Car Accident Loan
When you or a loved one has been injured in an accident, you’re likely thinking about health and safety first, not your bank account. A car accident can be devastating, but after the initial impact, the financial impact can leave you and your family struggling to overcome the accident.
There are also other expenses that you may not have considered yet, like lost wages from your job or the growing costs of your medical care. You may have heard about car accident loans to help people in your situation, but you want to make sure you’re informed and make the best decision.
At Money First Funding, we offer the help you need when you’re injured and working on your car accident claim. Unsure if this type of pre-settlement funding makes sense for your situation? Here’s what to know about accident loans and how a pre-settlement funding company can help you overcome your injuries.
What is a Car Accident Loan?
When you’re injured in a car accident, if you are lucky enough to avoid more serious injuries, you will still likely need time off from work so that you can heal and rest. If your injuries are severe, you may be unable to return to work at all, which means losing income and having to find a way to pay your debt.
That’s where we can assist. We offer accident loans that help you recover completely, without worrying about your lawsuit. A car accident loan is a cash advance that allows you to use the funds for anything related to the accident, including:
- Medical expenses
- Vehicle repairs
- Other replacement costs
- Rental expenses
- Everyday expenses while unable to work
- Legal fees
- General living expenses such as rent or mortgage, utilities, groceries
- Additional help needed around the house such as a housekeeper and landscaper
- Additional childcare needs
As an auto accident victim, you may have to pay thousands or even tens of thousands of dollars in medical bills alone. This can be especially difficult if you don’t have health insurance and don’t have the money to pay for repairs or basic living necessities like rent and food. In these situations, pre-settlement funding can provide the support you need.
We make applying and getting approved for a car accident loan as simple and quick as possible. Your loan amount is based on the money you’re expected to receive when your case is resolved and the value of your car after the collision. No credit check is required. While the outcome of your case isn’t guaranteed, you only pay from your compensation, not your pocket.
A car accident loan is a special loan where you can get a cash advance against your pending auto accident lawsuit. Depending upon the complexity of your personal injury claim, negotiations may take longer than the bills from being injured take to come rolling in.
These types of loans provide you with the financial security that you need to keep up with the bills coming in and stay afloat while you wait for your settlement. Unfortunately, life does not stop because you are injured, and the mortgage, electric bill, and car loans still need to be paid. Contacting us to apply for a pre-settlement loan is quick, easy, and best of all, painless.
Types of Accidents that Qualify for a Car Accident Loan
There are many types of accidents that qualify you to take out a car accident loan. If you have been injured due to the negligence of another, your first concern is to ensure your medical needs are met. Second, you should obtain a trusted attorney to represent you and work towards getting you the compensation you deserve. Next, consider taking out a car accident loan.
As a pedestrian struck by a car, liability often falls on the negligent driver, and the cases may be more streamlined than other accidents. In these cases, there is usually only one insurance company to pursue. Typically, as a pedestrian, you have the right of way as drivers are obligated to pay attention to their surroundings. Pedestrian laws vary by state and your attorney should be well-versed in your state’s regulations.
Semi-truck and tractor-trailer accidents can lead to serious injuries due to the sheer size and weight of the vehicles. When these types of accidents happen, the aftermath can be devastating. Extremely large medical bills with the need for medical rehabilitation, aftercare, adaptive devices, and a long time away from work leave a large financial burden.
Motorcycle victims can suffer from major injuries. Unlike being hit while in a car, when you are on a motorcycle there is no protection from an oncoming impact. There are no airbags and not all states have helmet laws. Broken bones and possible head trauma can lead to extensive recovery costs.
Bike accidents are growing in numbers as the cost of fuel grows and more people are focused on being active and cutting down on emissions that may damage the environment. Similar to a pedestrian accident, liability is usually clear and involves negotiations with a single insurer. This does not mean proceedings may not be lengthy so immediate financial coverage can be important.
