A serious injury sets you back considerably, and perhaps permanently. As you try to adjust to your new situation, you face more than a long recuperation. Medical bills are piling up, and you worry about paying ordinary living expenses such as rent, utilities, and food.
While you have a personal injury lawsuit filed against the party at fault for your injury, it can take a long time for these cases to settle. Insurance companies take advantage of this fact because they know that the longer plaintiffs must wait for their money, the more likely they are to settle for a lesser amount out of desperation.
Tennessee pre-settlement funding can help you get through this period.
While pre-settlement funding is sometimes referred to as a lawsuit loan, that is not technically true. Pre-settlement funding is similar to a cash advance, in which your potential settlement serves as collateral.
There is no effect on your credit score. Use your pre-settlement funding in Tennessee to pay your bills or for any purpose you like. There are no restrictions on fund use. The funding is repaid when you receive your settlement money.
How Pre-Settlement Funding Works in Tennessee
Pre-settlement funding in Tennessee is non-recourse. That means that if you do not obtain a settlement or if the jury does not find in your favor, you do not have to repay the money. That is a risk the lender takes.
Your attorney must agree to work with us in order to qualify for pre-settlement funding. It is critical that lenders can determine the strength of your case before coming to a decision.
Tennessee Pre-Settlement Funding Laws
In Tennessee, state law requires that companies offering pre-settlement funding are registered with the state. There is a cap on interest rates for pre-settlement funding in Tennessee at 36 percent annually, including fees.
The statute of limitations in Tennessee for filing a personal injury lawsuit is just one year from the date of the accident. That is one of the shortest statutes of limitations in the country. Failing to file your lawsuit within that timeframe means your case cannot go forward.
If your situation involves a public entity, the statute of limitations is even shorter at just six months.
Tennessee uses a modified comparative negligence system when it comes to liability. In order to recover damages, the plaintiff must be less than 50 percent at fault for the accident. Anyone 51 percent or more at fault cannot recover any compensation.
Any award is reduced by your percentage of fault. For instance, if the jury decides that you are 20 percent responsible for the accident, a $100,000 award is reduced to $80,000.
Learn More About Pre-Settlement Funding in Tennessee
If you would like to know more about pre-settlement funding in Tennessee and how it can help you, contact Mustang Funding today. If approved, you may receive your funding in as little as 24 hours. We serve Nashville, Memphis, Knoxville, Chattanooga, and other areas of Tennessee.
