It can take a long time for your personal injury case to settle. In the meantime, you are worried about paying bills and taking care of necessary medical expenses. You are not sure you can wait until your lawyer negotiates the settlement amount you deserve for your injuries. That is where Ohio pre-settlement funding comes in.
While pre-settlement funding is often referred to as a lawsuit loan, that is technically not a correct description. Pre-settlement funding in Ohio is not a loan but a cash advance. It is a disbursement of money in anticipation of a later settlement.
Unlike a loan, there is no credit check or employment or income verification needed to qualify for pre-settlement funding in Ohio. Pre-settlement funding is repaid when you receive your settlement or jury award. If you do not win your case, you owe nothing to the funder. Pre-settlement funding is therefore a much lower risk for the plaintiff than a traditional loan.
How Pre-settlement Funding in Ohio Works
To qualify for pre-settlement funding in Ohio, you must have a current personal injury lawsuit filed and legal representation. Your attorney must agree to provide information about the strength of your case to the pre-settlement funding company.
After your application is submitted, Mustang Funding researches your case and determines whether it meets our criteria for pre-settlement funding. The criteria involve the solidity of the case, the potential settlement amount, and the possibility of a favorable result.
Once approved, you should receive your pre-settlement funding within 24 hours.
Pre-settlement funding in Ohio is non-recourse. That means the funding company takes all the risks. If you do not receive a settlement or the jury’s verdict is not in your favor, you do not need to repay the funds.
There are no restrictions on how the funds are spent. While most people use pre-settlement funding in Ohio to pay bills, you can use it for any purpose.
Ohio Pre-settlement Funding Laws
Under Ohio statute 1349.55, your attorney must acknowledge that they have reviewed the pre-settlement funding contract and that all costs and fees have been disclosed.
In Ohio, the statute of limitations for filing a personal injury lawsuit is two years from the date of the accident. Failing to file a personal injury lawsuit by that deadline generally means the lawsuit cannot go forward.
Ohio operates under a comparative negligence standard when it comes to liability. If the claimant is found to be less than 51 percent responsible for their injury by a jury, they can still receive compensation. However, any damages are reduced by the victim’s percentage of fault.
For instance, if the jury determines that the victim was 20 percent at fault for their injuries, a $100,000 award is reduced to $80,000.
Personal Injury and Other Pre-settlement Funding in Ohio
Most types of personal injury cases are eligible for pre-settlement funding in Ohio. That includes motor vehicle accidents, slip and fall cases, defective products, and medical malpractice. However, in Ohio, workers’ compensation cases are ineligible for pre-settlement litigation funding.
Contact Mustang Funding
For more information about pre-settlement legal funding and whether your case qualifies, contact Mustang Funding today. We serve clients in Akron, Cincinnati, Cleveland, Columbus, Toledo and other states where legal funding is is legally permitted. Since 2018, we have provided more than $150 million in funds to plaintiffs and attorneys.