Bus accidents can also result in multiple injuries to passengers. If you were injured as a passenger on a bus, the chances that you were wearing a seatbelt are slim. You may have been standing or sitting at an angle that caused you injuries or may have exacerbated pre-existing conditions. The size and weight of a bus can result in severe injuries greater than a car.
Rideshare services have grown significantly in popularity. If your injuries involve an Uber, Lyft, or taxi car driver, a personal injury lawsuit with the need for a car accident loan is also a valid claim. Accidents in these vehicles can happen due to any number of reasons, but the injuries suffered while using their services should not be minimalized.
Recreational vehicles, commonly referred to as RVs, are growing in popularity as airfare prices increase. Though accidents in these vehicles are statistically rare, if you have been injured in an accident involving an RV the rarity is now your reality. Injuries and property damage are immediate factors that a car accident loan can help with.
All types of car accidents qualify as well. Whether you were injured in a sideswipe accident, rear-ended, suffered a head-on or a t-bone collision, or were hurt at the hands of a drunk driver, the negligence of another should not cost you everything you’ve worked so hard for and possibly ruin your credit. We are here to help while you are waiting for the health insurance claims to go through and your personal injury claim to finalize.
Why So Many People Take Out a Car Accident Loan
There are many benefits to securing a car accident loan after a wreck. In some cases, using a car accident loan to pay off certain bills related to injuries from the crash can mean peace of mind as your medical bills pile up. The loan can cover these costs in the meantime, protecting you from debt collectors and more expenses.
In addition to medical treatment, if your car was damaged in the accident, you’ll need to pay for repairs before you can drive it again. Even if your insurance pays for the damage, there’s a good chance that your deductible will apply and you’ll have to pay out of pocket until the deductible is met.
If you have just been in a car accident and want to rent a car, there is a good chance that your insurance company will help you with the cost. But what if your insurance company is denying your claim? Or what if you have no insurance at all?
If you’re facing these issues, a pre-settlement loan can provide the money you need after a car crash. This is vital if you drive for a living. For example, if you work as a courier or driver, your very livelihood depends on staying mobile, and taking out a car accident loan for vehicle repairs or a rental means you can keep your job.
Whatever your situation, car accidents happen every day, and they can be expensive. That is why we provide car accident loans with low rates and fast turn-around times to our clients for people like you. You don’t have to struggle alone with your accident recovery.
Average Cost of a Car Accident
There are many factors that go into the total cost of a car accident and costs also vary depending on your current insurance, the type of car you own requiring repair or replacement, and where you live. On average, car accidents have cost United States residents over two hundred thirty billion dollars each year.
Somewhere between twenty and fifty million people suffer from injuries and long-term disability from car accidents annually. The average cost to those who suffer from non-fatal motor vehicle accident injuries is over $96,000. Those who have money to that extent to use on unexpected expenses are few and far between.
Minor Accidents Can Be Costly
Minor accidents are those in which no physical injuries are present and the damage to your vehicle can be repaired. These accidents typically cost up to $1,000. Even minor fender benders can throw your alignment out of whack and lead to unexpected costly repair estimates.
The Insurance Institute for Highway Safety found that even in a low-speed collision, significant damage can be done, especially if the bumpers of the vehicles in a bumper-to-bumper crash do not line up. The type of vehicle that is involved in a crash matters.
Unfortunately, even these minor car accidents can be costly because you’re facing multiple bills at once. You may need to take off work for a few days, you may be mildly injured and now face a hospital bill, and the bill for your car repairs can add up. That makes it harder to recover without financial aid.
With a car accident loan, you don’t have to worry about paying the wide variety of bills that spring up and cause a major headache following a car accident. Your car accident loan will cover the range of bills as they pop up, without the stress and headache of allocating funds to them. That means you can focus on your lawsuit, not on playing catchup with your bills and expenses.
Serious Accidents Can Cause Lifetime Expenses
Damages suffered from a serious accident are not only costly physically and emotionally, but can be financially crippling. An accident where there are physical injuries and significant damage to one’s vehicle or it being left inoperable is considered serious.
