Pre-settlement funding or a lawsuit loan is a type of settlement loan where you get a cash advance while waiting for your personal injury lawsuit to be finalized. You essentially receive a portion of the compensation you’re expecting to get once your case is settled (out of court) or reaches a verdict.
The time it takes to obtain settlement funding depends on what kind of case it is. The more complex your personal injury claim is, the longer it will take the loan provider to review your case.
For example, car accident cases are usually the easiest to approve for lawsuit loans as they are well documented. There’s almost always a police report in these cases which specifies all the relevant information regarding the accident, like when it happened, where it happened, who was responsible for it, etc.
Medical malpractice or medical negligence cases, on the other hand, can be comparatively trickier. The loan firm has to confirm that your injuries are a result of improper treatment, a misdiagnosis, a pharmacy error, or a surgical mistake.
But generally speaking, the most trustworthy lawsuit loan companies in El Paso, TX can let you know whether your application is approved or rejected within 48 hours. If approved, you can expect to get lawsuit funding within as little as 24 hours.
Steps to Obtaining a Pre-Settlement Loan in El Paso, TX
The way lawsuit funding works in El Paso is very simple as long as you already have an attorney. Remember, the loan firm is counting on you to win your case in order to be repaid.
If you don’t have a lawyer representing your personal injury lawsuit, your odds of winning your case decline drastically. So, no loan provider will give you funding unless there’s an attorney fighting on your behalf.
That being said, the overall process is really simple and fast:
- Fill Out the Application: You choose a lawsuit funding company and fill out their online application form.
- Give a Brief Phone Interview: After you submit your application, the company will contact you and your lawyer to learn more details about your case. You will receive a response within 48 hours.
- Sign the Offer Agreement: Once approved, you and your lawyer will receive an agreement outlining the terms and conditions of the loan. You have to sign it (electronically) and send it back.
- Get the Cash within 24 Hours: After the firm receives the agreement, you will get the funding within 24 hours via wire transfer, overnight check, or Western Union.
State Law Regarding Lawsuit Loans in El Paso, TX
If you have been injured in an accident due to another party’s negligence or intentional conduct, and you don’t have any prior funding for the same lawsuit, you will be eligible for lawsuit loans in El Paso. Even if your lawsuit has not been filed yet, you can get the cash advance as long as you have retained an attorney.
The State Bar of Texas prohibits attorneys from funding a personal injury lawsuit on behalf of their client. In other words, your attorney cannot give you an advance out of their own pocket, but they can help you obtain a lawsuit loan.
Statistics on Accidents and Injuries in Texas
Data from the Texas Department of Transportation shows total traffic deaths in 2020 increased by 7.54% compared to the previous years. Nearly 3,896 people were killed in vehicle accidents in Texas in 2020.
It is also estimated that drunken driving accidents account for 25% of all fatalities in the state; 958 people lost their lives due to drivers under the influence. Also, 865 people were killed in collisions that happened at or around an intersection.
Dangerous Intersections and Roads in El Paso, TX
If you live in El Paso, TX make sure you are extra careful while driving on the following roads and intersections because this is where most crashes occur:
- Montwood Drive and N. Zaragoza Road
- Gateway Boulevard East and Hawkins/Gateway Boulevard East and Corral
- Joe Battle and Rojas
- N. Mesa and N. Desert Boulevard
- Joe Battle Boulevard and Pellicano Drive
- Joe Battle Boulevard and Montana Avenue
- Hawkins Boulevard and Gateway Boulevard West
- Joe Battle Boulevard and N. Zaragoza Road
- Joe Battle Boulevard and Montwood Drive
- Joe Battle Boulevard and Edgemere Boulevard
Hospitals and Medical Centers in El Paso, TX
If you have suffered a personal injury due to a vehicle collision, medical malpractice, slip and fall accident, construction site accident, or even police brutality, it’s crucial to get medical attention right away.
You can visit any of the following hospitals in El Paso, Texas to receive quality medical care:
- The Hospitals of Providence East Campus
- Las Palmas Medical Center
- Kindred Hospital El Paso
- University Medical Center of El Paso
- El Paso LTAC Hospital
- Emergency Room – Trawood
- Legent Hospital of El Paso
- Del Sol Medical Center
- Premier Specialty Hospital of El Paso
- Foundation Surgical Hospital of El Paso
- Mesa Hills Specialty Hospital & Wound Care and Horizons Healthcare Center
Average Time It Takes to Get a Settlement Loan in El Paso, TX
Most lawsuit funding companies in Texas are able to review an application, approve it, and send you the money all within a matter of 2-3 days.
Factors that can Delay the Loan Approval Process
- If the case is too complex: Some personal injury cases are simply more intricate than others, especially if the extent of damage or “who caused it” is not entirely clear. Since the loan company is taking all the risk in these situations, they need to be sure that you’re likely to receive compensation. Reviewing all this information can sometimes take more than the usual 48 hours.
- If you don’t have sufficient documentation: If you or your attorney fails to provide all the relevant information and documentation, it could also result in some delay.
Factors that can Expedite the Approval Process
- Talk to your attorney beforehand: Before you fill out the loan application, make sure you and your attorney are all caught up regarding your lawsuit’s details. The loan company will call both of you for a brief interview; the faster that process goes, the faster your application will get approved.
- Be ready with the necessary documentation: Furnish all the important documentation, like medical reports and police reports to the loan company. If you have any evidence that proves that defendant is responsible for your accident or injuries, you should make sure to provide that as well.
The Average Cost of Healthcare in El Paso, Texas
Texans, including the residents of El Paso, have the highest hospital bills in the country, according to researchers at Johns Hopkins. It is estimated that healthcare prices in Texas (before insurance) are about 6.4 times more expensive than the amount allowed under Medicare. The 4 most costly areas in the state are Brownsville-Harlingen, Laredo, McAllen-Edinburgh-Mission, and El Paso.
Why Choose Direct Legal Funding for Your Settlement Loan Needs
If you are a plaintiff planning to file a personal injury lawsuit or you have already filed one, Direct Legal Funding can provide you the financial assistance you need to fund a successful case and pay your personal bills in the meantime.
We can review your application and ensure it is approved in less than 24 hours. Just fill out our free application form, which takes 4-5 minutes, and we will handle the rest.
Only after you win a settlement or verdict award, will we ask you to repay the loan. Our interest rates are among the most competitive in the market. Our team is available to guide you every step of the way and ensure that you feel secure in your financial future. Give us a call at 866-941-5588 or contact us online to get started.