Legal-Bay Pre-Settlement Funding Company Sees Major Slowdown in Personal Injury Lawsuits Due to Coronavirus Pandemic

Legal-Bay, the premier pre-settlement funding company, announced today that they are witnessing a downturn in the number of lawsuit filings for personal injury claims nationwide. Due to coronavirus lockdowns, people are not out-and-about, lending to fewer motor-vehicle accidents or slips-and-falls. Courts have also been closed, leading plaintiffs to explore personal injury settlement loans rather than wait indefinitely for their cases to settle via a near-stagnant legal process.

Instead of settling for a lowball offer from insurance companies, plaintiffs and lawyers are turning toward personal injury lawsuit loans in order to withstand the even longer wait times of a backlogged court system. More plaintiffs than ever before are applying for personal injury funding. And because lawyers are settling fewer cases than usual, there’s been a rise in attorney funding applications as well. Legal-Bay expects to fulfill numerous personal injury loans in the coming months to both plaintiffs and attorneys alike.

Chris Janish, CEO, commented, “Coronavirus has created a perfect storm for many personal injury law-firms. Less activity equals fewer car accidents or construction accidents, therefore, fewer lawsuits are being filed. Couple this with court closings in cities like New York and Los Angeles, and very little settlement cash flow is coming in for these firms. We’re seeing more funding applications from attorneys looking for working capital, as well as many plaintiffs needing a personal injury loan who thought their cases would’ve settled by now.”

Legal-Bay’s pre-settlement funding programs are designed to provide immediate cash in advance of an anticipated monetary award. The non-recourse law suit “loans” —sometimes referred to as loans for lawsuit or loans on settlement—are risk-free, as the money doesn’t need to be repaid should the recipient lose their case. Therefore, the lawsuit loan isn’t really a loan, but rather a cash advance.

To apply right now, please visit the company’s website or call toll-free at: 877.571.0405 where agents are standing by.