Factors that drive the cost up when it comes to serious injuries include medical expenses, insurance premiums, property damage, inability to work, emotional distress, and legal fees. The National Safety Council performed a study estimating the costs associated with serious accidents, and their findings showed costs that may feel impossible for the average person to overcome.
That’s in part because these severe car accidents may lead to lifelong injuries that leave you hurt and suffering for the rest of your life. The loss or loss of use of a limb, for example, or paralysis, may lead to long-term, costly expenses that never go away. Your lawsuit should reflect this, and you may need more funding to maintain your quality of life while you wait for your compensation.
Death-related motor vehicle accidents have been estimated to cost families over $1.5 million. Permanent disabilities stemming from a crash can total close to $100,000. If other injuries are evident or felt to be possible at the time of the accident, the average cost has been found to be between $20,000 and $30,000.
Car Accident Injuries and Associated Costs
The price tag of your car accident injuries varies depending on the type of injuries you suffered, the type of hospital, and the town and state you are in, as well as what type of insurance you have. Even a simple emergency room visit can cost thousands of dollars for even relatively minor injuries, especially if you don’t have insurance to cover the costs.
Healthcare costs in the United States continue to increase steadily each year. Though there’s a multitude of injuries that can occur from being a victim in a car crash, the most serious require inpatient hospitalization and may have additional costs associated with post-hospital rehabilitation. Two of these catastrophic injuries include traumatic brain injuries and spinal cord injuries.
Traumatic Brain Injuries and Associated Costs
A traumatic brain injury is a head injury that causes damage to the brain. These are very common in severe motor vehicle accidents as they are caused by external force or a fragment that pierces the skull. Mild trauma can affect the brain cells temporarily, but more serious injuries can result in bruising, torn tissue, and bleeding causing long-term complications or death.
As with any injury, the more severe the traumatic brain injury, the longer the hospital stay and the bigger the cost. Motor vehicle accidents make up a little over fourteen percent of all brain injuries. Depending on the need for surgery, hospitalization can last weeks amounting to bills that can be as high as three hundred thousand dollars. Long-lasting cognitive and functional impairments are a scary reality.
Spinal Injuries Can Have Long-Term Effects
Spinal cord injuries occur when there is physical damage to the spinal cord. This damage can interfere with all motor functions and bodily systems that we do not think about daily, like breathing. Damage can be caused to the spinal cord directly or from damage to the tissues and bones that surround your spinal column.
The extent of a spinal cord injury depends upon where the trauma took place along the spinal cord. The higher up, the more severe. Bodily functions controlled by the nerves below the level of the injury are affected. Injuries include varying degrees of paralysis, changes in sexual function, changes in sensation to hands and feet, loss of bladder control, and inability to breathe on your own.
Costs of Your Recovery
For both traumatic brain injuries and spinal cord injuries, there is a high probability that the physician and physical and occupational therapists will recommend a stay in an acute rehabilitation facility once you are medically stable for discharge from the hospital. Here you have around-the-clock medical care and participate in three hours of physical therapy daily.
The average cost of an overnight stay at an acute rehabilitation facility is around one thousand dollars. Multiply this by the weeks and months that a typical stay lasts and it is easy to see how quickly these bills can add up. If your settlement has not been finalized, a car accident loan can help pay for what your insurance doesn’t.
The cost of a stay in each healthcare facility varies depending on the amount of care, number and type of medications, and specialized equipment that is needed. It’s easy to see how quickly the cost adds up. If you are in this situation due to the negligence of another causing a car accident, legal action can get you what you deserve, a car accident loan can cover expenses like these while they work on your case.
If you have suffered injuries, but after your initial emergency medical care you don’t require rehabilitation and have support to be cared for at home, there are still costs involved. Durable medical equipment is the term used for adaptive devices you can use in order to carry out your activities of daily living.
