Bicycle riders are among the more vulnerable road users in the U.S. When a car collides with a bike, the bicyclist very often suffers serious injuries with a long-term impact. Injured riders can seek recourse through personal injury claims or lawsuits, but it’s a complex process that could take months and sometimes years.
Bicycle injury funding can act as a financial safety net if you suffered injuries as a rider. It’s also extremely helpful if you’re an attorney representing injured bicyclists. Find out how this type of pre-settlement loan works at Rockpoint Legal Funding.
What Is a Lawsuit Loan for Bicycle Injuries?
If you suffered a serious injury while riding your bike, you’ll probably contact a personal injury lawyer, who will help you file a claim against the responsible driver’s insurance company. You’ll gather medical records and various documentation that proves the other side’s fault. Your lawyer will negotiate with the liable insurer, who will likely try to dodge responsibility or downplay your losses.
This process could take many months, especially if the full extent of your injuries is unclear at first. During this time, you may have to pay hefty medical bills, mortgage or rent, and various living expenses. Bicycle injury funding is a type of non-recourse loan that helps you stay afloat financially until your case resolves.
Who Could Be Eligible for Bicycle Injury Funding?
You could qualify for a bicycle injury lawsuit loan with Rockpoint Legal Funding whether you’re the accident victim or an attorney representing the victim’s interests. At Rockpoint, we approve bicycle injury funding applications based on our evaluation of how likely you are to win the case and the size of the settlement you may expect to collect.
For example, if you have evidence that the at-fault driver was speeding and hit you from behind, there’s a very good chance that your claim will settle successfully. In this case, you’d likely be eligible for legal funding.
How Personal Injury Settlement Loans Help Bicycle Accident Victims
An average personal injury claim takes several months to settle, and that’s if no unexpected delays arise. High-stake claims after serious or catastrophic accidents could potentially take a lot more time, since the insurer will likely challenge the extent of your losses, like your injury’s impact on your ability to work.
The main advantage of pre-settlement loans is removing the financial strain accident victims often experience. When expenses mount and you can’t work because of your injury, it may be tempting to accept the first offer from the insurance company so that at least you’d have money for your immediate costs. Insurers often exploit the victim’s vulnerable position and pressure them to accept a quick lowball offer.
With pre-settlement funding, you can cover your day-to-day expenses while you and your attorney work on your claim. You won’t be under as much pressure to settle your case quickly and will have more time to negotiate a better offer.
How Litigation Funding for Bicycle Accidents Helps Law Firms
As a bicycle accident lawyer, your client’s interests are your first priority. Sometimes, this means working on a case much longer than you’d initially expect.
You may recommend a client wait until they reach maximum medical improvement to file a claim so that you’d have a full picture of their recovery prospects. If the liable insurer refuses to issue an adequate settlement offer, you may suggest litigation, which likewise takes much more time than a standard claim.
Personal injury lawyers usually work on a contingency fee basis, so you’d only collect your payout when you negotiate a settlement or win an award on your client’s behalf. This can create major financial constraints for your firm. Moreover, your client may decide to accept a settlement that’s far below their claim’s true worth, just for immediate financial relief.
Litigation funding gives you much stronger leverage when negotiating with insurers or working on third-party lawsuits. You’ll be able to cover your ongoing costs and provide assistance to your clients, knowing you’ll only have to repay a legal loan if you win the case.
How To Apply for a Lawsuit Loan After a Bicycle Accident
The pre-settlement loan process through Rockpoint Legal Funding is quick and easy. A loan application typically follows these steps.
- Completing a brief online form. It should only take a couple of minutes.
- Case review. We may talk to your lawyer and look into various relevant documentation to evaluate the strength of your claim.
- A funding offer. If we approve you for a pre-settlement loan, we’ll let you know how much funding we can provide, along with loan terms and repayment fees.
- Funding agreement. If you decide to accept the legal loan offer, you could acquire the funds fast, possibly even on the same day.
That’s it! Once you collect the funds, you can use them to cover your needs and only worry about the repayment after your case settles.
Does a Legal Loan Work the Same Way as a Traditional Loan?
Not exactly. When you apply for a conventional loan, you need to repay it no matter what, and the approval often depends on your credit score and/or the collateral you provide. In contrast, bicycle injury funding is more like an advance against your future settlement. It’s a non-recourse loan you only repay if and when your case resolves.
Are There Any Risks to Applying for Pre-Settlement Funding?
This is the major advantage of legal funding over conventional loans: there’s no risk to you. If you lose your case, you don’t owe us anything.
Not Sure If You Qualify for a Lawsuit Loan? Call Rockpoint Legal Funding Today
Are you struggling with mounting expenses and a lengthy claim or lawsuit process after a bicycle injury? Are you a lawyer representing bicycle accident cases? Call us today to learn more about our fast, secure, and convenient bicycle injury funding options. Gain the financial support you need to fight for your rights or defend your clients’ interests until the case resolves.
Call (855) 725-1187 or contact us online for a case review.
