Navigating the aftermath of a cycling accident can be an overwhelming ordeal. The physical injuries, the resulting medical bills, and perhaps most pressingly, the mounting uncertainty about your financial future can take a toll.
If this strikes a chord with you as an injured cyclist in need of immediate funding but unsure of how to bridge this gap until you receive a settlement, read on.
This piece unravels what car accident loans are, how they work, and importantly explores their applicability for individuals in your situation.
Cycling Accidents on the Road
As a cyclist, you’re exposed to considerable risk every time you head out onto the road. Unfortunately, statistics show that numerous riders suffer accidents each day. In some of these instances, individuals endure severe injuries that drastically change their lives.
Considering data from the National Highway Traffic Safety Administration, it’s startling to discover that in 2018 alone, 857 bicyclists were killed in traffic crashes across the United States. The numbers have since dropped significantly, with numbers for 2022 estimated at 291, but this is no consolation still.
The long-term health implications and costly medical treatments related to such outcomes can be deadening.
Remember though, this isn’t designed to scare you away from your passion for cycling but to underline the importance of safety measures. The road can be dangerous but knowledge and preparedness make all the difference.
What Are Car Accident Loans?
Car accident loans are essentially pre-settlement funding or cash advances provided to those who’ve suffered injuries from a vehicular accident. Not really a loan in the traditional sense, it’s rather a way of accessing future settlement funds before your claim is officially resolved.
The working principle of car accident loans is simple. A lending company offers you an advance on your impending settlement, based on their assessment of the likely outcome of your case. This means that you receive immediate financial relief while your court proceedings are still in progress.
These loans can be immensely beneficial for borrowers who need immediate funds to cover their medical costs, lost wages, and personal bills during court proceedings lengthy periods.
Furthermore, if for any reason you don’t win your case, you’re generally not required to repay the advanced money.
Why Do People Apply for Car Accident Loans?
There are numerous reasons people apply for car accident loans.
Chief among them is the prolonged duration of car accident cases. The court proceedings can take months, even years to resolve, leaving injured parties in financial limbo.
The second reason relates to the high costs associated with legal battles. Working with seasoned bike accident attorneys and keeping up with ongoing court expenses can quickly drain your finances.
And as hinted earlier, the injuries suffered in an automobile accident often lead to significant medical bills and time away from work, putting victims under additional financial strain.
Thankfully, car accident loans can provide much-needed funding to ease this burden. If you view their page, lending companies like Tribeca Lawsuit Loans enable online access to these loans.
But the big question remains; can you secure a car accident loan if you got injured by another road user while cycling?
To answer this question, let’s start by understanding the types of injuries a cyclist may suffer when hit by a car, and afterward look at the eligibility criteria used by car accident lawsuit lenders.
Common Types of Cycling Injuries from Car Accidents
From crosswalk collisions to intersection accidents and rear-end bumps, bicycling accidents can come in many forms. They can lead to various kinds of accidents, ranging from:
- Head and brain injuries: Helmets can mitigate the risk, but serious accidents can still result in a concussion, traumatic brain injuries, or even skull fractures.
- Fractures and breaks: From hairline fractures to compound breaks, these are common due to the force imparted during a collision.
- Cuts and lacerations: Contact with debris, gravel or even the vehicle itself can lead to superficial or deep cuts.
- Spinal cord injuries: Cyclists are often thrown off their bikes during a collision, which can lead to serious spinal cord complications including paralysis.
- Internal injuries: These include organ damage and internal bleeding caused by the blunt force trauma of being struck by a vehicle.
Common Eligibility Criteria Used By Car Accident Lawsuit Lenders
Car accident lawsuit lenders evaluate several key factors when determining a victim’s eligibility. Each of these markers can significantly impact whether your application gets approved.
Existence of a Valid Lawsuit:
First and foremost, you must have a valid pending lawsuit against a third party who is at fault. This serves as proof that you are actively seeking damages and there’s potential settlement money in the future. In fact, millions of dollars have been recovered in settlement from cycling accidents, especially for brain injury victims.
Severity of Injuries:
Lenders typically consider the severity of your physical injuries. Serious injuries often translate into larger settlement amounts, giving lenders more confidence in advancing larger sums.
Representation by an Attorney:
Having legal representation also plays into your favor. It signifies that you’re serious about your claim and increases the lender’s assurance that they will be able to recover their funds.
Potential Settlement Value:
Lenders also estimate the prospective value of your claim based on available evidence, including medical records and expert opinions. Higher expected settlements make it more likely for lenders to approve loans.
So, Can Injured Cyclists Apply for Car Accident Loans?
Indeed, injured cyclists who’ve been involved in a car accident and are pursuing legal action can apply for a car accident loan. These loans are designed to provide financial relief during what can be an exceptionally challenging period.
Remember, the goal of these cash advances is to manage costs like medical bills or lost wages while waiting for the resolution of your case and perhaps to get back to enjoying the health benefits of cycling. So if you’re facing financial hardship due to such a situation, considering this option could be immensely beneficial.
Don’t let an unfortunate road mishap derail your life — consider using the information shared here to ease your journey toward recovery. If you or someone you love is dealing with the aftereffects of a cycling accident, exploring the option of car accident loans could be a crucial first step to recovery as you seek fair compensation.