Most insurances cover medical equipment, but not everything is covered and not all plans cover these completely. Every step they need to take to get answers and treat the injuries you’ve suffered can cost hundreds or even thousands of dollars, which may become unmanageable for you over time.
The cost of these standard pieces of durable medical equipment has only increased in the past seven years, never mind the cost if specialized equipment is needed. Depending on your needs, an electric wheelchair can have a price tag of nearly $5,000. Companies can charge thousands for electric hospital beds, too, even if you’re in need of this type of equipment.
This is also not to mention any new prescription drugs that are required due to your newly sustained injuries. Depending on your insurance coverage, medications can cost thousands. Depending on your situation, if you are working with healthcare professionals they can help you obtain coverage that is best for you. But in the meantime, we can offer the financial assistance you need.
Does a Car Accident Loan Make Sense in Your Situation?
Applying for a car accident loan makes sense when there’s a significant gap between what you have in your bank account, the expenses you’re facing, and what your case is likely to settle for.
You may have already received an offer from the at-fault driver’s insurance company, but it’s not enough to cover all your damages. When this happens, it makes sense to apply for a pre-settlement loan as soon as possible. The at-fault party may avoid paying out more for your injuries, which means you may be in court for some time while solving this issue.
You can also get the car accident loan application process underway if you are waiting to find out who will be paying for your accident and when you’ll receive the funds you’re due. In some cases, this may fall on the at-fault driver, while in others, the insurers are responsible for paying out. This can be frustrating because the process can take several weeks or months.
Maybe you need money right now, and you don’t have access to credit cards or savings. When you have exhausted other alternatives and do not know where to turn, it is reassuring to know that pre-settlement funding is available. Here are some examples of when taking advantage of our accident loans makes sense.
You Need Help with Vehicle Repair Costs
When you are filing an insurance claim, it is important to know what your policy covers and what it does not. Many car accident victims are dismayed to learn that their insurance policy does not cover everything that has been damaged and that their insurer won’t pay out right away.
For instance, if you have comprehensive coverage, your insurer will pay for windshield repairs or replacement, especially if the damage was caused by vandalism or theft. While damage related to tires is typically covered under comprehensive coverage, they are generally considered a wear-and-tear item and they may claim you’ll have to replace them yourself.
Even if your tires are not worn out, you may need new ones if you have wheel damage that leads to tire failure later. In these cases, you may think of it as a car damage loan because, in essence, a car accident loan will get you the new tires or other repairs without a hassle.
If your vehicle is damaged beyond repair, pre-settlement funding can even be used to help you buy or rent another car. That helps you get back on the road as soon as possible.
Your Medical Bills Exceed Your Out-of-Pocket Maximum
You may have insurance and are responsible for paying your medical bills, but those bills may have exceeded your deductible or out-of-pocket maximum. When this happens, you may need money to cover the costs of these expenses. Without a car accident loan on the way, you may have to wait until your case is resolved before receiving any money.
After receiving car accident loan approval, however, you can receive money right away. You can use it to pay off these bills and seek reimbursement later when your case is settled or goes to trial.
You Have Medical Bills That Need to Be Paid Immediately
If you have been in an accident involving serious injuries, you may need emergency medical treatment right away. If this is the case, then a car accident loan can help cover these expenses without having to wait for an insurance company payout or for your case to be resolved in court.
In some cases, a car accident loan can even be life-saving, especially in cases where delaying medical treatment could lead to more physical problems later on. For instance, in the case of a head injury or concussion, time is of the essence. Having the funds you need to cover the costs of co-pays and other medical expenses can give you peace of mind.
Disability Payments Don’t Cover Your Lost Wages
You may want to get a car accident loan after a serious accident with injuries if you’re unable to work. You may receive Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI), but these payments may not cover the value of your former wages.
