When a car accident occurs in Michigan, the consequences can be overwhelming. From medical bills to car repairs, the financial strain can make life even more challenging. For many people, the process of a lawsuit seems long and stressful, with bills piling up while waiting for a settlement or judgment. This is where a cash advance, often called legal funding, can be a helpful option. But is it the right choice for your case? In this discussion, we will explore the key aspects of Michigan car accident lawsuits and how a cash advance could impact your situation. At, Fast Funds , we are here to guide you through the legal process and help you navigate the complexities of your case.

Understanding Michigan’s No-Fault Car Insurance System

Michigan is unique because it operates under a no-fault car insurance system. This means that after a car accident, each driver’s insurance company is responsible for covering their own damages, no matter who caused the crash. This system was created to help reduce the number of lawsuits and ensure that victims get help with medical bills and other accident-related expenses faster. However, there are limits to what no-fault insurance can cover. If your expenses go beyond what your insurance pays, you may need to file a lawsuit to get additional compensation.

In addition to the no-fault system, Michigan law allows drivers to sue the at-fault party if the accident results in serious injuries, disfigurement, or death. These lawsuits can take time, and while your case moves through the legal system, you might find yourself struggling financially. It is in these situations that a cash advance might become an option to consider.

How Legal Funding Works in Michigan Car Accident Cases

Legal funding, often referred to as a cash advance, is when a company provides money to plaintiffs in a lawsuit in exchange for a portion of their future settlement or award. This is not a loan, as you do not have to repay the advance if you lose your case. The idea behind legal funding is to give people the money they need to pay for living expenses, medical bills, and other necessities while they wait for their case to settle.

In a car accident case, you might qualify for a cash advance if your lawsuit shows potential for a favorable outcome. The funding company will review your case details, including the evidence and the strength of your claim, before deciding whether to provide the advance. It is important to note that legal funding companies charge fees for their services, which can add up over time. Therefore, you need to carefully weigh the benefits and drawbacks before deciding if this option is right for you.

- WHAT CLIENTS ARE SAYING -

In June, my wife and I asked our attorney about giving us a loan against any settlement proceeds from our case. He told us that the state bar does not

permit lawyers to participate in the financing of clients. The offer of settlement was very low so the case needed to be filed in court. I called Fast Funds. Within 24 hours, I had entered into an agreement with them, selling a very small portion of the anticipated proceeds to them in exchange for immediate financing. Now my suit is in court and I don't have to worry about money until it's outcome. Thank god for Fast Funds

B.G.

As a result of the advances you have made to our client, we were able to refuse an extremely low settlement offer and take the case to court. We settled the day of the trial for a very generous sum. Had there been no advances by Fast Funds, our client would have had no choice but to accept the inadequate offer since he was in severe debt due to his inability to work. Thank you for your helpful assistance in providing our client with the ability to persevere.

C.F.

I was involved in an accident which took my left leg. I was forced to live homeless for eleven months. Thanks to the Fast Funds people advancing money. I now live in an apartment,I am walking on a prosthetic and otherwise getting my life back together, even though my attorney has not yet settled my lawsuit. I don't know what I would have done for money because the insurance company has offered nothing so far.

A.R.S.

I was involved in an auto accident which caused me to suffer a herniated disc. Because of this injury, I was forced to miss many months of work. I had no income and no place or person to turn to for money. My attorney told me he was unable to help with any financing and the insurance company was refusing to settle the case. I turned to a company called Fast funds. They immediately reviewed my file and took the financial pressure off by providing me with interim financing. I am now able to wait for as long as it takes for my lawyer to achieve a successful result in my case. Without the financial involvement of Fast Funds, I don't know what I would have done.

K.P.

I wanted to thank you for your sensitivity in helping me cope through a very difficult time in my life. Without your help, I would have been unable to pay my rent , forcing my wife and children to be put on the street. I have not been able to return to work and I was tempted to accept the insurance company's very low offer to settle, even though I knew it was not fair or reasonable. You have given me the ability to withstand the financial pressures. Thanks for your help. I will never forget it

C.S.

I have in the past referred clients to Fast Funds Inc., a non-recourse company. The experience of my clients

and my firm were totally positive. Fast Funds was responsive to the clients financial and emotional needs, provided the necessary emergency money and did not interfere in any manner with my handling of the cases. The clients, without my input, negotiated the advance directly with the company. In each case, they were completely satisfied with the final result of the case, including the amount of profit earned by Fast Funds. Non-recourse funding is clearly a valuable tool to the plaintiff's attorney.

M.J.L.

"I am writing to recommend the valuable assistance of the Fast Funds Inc., a company that provided interim funding to financially needy clients. They help to insure that a case will be brought to a successful resolution. A good case in point is when I was offered $75,000.00 for a seriously injured client. Had she not been able to take advantage of the advance financing offered by Fast Funds, I would have been forced to take the money. As it turned out, because my client now had the financial ability to withstand the pressures of time, I tried the case to a jury and received a verdict of $315,000.00.

M.S.D.

