All You Need To Know About Pre-Settlement Funding In New York

What Is Pre-Settlement Funding?

Pre-settlement funding provides financial relief to individuals involved in personal injury lawsuits in New York.

This funding allows you to access money upfront to cover essential expenses while awaiting your case settlement. It is non-recourse, meaning repayment is only required if you win or settle your case.

Who Needs Pre-Settlement Funding?

Pre-settlement funding serves as a financial lifeline for plaintiffs struggling with expenses during prolonged legal battles. If you were involved in an accident that wasn’t your fault and are facing financial hardship due to medical bills or lost income, pre-settlement funding may be an ideal solution.

Example:

Jane, a single mother, was injured in a car accident on Grand Central Parkway. Unable to work during her recovery, she struggled with medical bills and daily expenses. By securing pre-settlement funding, Jane could keep her household running without the stress of immediate repayment.

How Pre-Settlement Funding Works in New York

The process is quick and straightforward:

1. Application – You or your attorney submit a request for funding.

2. Evaluation – The funding company assesses your case strength, damages, insurance coverage, and jurisdiction.

3. Approval – If approved, funds are typically available within 24-48 hours.

4. Repayment – Once your case is settled, repayment is deducted from your settlement.

Importance of Pre-Settlement Funding in New York

New York’s cost of living is 30% higher than the national average, making pre-settlement funding crucial for plaintiffs awaiting settlements. Unlike traditional loans, pre-settlement funding requires no monthly payments, allowing you to focus on your case without financial strain.

Types of Pre-Settlement Funding Cases in New York

Pre-settlement funding is available for various legal situations, including:

• Auto Accidents – Covers injuries, lost wages, and medical bills.

• Premises Negligence (Slip & Fall) – Provides relief for injuries caused by hazardous property conditions.

• Civil Rights Violations – Supports plaintiffs in cases of discrimination or unlawful treatment.

• Construction Negligence – Helps injured workers seeking compensation for unsafe job site conditions.

• FELA (Railroad Accidents) – Assists railroad employees injured due to employer negligence.

• General Negligence – Includes injuries from amusement park accidents, animal bites, and more.

• Maritime (Jones Act) – Supports seamen injured on the job due to employer negligence.

• Pedestrian Injuries – Provides financial support for pedestrians injured in accidents.

• Workplace Negligence – Assists workers injured due to unsafe conditions (excluding Workers’ Comp cases in NY).

• Wrongful Death – Helps families of victims who lost their lives due to negligence or intentional harm.

Who Can Apply for Pre-Settlement Funding?

To qualify, you must:

✔ Be over 18 years old.
✔ Have an active personal injury claim.
✔ Be a resident of the state where you’re applying.
✔ Have injuries directly related to your lawsuit.
✔ Have an attorney representing your case.

How Much Can You Receive from a Car Accident Lawsuit in New York?

The amount varies based on factors such as:

• Injury Severity – More severe injuries typically result in higher settlements.

• Liability – New York’s comparative negligence rule may reduce payouts based on shared fault.

• Insurance Coverage – The defendant’s policy limits the compensation available.

• State Laws – As a no-fault insurance state, New York limits lawsuits unless a "serious injury" occurs.

Advantages of Pre-Settlement Funding

Pre-settlement funding can help cover:

✔ Medical bills
✔ Rent or mortgage payments
✔ Utility bills
✔ Groceries and daily expenses
✔ Transportation costs
✔ Childcare expenses

With pre-settlement funding, you don’t have to settle your case for less than it’s worth due to financial pressure. Instead, you gain the time and resources needed to pursue the compensation you deserve.

PrimeCare Network provides pre-settlement funding, also known as consumer litigation funding, through different products depending on state regulations. Some consumers receive funding through a purchase agreement assigning a portion of their legal claim’s proceeds. Others, in states like SC and CO, may be offered a pre-settlement loan, sometimes referred to as a lawsuit loan. These transactions have key differences, so consumers should carefully review their funding options. This content is for informational purposes only and does not constitute legal advice. Always consult an attorney for legal guidance related to your case.