Social Security Disability Insurance, or SSDI, provides benefits to individuals who are disabled and unable to work. If you qualify for SSDI, you will get a check from the Social Security Administration monthly. The amount of your check depends on how much money you made before becoming disabled and how long you worked in your lifetime.
Supplemental Security Income, or SSI, is another type of government assistance that provides financial support for people who have limited resources and income. People who qualify for SSI include those who are 60 years old or older, blind, or disabled.
When you’re hurt, you may be paying more than your previous expenses. You may have more medical costs, household expenses, and other worries. If your SSI or SSDI doesn’t cover as much as your wages, you may find yourself struggling to pay all your bills despite these payments.
If you secure pre-settlement funding from us, it will bridge the gap between the money that you have coming to you and your immediate financial needs. That can make a big difference when you’re hurt and need funds to cover the expenses disability payments don’t cover.
How to Apply for a Car Accident Loan
Anytime you are involved in an auto accident, you may be entitled to financial compensation, but your recovery is not automatic. It may take time to get the funds you need from your settlement or lawsuit, and in the meantime, you may need a loan. But how do you get that loan?
Insurance companies may try to force you into accepting less money than you need to pay for your physicians’ visits, auto repairs, and lost wages. A car accident loan can provide money for your basic expenses so you can be patient through the process and collect every penny they owe you.
It doesn’t take long to get approval and get the cash you need that puts you in the driver’s seat.
While it’s not mandatory to consult with a lawyer before applying, showing you have a strong claim with a lawyer’s guidance can help you get approved for a loan. Your attorney can also help you evaluate how much your case is worth and if a car accident loan is in order.
Car accident loan applications are similar to other types of loans, but you may also want to have a lawyer help you with the application process. Attorneys know how to deal with these types of loan applications and can help you complete them correctly and avoid mistakes that could affect your ability to receive financial assistance.
When you and your lawyer are ready to apply, the application process is fast and simple. You should be able to find out right away whether or not your claim is eligible for funding. Check out the steps below to get started on your application:
- Give us a call or fill out an application online
- We will review your application and will usually contact you within twenty-four hours if we think we can help with your claim
- We send over a contract that outlines our terms and conditions
- You sign the contract and return it to us
- You will be given a loan that you can use until your case is over or until you receive your settlement check
The amount of money you will be offered varies based on the strength of your case and how much coverage you are likely to recover. This coverage may come from the at-fault party’s insurance company or any other sources available, like uninsured motorist coverage.
Once you’ve taken these steps, you should have the funds you need for your recovery, funds you only pay back once your case is settled. There is no need to stress over paying your bills when pre-settlement funding is available to you. We have helped many people just like you and look forward to offering our services when you’re hurt in a car accident.
Timeline to Receiving Your Car Accident Loan
When you’re hurt in a car accident, you need financial help as soon as possible to recover from the suffering you’ve experienced. Because of that, you don’t want to wait. You’re already waiting because the lawsuit process can be so lengthy. Because of that, you may be concerned about getting your funds as soon as possible, to cover the many bills you’re facing in the aftermath of a car accident.
If you’re approved for a car accident loan, you may receive your money as early as the same day. We know you’re under severe stress because of your injuries, and we want to take the pressure off you as soon as possible. That’s why we make sure you don’t have to wait long, if you have to wait at all, to get the financial support you need when the worst-case scenario has happened.
If you’re concerned about getting your money as soon as possible, reach out to your lawyer and our team to work out your options and get your funding as soon as possible.
How Much Money Can I Ask for?
No two car accidents are the same, and injuries from similar types of crashes can vary significantly based on many factors. Once you apply for a car accident loan, we will work with your attorney to get the specific information we need regarding your auto accident. Based on this discussion, we’ll have a clearer, more specific idea of the amount of funding you will need.
There are some standard factors that are taken into consideration when estimating the strength and value of your claim. Initially, we collect information about what injuries you have incurred and how severe they are. Medical bills and the cost of ongoing medical treatment are economic costs that are inevitable.