It is my belief that non-recourse companies, such as Fast Funds, the company to whom I refer my needy clients, perform an invaluable service to both the client and the attorney. Simply put, it is common knowledge that one of the tools negotiation utilized by insurance companies is time. Offering

considerably less money than the actual case value to a client in desperate need of funds while the case is pending, gives the insurance companies a tremendous advantage. This advantage is minimized and the playing field is leveled when the client has the ability to obtain funds for a minimal portion of the anticipated proceeds. Many times, with no prospects of income, an injured party will settle the case for whatever offer is made.

R.J.F.

The Benefits of a Cash Advance in Michigan Car Accident Cases

There are several benefits to getting a cash advance while your car accident lawsuit is pending. First and foremost, it can provide immediate financial relief. If you are unable to work due to your injuries or if medical bills are mounting, a cash advance can help cover these costs. This allows you to focus on recovering from your injuries rather than worrying about how to pay your bills.

Another advantage is that a cash advance can give your attorney more time to negotiate a fair settlement. Often, insurance companies offer low settlements early in the process, hoping that the injured party will accept because they need money quickly. By taking a cash advance, you might be able to reject low offers and allow your attorney to work on getting you a higher settlement.

Additionally, because legal funding is not a loan, you do not have to worry about repaying the money if your case is unsuccessful. This can provide some peace of mind, as you know that you will not be burdened with debt in the event that the lawsuit does not go in your favor.

The Drawbacks of Legal Funding in Michigan Car Accident Cases

While there are clear benefits to getting a cash advance, there are also significant drawbacks to consider. One of the biggest concerns is the cost. Legal funding companies charge high fees, and these fees can grow over time. Depending on how long your case takes to resolve, you might end up owing a large portion of your settlement to the funding company. This means that while a cash advance can help you in the short term, it can also reduce the amount of money you ultimately receive from your lawsuit.

Another potential drawback is that legal funding can create additional pressure to settle your case quickly. While having extra money upfront might allow you to reject low settlement offers, the growing fees from the funding company might make you more willing to settle later on, even if the offer is less than what you deserve. This can be a difficult balance to strike, and it is important to talk with your attorney about the potential impact of legal funding on your case.

Additionally, not all cases will qualify for legal funding. The funding company will only provide a cash advance if they believe there is a strong chance that you will win your case. If your lawsuit is complicated or if liability is unclear, you might not be approved for a cash advance. This means that even if you are struggling financially, legal funding might not be an option for you.

Things to Consider Before Applying for a Cash Advance

If you are considering applying for a cash advance during your Michigan car accident lawsuit, it is important to carefully weigh your options. First, talk with your attorney about whether legal funding makes sense for your case. Your attorney can help you understand the potential benefits and drawbacks and give you a clearer picture of how long your case might take to resolve.

You should also take the time to research different legal funding companies. Fees and terms can vary, so it is important to compare your options and find a company that offers fair terms. Some companies are more transparent about their fees than others, so make sure you understand exactly how much you will owe if you win your case. Keep in mind that the amount you receive in a cash advance will likely be less than the full value of your case, so you should only borrow what you truly need to cover your expenses.

It is also important to think about whether you have other options for financial support. If you have health insurance or other resources that can help cover your medical bills, you might be able to avoid taking out a cash advance. In some cases, it might make more sense to borrow money from friends or family, as this can be less expensive than legal funding. Ultimately, the decision to apply for a cash advance should be made after careful consideration of all your options.

How a Cash Advance Might Affect Your Michigan Car Accident Settlement

One of the most important things to remember about legal funding is that it will affect the amount of money you receive from your settlement. When you take out a cash advance, the funding company will take a portion of your settlement to cover the advance and any associated fees. This means that even if you win your case, you might end up with less money than you anticipated.

In some cases, the fees from the legal funding company can be quite high, leaving you with only a small portion of your settlement. This can be especially frustrating if you were counting on the full value of your settlement to cover your medical bills, lost wages, and other expenses. Before you apply for a cash advance, make sure you fully understand how much it will cost and how it will impact your overall recovery.

Is a Cash Advance the Right Choice for Your Michigan Car Accident Lawsuit?

Deciding whether a cash advance is the right choice for your Michigan car accident lawsuit depends on your unique situation. For some people, legal funding provides much-needed financial relief while they wait for their case to settle. However, the high fees and potential impact on your settlement should not be overlooked.

If you are struggling financially after a car accident, it is important to explore all of your options before making a decision. Talk with your attorney about the pros and cons of legal funding and consider other sources of financial support if possible. Ultimately, the choice to apply for a cash advance should be made with careful thought and planning to ensure that you are making the best decision for your future.

If you are involved in a Michigan car accident lawsuit and are considering a cash advance, Fast Funds can help you navigate this decision. Our team understands the financial stress that car accident victims face and can assist you in exploring your options. Contact Fast Funds today to learn more about how we can support you during this challenging time and ensure you make the best choice for your case.

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Michigan Car Accident Lawsuits: Is a Cash Advance Right for Your Case?