Common Myths About Motorcycle Accident Lawsuit Funding

Disclaimer: Consumer legal fundings and advances are not loans under applicable financing laws. Rockpoint’s products are non-recourse, meaning if you don’t win your case, you don’t have to pay us back. Receiving financial support in connection with a legal case is typically (and oftentimes incorrectly) referred to as a “lawsuit loan” or “loan.” Therefore, for the ease of search references, these terms may be used in this context to refer to our funding products, but we maintain our separateness from consumer loan products in all legal aspects. 

Motorcycles are a ton of fun to ride, at least until you wind up in an accident. Suddenly, you’re facing expensive medical bills, and if your injuries are serious enough, you may not be able to work. Maybe you’re considering motorcycle accident lawsuit funding to help tide you over until you win a settlement but worry that it’s not right for you.

Below, we debunk several common myths about motorcycle accident legal funding to help you put those worries to rest.

Myth #1: Motorcycle Accident Lawsuit Funding Is the Same As a Loan

After you’ve had an accident, the last thing you want is to take out a loan. Loans come with high interest rates and require monthly payments. How will you make those payments if you’re unable to work?

Although you might sometimes see lawsuit funding referred to as a “lawsuit loan,” this is a misnomer. Lawsuit funding is a cash advance on your insurance settlement, not a loan in the usual sense. Instead of making monthly payments, you repay what you borrowed after your case is over.

Lawsuit funding is also much easier to qualify for than a loan. You don’t need a job, and there is no credit check, so you’ll qualify even if you have bad or no credit.

Myth #2: The Funding Company Tells You How You Can and Can’t Use the Money

Many motorcycle accident victims believe that they can only use lawsuit funding for specific things, but this is untrue. There are no stipulations on how you use the money. You can use it for legal fees coverage, groceries, or rent; it’s up to you.

One of the biggest reasons accident victims apply for legal funding is to cover their medical bills. No matter how good your insurance is, it won’t cover everything. You could be on the hook for a five- or six-figure bill.

With motorcycle accident funding, you’ll be able to repay those outstanding medical bills and focus on your recovery.

Myth #3: Lawsuit Funding Is Only for High-Value Cases

Maybe you’re not expecting a hefty settlement from your motorcycle accident lawsuit, so you don’t think your case will qualify for funding. Plenty of people like you don’t bother applying for funding because they think their case needs to be worth six figures to qualify, but this isn’t so.

Whether your case is worth $10,000 or $100,000, you may qualify for funding. As long as your case meets the lender’s minimum settlement amount (which is usually fairly low), you’re golden.

Myth #4: Your Case Type Won’t Qualify for Funding

Think lawsuit funding is just for accidents involving vehicles? That’s another common myth that victims of motorcycle accidents believe. The truth is that lawsuit funding covers a variety of personal injury case types, including dog bites, premises liability, and medical malpractice.

Myth #5: If You Lose Your Case, You Have To Repay Your Funding

This is a nasty myth that causes plenty of accident victims to shy away from applying for funding, but it simply isn’t true. A lawsuit advance is non-recourse funding, which means you don’t have to pay back a penny unless you win your case. That’s because the lender takes on all the risk of funding your case.

Compare that to a traditional loan, which you’d have to repay regardless of whether you win or lose your case.

Myth #6: Motorcycle Accident Legal Funding Is Expensive

It is true that lawsuit funding lenders charge fees for this service, but these fees aren’t anything like the interest rates on traditional loans. Rather, they’re typically flat rates or a percentage of your settlement. For example, if you win a settlement of $10,000 and the lender charges a 10% fee, you would owe a fee of $1,000 after the case settles. Additionally, lenders often cap fees to keep costs reasonable for plaintiffs.

Myth #7: Funding Application Processing Is Confusing and Lengthy

When you’ve been injured in a motorcycle crash, the last thing you want is to deal with a bunch of paperwork and a complicated application process. Neither is a problem when it comes to motorcycle accident lawsuit funding.

Lenders such as Rockpoint Legal Funding ensure that the application process is quick and stress-free for plaintiffs. You can fill out a quick online application, and once our team reviews your case, you’ll have our decision right away. In many cases, we can provide funding in 24 hours or less.

Myth #8: Lawsuit Funding Could Harm Your Case

Some plaintiffs fear applying for lawsuit funding because they think it’ll hurt their case or impact their lawyer’s ability to represent them. Don’t give in to this unfounded worry. Lawsuit funding is non-invasive, and we work closely with your lawyer throughout the funding process.

Instead of hurting your case, lawsuit funding could help it. You won’t feel pressured to accept an unfair settlement just because you’re worried about running out of money. Meanwhile, your lawyer will have more time to build the strongest possible case and negotiate for a settlement that you’re happy with.

Apply for Financial Assistance From Rockpoint Legal Funding

Now that we’ve dispelled these common myths about motorcycle accident lawsuit funding, Rockpoint Legal Funding invites you to apply for a cash advance on your settlement. Our risk-free pre-settlement advances allow you to rest easy instead of worrying about bills while waiting for your case to settle.

Apply for funding for your personal injury claim now, or call Rockpoint Legal Funding at (855) 626-3214 to learn more.