Costs in addition to your immediate healthcare bills include the amount of income that will be lost by your inability to return to work, both short term and in the future. Property damage can be significant, whether it was only to your vehicle or additional property in your possession at the time of the accident. Pain and suffering is also calculated with the assistance of your lawyer.
We make the application process easy, and if your case value supports it, we can offer loans as high as $500,000. As all of your bills will not all come in at once, you are able to use your loan in monthly or quarterly disbursements.
Repaying a Car Accident Loan
Whenever you consider taking out a loan of any sort, your immediate concern is how this loan will be repaid. Pre-settlement loans for automobile accidents differ from your typical loan. Because they are non-recourse loans, you will not be held to a monthly payment.
Once your personal injury suit has been settled, your attorney will receive the total amount of reimbursement you have received for damages incurred. The lawyer will take this amount and from it will pay us the amount of your car accident loan and deducts any fees. The remainder of your settlement is yours and will be dispersed to you at that time. If you happen to lose your case, there are no repayment obligations to us.
Contact Us to Learn More About a Car Accident Loan
A car accident can leave you with a lot of unexpected expenses. If you’ve been injured or your car is damaged, you may need to get repairs or replacement parts before you can drive again. You may also need to take time off work to recover from your injuries.
Even if you’re not at fault for the accident, you could have to pay for medical bills and other expenses out of pocket until your insurance company pays up. If the other driver was at fault, you may be dealing with a long wait before your insurance company reimburses you. In this scenario, pre-settlement funding will be a huge relief.
Fortunately, we provide you with a financial solution so that you don’t needlessly suffer while waiting for reimbursement from the insurance company. We offer competitive rates so you can borrow money affordably when times are tough. You also don’t have to worry about repayment, as your repayment simply comes from your compensation after the lawsuit is over.
We know that you have many choices when it comes to who services your car accident loan. We pride ourselves on working closely with you and understanding your needs. We are locally owned and operated in Las Vegas. We know the local court systems and understand the unique dynamics of our area.
Founded by a former chiropractic physician and a personal injury lawyer, we are well-versed in both the dynamics of personal injury claims and physical pain and suffering. We know that this is an uneasy time for you, which is why we are easy to get in touch with and will keep you informed every step of the way.
We understand that you are under stress, so we work hard to provide hassle-free car accident loan applications and approvals to all our clients. Complete our application process online or call Money First Funding at 702-623-3333. We will be ready to consider your application as soon as you apply on our website or over the phone.
Car Accident Loan FAQ
What is a car accident loan?
A car accident loan, also known as pre-settlement funding, is a type of loan that provides cash advances to individuals who have been involved in a car accident and are awaiting settlement or judgment.
How does a car accident loan work?
A car accident loan works by providing a cash advance to an individual based on the potential value of their legal case. The loan is intended to cover expenses such as medical bills, lost wages, and other costs associated with the accident. The individual does not have to pay back the loan if they lose their case, but if they win or settle, the lender will receive a portion of the settlement or judgment as repayment.
How much can I borrow for a car accident loan?
The amount you can borrow for a car accident loan will depend on factors such as the potential value of your legal case, your expenses, and the lender's policies. We work with your legal team to evaluate both the medical and emotional damages that you have suffered to determine what we anticipate the expected outcome of your claim to be.
How do I qualify for a car accident loan?
To qualify for a car accident loan, you typically need to have a pending personal injury lawsuit and an attorney representing you in the case. All motor vehicle injury cases can be considered as long as you’re not at fault. If you need a cash advance to cover your bills, you may qualify. The application process is easy and we have the resources and knowledge to inform you of your application status in a timely manner.
Are there any fees associated with a car accident loan?
Yes, there may be fees associated with a car accident loan, such as application fees and interest on the advance. It's important to review the terms and conditions of the loan and to understand the costs associated with the loan before applying. We charge a one-time fee per client per case, which is small. There are no hidden or additional fees to be nervous about. We are transparent and you will know all charges involved when you sign the agreement. There are no additional fees for additional funding in the same case. Our contract clearly informs you of our annual charge and any fees in easy-to-understand language.
