Bicycle Accident Lawsuit Loans – All You Need to Know
In the event of a severe bicycle accident, the costs of injury treatment and bicycles repair can quickly add up to tens of thousands of dollars.
Unfortunately, many people injured in these types of accidents don’t have tens of thousands of dollars available to them.
However, they still need to deal with all the costs associated with their accidents, so they need some sort of loan to cover these expenses while they wait for their lawsuit settlements or claim payments to come through.
Here we’ll answer all of your questions about bicycle accident lawsuit loans, including what they are, how they work, and why you should be aware of them if you’ve been in an accident on your bike.
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Learn more about bicycle accident loans below.
How do you pay off hospital bills and other expenses after a bicycle accident when you can’t work?
If you are involved in a bike accident and suffer some injuries, you may be thinking about how it will affect your work and your life.
In most cases, a bicycle accident settlement loan can help you with these legal expenses.
Bicycle accident lawsuit loans are also known as No win No fee claims, so do not hesitate to contact one of them as soon as possible.
What is a bicycle accident loan?
A loan is a type of financial aid intended to cover expenses until your next paycheck or credit card payment.
However, a bicycle accident loan is a legal contract intended to help you pay off any damages you might owe in a personal injury lawsuit, such as medical bills and property damage.
Bicycle accident lawsuit loans are often used by people injured in bike accidents who cannot afford medical treatment but have no health insurance or liability insurance.
The money may be provided by an outside lender or from any settlement of a claim filed against someone else involved in your crash.
How do they work?
Like all other settlement loans, bicycle accident lawsuit loans are easy to apply.
In fact, once you submit your application, you can expect a decision on it within 24 hours.
Of course, in order to secure one of these loans, you’ll need a pending or completed personal injury claim.
To qualify for a settlement loan – whether it’s for medical expenses or other legal fees – you must be able to demonstrate that your case has merit and is likely headed towards a satisfactory conclusion.
Other than bicycle accidents, we also fund lawsuits related to
- Car accident
- Motorcycle accident
- Uber accident
- Lyft accident
- Semi-truck accident
- Pedestrian accident
The benefits of a bicycle accident loan
More than 1000 cyclists die during the year 2019 because of the accident. The increasing number of accidents leads to more lawsuits against the offender.
But every accident, whether a minor or major, can impact the life of a cyclist, both physically and financially.
In many cases, individuals do not want to file a claim against their insurance company for fear of raising their rates or suffering from some other form of backlash.
Because an injury attorney can take care of all of your paperwork. It is one less thing you have to worry about in addition to your medical expenses and missed time at work.
Unlike with health insurance, when you apply for a loan, there are no underwriting questions and no credit checks; however, if you choose not to use your bike accident settlement money responsibly, you may get a bad credit score or negative marks on your credit report.
To help prevent that from happening and/or further damaging your finances, strictly use it for medical and lawsuit expenses.
Who can apply for a bike injury settlement loan?
There are essentially two types of people who might apply for a bike injury settlement loan:
The first is a person who has suffered a bike accident, whether it was caused by someone else or just through general clumsiness.
In some situations, their health insurance may cover all their medical expenses. Still, if they have none or don’t provide enough money for them to stay afloat, then an injury settlement loan can help them keep from going bankrupt.
The second type of person was severely injured in an accident while riding their bicycle and won a lawsuit in court. But waiting for the awarded monetary compensation for pain and suffering from the other party.
Types of Bicycle Accident Cases Eligible for Legal Funding
Some bicycle accident cases are eligible for legal funding, while others are not.
If you’ve suffered from a severe injury that has left you unable to work, your case may be eligible for a legal funding advance.
A severe accident can be very expensive; medical bills, lost wages, and other expenses associated with recovery can pile up quickly.
If you don’t have insurance coverage or money in savings, filing a lawsuit may seem impossible if you have mounting expenses and no income.
Legal funding companies like ECO Pre-settlement Funding can help by providing enough cash flow to keep things going until your settlement is awarded or court judgment is rendered.
Common Bicycle Accident Injuries Covered By Legal Funding
If you’ve suffered a serious injury in a bicycle accident, you need access to legal funding for your lawsuit.
Common injuries sustained by bicyclists include (but are not limited to):
- broken bones,
- deep lacerations and road rash,
- nerve damage,
- head trauma,
- spinal cord injuries and
- even death.
The cost of medical treatment often exceeds $10K or more.
Legal funding can help cover these costs without settling prematurely before all issues are addressed.
By securing a loan in form of pre-settlement funding against your ongoing lawsuit, you can fully explore your legal rights.
Use the money to make sure your case is properly resolved; on terms that fully compensate for all damages sustained in a bicycle accident caused by another party’s negligence.
Role Of Attorney In Bicycle Accident Loans
An attorney will play an important role here by helping you get money for your lost wages and other damages caused due to an accident.
You must have an active attorney representing you in court for getting approval for bicycle accident settlement loans.
Further, the attorney must be working on a contingency basis and agrees to the term of the lawsuit loans provider.