injuries That Are Caused by Car Accidents
Below, we list the most common types of injuries caused by car accidents to give you an idea of just how wide the scope of injuries car accidents can induce is and an idea of the range of costs associated with the injuries.
- Neck, back, and spinal cord injuries
- Brain injuries and damage
- Soft tissue damage
- Bone fractures, breaks, shattering
- Lacerations, both shallow and deep
- Internal bruising, bleeding, and other damage
As you can see, you can end up in the hospital for a series of reasons following a car accident. While some injuries, such as lacerations, are more obvious, other injuries, such as neck or back issues, may go unnoticed for days or weeks after the accident. Regardless, you should always seek treatment from a medical professional. And with the help of a cash advance, you can do so without having to fret over falling into medical bankruptcy.
Apogee Capital Partners is an industry-leading resource for personal injury plaintiffs, attorneys, and doctors. With our variety of funding services, we are able to provide financial aid to victims, law firms, and medical care providers so they can see the cash they need and avoid going under financially. Contact our dedicated team of funding professionals today to learn more about our process with cash advances.