Is a car accident loan the same as a conventional loan?
This type of loan differs from conventional loans as your personal finances are not at risk. The loan structure is one that protects your assets in the case that your personal injury claim is not in your favor. If you lose your case you do not have to repay the loan. It is a cash advance on what your future settlement is estimated to be.
How long should I expect my car accident lawsuit to take to settle?
Every case is different and the length of time either negotiations or court processes take differ. In general, it can take from several months to several years to complete a settlement. The more serious the case and the more devastating the losses, the longer cases typically take. Most times it is worth the wait as those who move for a quick settlement, typically settle on less than they deserve.
When can I expect my cash advance?
As stated above, the settlement of a car accident lawsuit can take years. A car accident loan can get you your pre-settlement funds in a matter of days. If all of your documentation is complete and your qualifications intact, the process is smooth and timely.
Can taking out this loan get me a better settlement?
It has been found that getting an auto accident loan can actually help car accident victims get a better settlement. Car accidents leave you not only physically and emotionally drained but financially as well. Getting a car accident loan can save you from the risk of accepting an early settlement from the at-fault insurance company and receiving funds that are less than your damages. Don’t let the insurance company take advantage of you at your most vulnerable. Having the cash you need now gives you the time your lawyer may need to negotiate. With a car accident loan, you’ll be able to pay your bills and focus on your recovery. Let your attorney focus on getting you the compensation you deserve while you are able to keep up with your bills. We are invested in your success so can work with your attorney for additional litigation expenses that can also strengthen your case. Additional funding to aid with obtaining supporting documentation such as expert witness testimony can solidify the success of your personal injury suit.
Can I take out a car accident loan without an attorney?
One of the requirements in order to obtain a car accident loan is a signed acknowledgment statement from your attorney. You are not able to apply for this type of loan without legal representation. The chances of you getting fair compensation for your accident increase tremendously with the right attorney on your side.
Can my lawyer prevent me from taking out a car accident loan?
If your lawyer has your best interests at the forefront of your defense, the benefits of applying for this loan should be explained to you. We are a third party, which may lead to additional documentation for them, but the benefits to you far exceed additional paperwork for them. The decision is yours. It’s rare that we see personal injury lawyers advising against having their clients apply for a car accident loan. Because this auto accident loan has no bearing on the outcome of your case, there is no risk to your lawyer in having you obtain pre-settlement funds to financially empower you to maintain your livelihood. These loans simply remove your financial worry.
What if my liabilities change? Can I receive pre-settlement funding more than once?
When working with your attorney, we both do our best to estimate the amount you will need to cover your bills and living expenses. However, we all know that things are subject to change depending on many variables. You are able to receive pre-settlement funding more than once on the same claim. We are able to offer you both monthly and quarterly funding, so you can use what you need and if the bills exceed your withdrawal, you are able to take more. There are no additional fees or processing charges for additional funds withdrawn in the same case. There is also no additional compounding of interest.
Does my lender participate in my personal injury case?
As your lender, despite the experience and knowledge we have in personal injury claims, we do not participate in your case. You and your lawyer will work towards your legal settlement, while we process your loan so you can focus on recovery without the hardship and stress of worrying about outstanding bills while your negotiations are underway.
What happens if I take out a loan and lose my personal injury claim?
If you lose your case, you are under no obligation to pay back your car accident loan. If you are approved, we have a high level of confidence that you will receive a settlement in your favor. This is the reason we discuss each case thoroughly upon your car accident loan application.
Is there a limit to what I can use my car accident loan for?
When you apply for a car accident loan, you may have a variety of expenses, including ones not directly related to your car accident. We know a car accident can turn your financial situation upside-down, which is why we place no limits on what you spend your loan on. Your loan is there to help support you financially during this time, so you make the decisions on your loan.