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motorcycle accident loans
Riding a motorcycle is thrilling and convenient. With a bike, it is easier to navigate through traffic. However, riding on a motorcycle carries a higher risk of injury and fatality than riding in a car. According to the National Highway Traffic Safety Administration (NHTSA), the probability of getting involved in a fatal accident is 13 in 100, 000 for passenger vehicles and 72 in 100, 000 for motorcycles. The high risk is because bikes have no protective body to absorb the impact in case of a crash.
If you are injured in a motorcycle accident, you are entitled to the different forms of compensation. For example, you may be eligible for personal injury, loss of income, and vehicle damage compensations. What you can recover from the at-fault party varies from one state to another, but it all depends on the degree of fault of each party. In some states, you will receive compensation that is proportional to your percentage of fault. In others, you cannot recover any compensation from the defendant if your degree of negligence is greater than 50 percent.
One way of recovering loss resulting from a motorcycle accident is claiming compensation from the at-fault party’s insurer. However, many insurance companies find ways of not paying claims or paying small amounts. You may, therefore, not get the compensation you deserve from the insurance company. If the insurance way fails, the other option is filing a compensation lawsuit with a court of law. A motorcycle accident lawsuit gives you flexibility as you can seek compensation for many types of damages.
What are motorcycle accident lawsuit loans
Motorcycle accident lawsuits are not always smooth for plaintiffs. First, you have to look for an experienced attorney to increase your chances of getting the rightful compensation. Second, you have medical bills to cover. Further, there may be a disruption to your daily economic activities thus plunging you into financial difficulties. This is where motorcycle accident lawsuit loans come in. If you are unable to get your bike accident compensation lawsuit off the ground, or if you run into financial difficulties in the course of the lawsuit, you can take a loan against the expected compensation.
Getting a motorcycle accident lawsuit loan is straightforward. Most of these loans don’t require through credit score checks since the expected compensation acts as the collateral. The loan provider will first assess the case to see if your claim is valid. The assessment also helps the lender estimate the value of the lawsuit. They will then advance a portion of the expected compensation to you.
Advantages of motorcycle accident lawsuit loans
Motorcycle accident lawsuit loans carry many advantages for plaintiffs. These advantages include
- Lenders use the circumstance surrounding the lawsuit to decide whether they will lend. This means plaintiffs with low credit score and income have access to the lawsuit loans. Also, the absence of creditworthiness checks saves time.
- They help bike accident victims stay afloat, cover medical bills and pay attorney fees while awaiting the determination of the lawsuit.
- Unlike other loans, motorcycle accident lawsuits loans have no monthly payments; They are repaid in a lump sum when the lawsuit is settled. This lessens the financial burden on the plaintiff.
- Lawsuit loans are nonrecourse loans. There is therefore minimal risk on the plaintiff’s side.
- Motorcycle accident lawsuit loans empower victims to pursue justice. Sometimes, plaintiffs are forced to accept raw deals due to financial pressures, especially when the case is likely to take long. With lawsuit loans, the plaintiff can afford to hold on for a better deal.